Summarized by Kent Larsen
Forbes 400 Yields New List of the Richest Mormons
NEW YORK, NEW YORK -- Quick! Who is the richest Mormon? If you answered Jon
Huntsman, you are no longer correct. Forbes magazine's latest list of the
400 richest Americans puts Fiber Optics scientist and entrepreneur David
Huber at #28 in his debut on the list, with an estimated net worth of $8.2
billion, twice that of Huntsman.
The ranking is just the latest news in the phenomenal rise of Huber, whose
estimated net worth last year was just a few hundred million, prior to the
hype about his company, Corvis Corp., which went public July 28th. The
company's stock price skyrocketed on the first day from an initial $36 a
share to more than $90 a share, six times the price estimated a few months
earlier when Corvis first filed for its IPO.
However, many analysts consider the price of the company's stock, which has
since settled to about $70 a share, unsustainable. But, no one expects the
stock to drop the 90% necessary to drop Huber off the Forbes 400 list. And
most analysts admit that Corvis, which still has not posted any sales, has
significant potential. However, under Securities and Exchange Commission
rules, Huber can't sell the bulk of his shares until January 23rd,
essentially tying up the bulk of his fortune. Even then, he is unlikely to
sell much of it.
In addition to Huntsman, there are five other Mormons on the Forbes 400.
Oddly enough, most of them are not in Utah. The majority are actually
located in Maryland and Virginia, within 100 miles of Washington DC.
Here is a list of the Mormons on the Forbes 400:
|Name ||Rank||Net Worth ||Residence |
|David R. Huber || 28 ||$8,200 mil||Columbia MD |
|Huntsman, Jon M. || 59 ||$4,100 mil||Salt Lake City, UT|
|Sorenson, James L. || 99 ||$2,600 mil||Salt Lake City, UT|
|Sant, Roger W. ||121 ||$2,200 mil||Middleburg, VA |
|Peery, Richard T. ||189 ||$1,500 mil||Palo Alto, CA |
|Marriott, Richard E. ||236 ||$1,200 mil||Potomac, MD |
|Marriott, J. Willard Jr.||302 ||$ 975 mil||Potomac, MD |
The Forbes 400
Forbes 9Oct00 B2