ALL the News about
Mormons, Mormonism
and the LDS Church
Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 24 Jul 2001   For week ended June 29, 2001
Most Recent Week
Front Page
Local News
Arts & Entertainment
·New Products
·New Websites
·Mormon Stock Index
Letters to Editor
Continuing Coverage of:
Boston Temple
School Prayer
Julie on MTV
Robert Elmer Kleasen
About Mormon News
News by E-Mail
Weekly Summary
Submitting News
Submitting Press Releases
Volunteer Positions
Bad Link?

News about Mormons, Mormonism,
and the LDS Church

Sent on Mormon-News: 27Jun01

By Kent Larsen

Seven Mormons on Forbes List of World's Billionaires

NEW YORK, NEW YORK -- The current issue of Forbes magazine includes its annual list of the richest people in the world, and at least seven of those listed are Mormon. Forbes list is based on public records and Forbes' estimates of the fortunes of the 538 people worldwide who control fortunes worth more than $1 billion. One Mormon who has appeared on Forbes lists in the past year fell off the list, a casualty of the decline in tech stocks in the past year.

Leading the list of Mormons again this year is Jon M. Huntsman, but Forbes shows that his Fortune has declined by $300 million since its list last Fall of the 400 Richest Americans, when it estimated Huntsman's fortune at $4.1 billion. Now Huntsman is ranked in a five-way tie for 104th on the list at $3.8 billion along with well-known billionaires H. Ross Perot and Sid Bass. The magazine did not indicate why it showed Huntsman's fortune declining, but in recent years Huntsman has emphasized his philanthropic efforts, giving at least $100 million to the University of Utah's Huntsman Cancer Center and making large donations to the University of Pennsylvania's Wharton School of Business. About 1/3rd of the fortunes on the Forbes list declined in the last year.

Second on the list is the other Utah billionaire, James L. Sorenson, who is tied for 124th on the list. Sorenson, whose fortune is valued at $3.4 billion, according to Forbes, which credits Sorenson's fortune to the medical devices firm he sold in 1980 to Abbott Labs. Sorenson has recently been active with several new ventures, the most prominent of which is leading videocompression company Sorenson Media.

Next are three Mormons with fortunes that are roughly the same size, all tied for 292nd on the Forbes list, and who are all relatively unknown to most LDS Church members. Californian Jim Jannard is the Chairman and CEO of his sunglasses and apparel maker, Oakley, Inc., from whose growth he has amassed a fortune worth $1.7 billion. Richard Taylor Peery is a real estate investor who happened to buy property in California's silicon valley at just the right time, giving him a fortune now worth $1.7 billion. Roger W. Sant is Chairman of giant power plant operator and power distributor AES Corp. of Middleburg, Virginia. Sant is the only one of the seven that has reportedly left the LDS Church.

The final two Mormons on the list of billionaires are brothers Richard and J. Willard (Bill) Marriott, both of whom are based in the Washington, DC area. Richard, head of Host Marriott Corp., has the larger fortune, $1.5 billion, while Bill Marriott as head of Marriott Corp., has the more visible position.

Leaving the list is David R. Huber, head of Columbia, Maryland-based fiber-optics firm Corvis, whose stock price exploded to over $100 a share last August, making him briefly the most wealthy Mormon. However, the tech stock decline and investor's realizing the company's true value led to a decline in the company's stock price of more than 90%. The stock is now trading at about $3 a share, which still gives Huber a fortune valued at nearly $300 million.

Here is a list of the Mormons on the Forbes World's Richest People List:

Name RankNet Worth Residence
Huntsman, Jon M. 104 $3,800 milSalt Lake City, Utah
Sorenson, James L. 124 $3,400 milSalt Lake City, Utah
Jannard, Jim 292 $1,700 milFoothill Ranch, California
Peery, Richard T. 292 $1,700 milPalo Alto, California
Sant, Roger W. 292 $1,700 milMiddleburg, Virginia
Marriott, Richard E.336 $1,500 milPotomac, Maryland
Marriott, J. Willard421 $1,200 milPotomac, Maryland


Forbes World's Richest People
Forbes 2Jul01 B2

See also:

Forbes 400 Yields New List of the Richest Mormons


[an error occurred while processing this directive]

Copyright 1998, 1999, 2000, 2001 Kent Larsen · Privacy Information