Some Billionaires Have San Diego Ties
In September, Forbes unveiled their annual list of the 400 richest Americans. Those worth less than $1 billion need not apply. The lowest value on the list was a four person tie for #397-400, with each individual’s net worth calculated at approximately $1.05 billion.
Bill Gates, co-founder of Microsoft, once again topped the list—this year with a net worth of $59 billion. He has occupied the top spot for 18 years in a row. Warren Buffet, chairman and CEO of Berkshire-Hathaway, ranks number two at $39 billion. Larry Ellison, the co-founder and CEO of Oracle, rounds out the top three with $33 billion.
Qualcomm co-founder Irwin Jacobs resides in La Jolla. He is currently aiding the renovation of Balboa Park.
Californians can be proud, as our state boasts the most billionaires with 88 members of the list residing in the Golden State. The richest of these is the aforementioned Larry Ellison. Among the 88 are Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, Google co-founders Larry Page and Sergey Brin, Apple co-founder Steve Jobs, and entertainment mogul David Geffen.
Although the list features its fair share of inherited wealth, most of the people on the list, and especially the highest-ranked individuals, are self-made entrepreneurs. Many have founded and run companies and are responsible for creating—and maintaining—millions of jobs.
The contributions to society do not stop at the business level. Many billionaires are deeply involved in philanthropic work. Gates and Buffett developed the “Billionaires’ Challenge” that has already prompted nearly 10 percent of the Forbes 400 to commit at least half their wealth to charity. According to Forbes, this “may represent the greatest private humanitarian effort in history.”
San Diego County can lay claim to several on the list. Here are some of the most prominent:
Bill Gates, $59 billion.
Although Gates’ primary residence is in Medina, Washington, he owns a home in Rancho Santa Fe and is a member of the exclusive Del Mar Country Club. Gates is still chairman of Microsoft but he and his wife, Melinda, now spend much of their time on philanthropic projects.
Ron Burkle, $3.2 billion.
Although Burkle lives in London the majority of the time, he owns a home in La Jolla as well. Burkle formed investment firm Yucaipa in 1986 and has since made his fortune buying and selling supermarket chains like Fred Meyer, Jurgensen’s and, on a local level, Ralph’s. He still invests in food trade companies and buys distressed debt around the world.
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An investor in food trade companies, Ron Burkle splits his time between London and this La Jolla home. His company, Yucaipa, helped tthe success of Ralph’s supermarket.
T. Boone Pickens, $1.45 billion.
Pickens spends most of his days in Dallas, Texas, where his energy ventures are based, but lives part-time in Del Mar at a home owned by his wife, Madeleine. Madeleine is the owner of the Del Mar Country Club, at which Bill Gates is a member.
Charles Brandes, $1.3 billion.
The highest ranked permanent resident of San Diego on the list, money-management entrepreneur Brandes and his company—Brandes Investment Partners—manages $42.4 billion and has been operating since 1974. Brandes lives in Rancho Santa Fe and is very active in philanthropy, supporting organizations like the San Diego Symphony and the Elton John AIDS Foundation.
Irwin Jacobs, $1.15 billion.
Qualcomm co-founder Irwin Jacobs, perhaps San Diego’s most famous billionaire, lives in La Jolla and remains chairman of Qualcomm, relinquishing the CEO position to his son, Paul, in 2006. Jacobs taught computer science at UCSD before founding Qualcomm in 1985. Currently, he is helping to fund the renovation of Balboa Park (spending $2 million thus far), and remains one of the most influential financial figures in San Diego.
Alexander Spanos, $1.1 billion.
Although he owns the San Diego Chargers, Spanos lives in Stockton, California, as his son, Dean, now oversees operations as president of the team. Spanos made his money by investing profits from his catering company into real estate in the 1950s. A.G. Spanos Companies is one of the largest apartment developers in the nation. He purchased the controlling stake in the Chargers in 1984 and still owns property in La Jolla.
Pritzker Family.
The Forbes’ list includes 11 members of the Pritzker family, founder of Hyatt Hotels. A trust in the name of Cindy Pritzker owns a home in Rancho Santa Fe.
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