By Peter W. Bernstein, Annalyn Swan
From Wall road to the West Coast, from blue-collar billionaires to blue-blood fortunes, from the Google men to hedge-fund honchos, the entire funds on the planet offers us the lowdown on this day richest american citizens. Veteran reporters Peter W. Bernstein and Annalyn Swan delve into who made and misplaced the main cash some time past twenty-five years, the fields and industries that experience produced the best wealth, the most important hazard takers, the main aggressive avid gamers, the main wasteful kin feuds, the trophy better halves, the main conspicuous shoppers, the largest paintings creditors, and the main and least beneficiant philanthropists. Incorporating unique, never-before-published information from Forbes journal, the entire funds on the planet is a enormously wonderful, behind-the-scenes examine contemporary sizeable wealthy.
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Extra resources for All the Money in the World: How the Forbes 400 Make--and Spend--Their Fortunes (Vintage)
Indeed, for any rich lister who relies heavily on debt, the bank is a crucial lifeline. Red Emmerson counts himself lucky that he had the support of the banks during his troubles in the early 1980s: â Our bankers believed in usâ ¦. â 44 45 While an ability to gamble and to get othersâ financial backing are hugely important, it also bears saying that it is possible to make it onto the list, and remain there, without repeatedly sticking your neck out. â Buffett told an audience at Notre Dame in 1991, â Iâ ve never borrowed a significant amount of money in my life.
Adelsonâ s stake in the venture was almost $450 million in cash and land, with a further $500 million raised in bonds underwritten by Goldman Sachs. Before Adelson, Vegas hotels ignored the midweek convention crowd, who were seen as low spenders. But the opulent Venetian was designed to attract the business visitor. Every room in the hotel is a minimum seven hundred square feet in size. Facilities include faxes, minibars, and food cooked by top chefs. The Vegas Old Guard said it would never work.
I was their largest single customer for twelve years. â Although Huntsman concedes that he took a risk, he believes there was nothing reckless in his decision. â I thought I had studied my economics well and studied my supply demand curves, and as it turned out I was right,â says Huntsman. â Huntsman makes it sound easy. But a couple of years after he bought the Shell plant, the industry was still in recession and Huntsman was still in financial trouble. Not only did he refuse to give up, but, convinced that the market was about to turn upward, he continued his acquisitions and bought a further three plants from the German chemical firm Hoechst AG for $45 million.