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The 2007 Virginia 100
For the rich, it was a year of buyouts and beneficence
READER
RESOURCES |
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VIRGINIA
100 LISTS |
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READER
REACTION |
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MINDNG
THE MONEY |
Virginia
Business contacts people on the Virginia
100 list by letter or e-mail, inviting them
to update their biographical information
and net worth estimates. In addition, our
staff reviews proxies, annual reports and
other documents filed with the Securities
and Exchange Commission. SNL Financial in
Charlottesville assisted us in reviewing
the net worth estimates of some executives
that head publicly traded companies. Calculations
of publicly traded shares are based on stock
prices as of April 2.
We also review company
Web sites and published accounts of company
sales, acquisitions, revenue and profit,
particularly for individuals who head private
companies. In most cases, we are not privy
to all of a person's assets or liabilities.
Accordingly, we assign confidence ratings
to our net worth estimates. An "A" indicates
our highest level of confidence and is
awarded only when an individual or representative
has confirmed the net worth, or we have
had access to personal financial statements
or other financial records. A "B" stands
for "in the ballpark," and is
based on public records, reports or contact
with a person or representative. "C" rankings
mean we're making an educated guess based
on the best available information.
At a time when business
executives own multiple homes and technology
eases the way for commuting CEOs, we made
one change this year. We no longer confine
our search only to people who are legal residents
of Virginia. People who play active roles
in business, philanthropy, politics or cultural
activities in Virginia and have homes here
are considered for the list, even if they
are legal residents of another state.
—The
Editors |
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by Paula
C. Squires
Virginia Business
June 2007
Call us wealth watchers. Since 1989, Virginia Business
has tracked the fortunes of the state's wealthiest and
most influential people.
We look at who's up, who's down
and who's newly rich. We focus not only on the creation
of wealth, but on the distribution of it.
So what did we find? A couple of big trends. This has
been a huge year for buyouts, and mergers and acquisitions
are fattening up the bank accounts of some Virginia executives.
The state's newest billionaire, Randal
J. Kirk, bumped his net worth from $700 million to $1.2
billion after selling his Radford-based biotechnology
firm for more than $2 billion.
Also cashing out was a
face new to the Virginia 100. Ronald M. Bradley of Alexandria
sold his professional staffing firm for $73 million,
joining Northern Virginia's new class of wealthy government
contractors.
He is among four new members on the
2007 list. The others made their money in commercial
real estate, technology and used cars.
While some people were busy making money, others were
giving it away. Corporate philanthropy has taken on a
high profile since Warren Buffett announced last summer
that he would give his entire fortune to charity, so
we paid careful attention to Virginia's generous donors.
In fact, individual and corporate philanthropy are major
themes in this year's package.
This year, the cutoff point for making the Virginia
100 was $45 million, down $10 million from 2006.
Gone
from the 2007 edition is longtime member Robey W. Estes,
Sr. who died in 2006. Eight other members fell off, several
of whom are no longer active in business or whose net
worths are difficult to update. But as Steve Case demonstrates
so well with his return this year to Forbes' billionaire's
club: savvy business people are capable of making a fortune
more than once.
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