Keeping a fortune growing smartly can be as hard as amassing it in the first place, at least around Las Vegas. That’s my New To Las Vegas take-away from the latest annual edition of the famous Forbes 400 list of the richest Americans, which was released this week.
Last year’s roster listed nine from Vegas. This year: just seven. And most of the remaining ones did not outperform the average 7% yearly gain of their peer group.
Casino czar and local newspaper owner Sheldon Adelson remained the wealthiest person in town (and the state) at No. 15 on the Forbes list. The 85-year-old was valued at $35.5 billion, up $100 million from last year. But that’s an increase of barely 1/4 of 1%. He dropped a click in the ranking.
Walmart heiress Nancy Walton Laurie, 67, remained the richest woman in town (and the state) with a really good year. She was up $800 million, a hefty 16%, to $5.7 billion, also moving up her 13 notches from last year to No. 109.
But Andrew and Peggy Cherng, owners of the Panda Express Chinese restaurant empire, completely disappeared from the U.S.-only list. Last year they shared a No. 226 rank with a combined net worth of $3.3 billion. It’s my understanding that Forbes now values couples actively involved in a business individually. With the cut-off this year for the list–No. 400–rising to $2.1 billion a head, that means the Cherngs between them would have needed $4.2 billion. Forbes figures they’re now down to $2.9 billion. Continue reading