Connect with us

Lists

Beyoncé And Jay-Z’s Combined Billion-Dollar Fortune Makes Them One Of The Richest Self-Made Couples

mm

Published

on

“Got that dinero on my mind,” Beyoncé and Jay-Z wrote on the third track of their surprise album Everything is Love, which came out last June. A year later, it’s clear that the couple wasn’t just taking poetic license: With Jay-Z’s newly minted status as a billionaire and Beyoncé’s place on Forbes’ richest self-made women list, the music moguls are one of America’s wealthiest couples.

It’s been a banner year for the married couple, whose combined net worth now totals an estimated $1.4 billion. Jay-Z, whose steadily growing portfolio of businesses includes liquor, art, real estate and stakes in companies like Uber, is the first hip-hop artist to become a billionaire.

Meanwhile Beyoncé , whose fortune increased to an estimated $400 million from $355 million last year thanks to continued touring and an album release, ranks No. 51 on Forbes 2019 list of America’s most successful self-made women (up two places from last year).

READ MORE | From Beyoncé Knowles-Carter to Kim Kardashian West, America’s Richest Self-Made Women Under 40

Their combined net worth of $1.4 billion makes the music moguls one of the 10 most successful husband-and-wife teams in the country, and certainly the most recognizable.  Unlike many other couples who founded businesses together, they both struck it rich with complementary but separate businesses. Beyoncé’s wealth comes mostly from earnings from touring, music sales and merchandise.

Her husband, on the other hand, amassed most of his wealth from his ownership of Armand de Brignac champagne, investments, his cognac partnership with Bacardi and his own music career, among other sources. Both Beyoncé and Jay-Z have stakes in music streaming service Tidal.

Other entrepreneurial husband-and-wife teams might not be as famous, but their businesses are well known. Do Won and Jin Sook Chang came from South Korea in 1981 in search of better opportunities. “At the time [people in] South Korea weren’t living as well,” Do Won told Forbes in 2016.

READ MORE | Artist, Icon, Billionaire: How Jay-Z Created His $1 Billion Fortune

He worked three jobs as a dishwasher, gas station attendant and office cleaner while she worked in a hair salon. They saved up and in 1984 opened a clothing store. Today they co-own and run Forever 21, a clothing empire with over 815 stores  and $4 billion in sales. Their combined net worth is $3 billion.

Another couple, the Cherngs, found success together through food. Andrew Cherng opened a Chinese restaurant with his father in 1973. His wife Peggy, who had a Ph.D. in electrical engineering and held positions at 3M and the U.S. Navy, gave it all up to help her husband expand the one restaurant into a Chinese fast-food chain. That chain, Panda Express, along with several other fast casual chains the couple owns stakes in, have brought the Cherngs’ combined net worth to $3.4 billion.

Sometimes the strength of a husband-wife partnership comes from their ability to support one another. This was the case for Eren Ozmen and her husband Fatih, the president and CEO team behind aerospace giant Sierra Nevada Corp. (SNC).

READ MORE | How Rihanna Created A $600 Million Fortune—And Became The World’s Richest Female Musician

Before they were a couple, Fatih encouraged Eren to pursue an M.B.A. (the couple originally met at Ankara University in Turkey before separately immigrating to the U.S.).

Once they were married, Eren put her business school training to good use by helping automate the financial reports at Fatih’s employer, a then-struggling SNC. Eventually, the couple decided to buy the company and took the business from the verge of bankruptcy to a top military contractor.

While building a vast fortune is rare for couples running businesses together, it has been a winning formula for some women: Nearly one fourth of those on Forbes’ 2019 self-made women list achieved their fortunes through businesses they cofounded with their husbands (though some now are widows or have since divorced).

Below are the 10 wealthiest self-made husband and wife teams in the nation:

1. Tom & Judy Love

Net worth: $5.9 Billion

Tom and Judy Love leased their first gas station in Watonga, Oklahoma, with a $5,000 loan from Tom’s parents. Now Love’s Travel Stops & Country Stores has more than 430 locations in 41 states.

LACMA 2018 Collectors Committee Gala
Stewart and Lynda Resnick cofounded The Wonderful Company, which owns Fiji Water and mandarin Halos. STEFANIE KEENAN/GETTY IMAGES FOR LACMA

2.  Lynda & Stewart Resnick

Net worth: $5.6 Billion

The couple are the force behind snack and drink conglomerate the Wonderful Co., known for Pom Wonderful pomegranate juice, Halos mandarin oranges and Fiji water. The couple is also known for philanthropy, giving millions of dollars to educational causes and earning the #29 spot on Forbes’ list of top givers.

Diane Von Furstenberg - Front Row - Spring 2016 New York Fashion Week
Barry Diller (left) and Diane von Furstenberg run their own businesses in separate industries.DIMITRIOS KAMBOURIS/GETTY IMAGES

3. Diane von Furstenberg & Barry Diller

Net worth: $4 billion

Diller is founder, senior executive and chairman at internet and media conglomerate IAC,. His wife Von Furstenberg is the designer and founder of the eponymous fashion label. Diller owns one third of DVF, while Von Furstenberg and her two children from a previous marriage own the rest.  

The Cherngs At Panda Express
Peggy and Andrew Cherng own and run $3.5 billion (sales) Chinese fast-food chain Panda Express. (Photo by Bob Riha, Jr./Getty Images)GETTY

4. Peggy & Andrew Cherng

Net Worth: $3.4

In addition to fast-food chain Panda Express, the Cherngs also own stakes in Urbane Cafe, Just Salad, Uncle Tetsu, Pieology and Ippudo.

5. Jin Sook & Do Won Chang

Net Worth: $3 billion

The Changs’ clothing retailing business is all in the family—the couple’s nieces work at the company as do their daughters, who launched Forever 21’s beauty brand Riley Rose.

PENCE SPACE SYMPOSIUM
U.S. Vice President Mike Pence (center) joins Sierra Nevada co-founders Eren and Fatih Ozmen at the 34th Space Symposium. MATHEW STAVER/© 2018 BLOOMBERG FINANCE LP

6. Eren & Fatih Ozmen

Net Worth: $2.8 billion

The Ozmens built their defense contractor Sierra Nevada Corp. through a series of some 20 acquisitions. Describing their strategy, Eren told Forbes  last year:  “Our guys go hunting, and they bring me this giant bear and say, ‘Now you do the skinning and clean it up.’ ”

7.Neerja Sethi & Bharat Desai

Net worth: $2.4 billion

Sethi and Desai cofounded IT consulting and outsourcing firm Syntel out of their Troy, Michigan, apartment in 1980. In October 2018, French IT company Atos SE bought Syntel for $3.4 billion.

8. Weili Dai & Sehat Sutardja

Net Worth: $2 billion

The couple headed semiconductor company Marvell Technology for 11 years until they were forced out as a result of an internal accounting investigation in 2016. Neither was found guilty of any fraudulent activity. The couple has diversified their investments into real estate and technology.

9. Kit Crawford & Gary Erickson

Net Worth: $1.8 billion

The couple behind Clif Bar met at Erickson’s bakery, where Crawford was working part-time. They each have a 40% stake in the company.

10. Beyoncé & Jay-Z

    Net Worth: $1.4 billion

The musicians have shown distinct business savvy, giving users of Tidal, the music streaming service the couple partially owns, exclusive access to their albums.

-Catherine Perloff; Forbes Staff

Continue Reading
Advertisement
Comments

Lists

These Are The Biggest Givers On The Forbes 400

mm

Published

on

By

This has been a year of record-setting in billionaire philanthropy. In September, Stewart and Lynda Resnick, owners of POM Wonderful and Fiji Water, pledged $750 million to the California Institute of Technology for environmental sustainability research.

In June, Blackstone cofounder Stephen Schwarzman donated $189 million to the University of Oxford—the largest single gift to the school since the Renaissance—to fund its work on humanities. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLA’s engineering school, the largest gift ever to the department. 

Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the country’s richest people.

READ MORE | The World’s Most Generous Billionaires Outside Of The US

For the second year in a row, Forbes tracked the philanthropic giving of the richest 400 individuals in the U.S. and gave each member of The Forbes 400 list a philanthropy score. The score ranged from 1 to 5,  with 5 being the most philanthropic. List members for whom we could find no charitable giving information received an N.A. (not available).

Philanthropy Forbes 400
FORBES

Though the number of the biggest givers—those who scored a 5—stayed flat in 2019, those who received scores of 4 and 3 increased compared with a year ago.

The changes reflect two things: The country’s richest have gotten somewhat more generous, and Forbes had more information to work with this year. Some billionaires were willing to share information on charitable giving for the 2019 list who didn’t in 2018. As a result, four dozen people got higher scores this year than a year ago. 

This year, Warren Buffett led the list of top givers with $38.8 billion in lifetime giving, which is 32% of his net worth, and earned the top score of 5.

He was followed by last year’s biggest giver, Bill Gates, who has donated $38.5 billion so far. Two people who scored a 5 last year—Paul Allen and David Koch—passed away.

READ MORE: Forbes Africa | 8 Years And Growing

Billionaires like DreamWorks Pictures founder David Geffen and WhatsApp cofounder Brian Acton moved up to the top score after each scored a 4 last year. According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion.

Acton and his wife Tegan, on the other hand, have been expanding their philanthropic network, Wildcard Giving, which they founded in 2014 after Acton sold WhatsApp to Facebook. The couple has given away more than $1 billion to charitable causes.

2019 Forbes 400 Giving
FORBES

Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip “Terry” Ragon, got higher scores this year than last year. Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year.

Others scored higher because we were able to find more information about their lifetime giving, through new public documents or details provided to us by Forbes 400 members or their spokespeople. In September, a Los Angeles Times report revealed that B.

Wayne Hughes, cofounder of self-storage behemoth Public Storage, had anonymously donated about $400 million to the University of Southern California in his lifetime. Hughes, who scored a 2 last year, jumped up to a 4.

Private equity tycoon Robert F. Smith’s pledge in May to wipe out the student debt of the entire 2019 graduating class of Morehouse College generated lots of headlines but did not end up changing his score because the gift wasn’t big enough to move him up a notch. In many cases, fortunes grew faster than lifetime philanthropic giving. 

READ MORE | Noëlla Coursaris Musunka The Trailblazer In The Congo

To come up with the information on which we based our score, Forbes reporters looked at tax filings for charitable foundations, annual statements, SEC filings and news about new gifts. When possible, we interviewed Forbes 400 members and executives from their foundations. Some Forbes 400 members said they have chosen to donate anonymously, citing religious or privacy concerns. 

Our score is based on total lifetime giving and what percent of their fortune members had given away. We weighted these two factors equally. Some individuals were then bumped up or down based on several other factors, including whether they had signed the Giving Pledge, whether they had pledged significant donations, how personally involved they were in their charitable giving, and how quickly and effectively their private foundations distributed dollars. We didn’t count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropy—or lack thereof—into account.

Forbes has been tracking the wealth of the richest Americans since 1982. “Some of [the members] told us to drop dead,” James Michaels, veteran editor of Forbes, told the New York Times in a 1982 story about the list’s debut. “They said they wanted no part of it, that they’d sue us.

This happens in reporting.” At times, our reporting on philanthropic giving received a similar response. “The new philanthropy ranking is fundamentally flawed, in that it is biased in favor of those who make their gifts widely known, and against donors who choose to make their charitable contributions anonymously,” one current Forbes 400 member (who did not wish to be named) wrote to us last year.

-Deniz Çam; Forbes

Continue Reading

Lists

The Highest-Paid Tennis Players 2019: Roger Federer Scores A Record $93 Million

mm

Published

on

By

Roger Federer, Novak Djokovic and Rafael Nadal are kicking off play at the U.S. Open as the three favorites to win the title and take home a Grand Slam-record $3.85 million payday as the singles champion. The Big Three are a good bet, having captured 53 out of 63 Slams since the start of 2004, including the last 11.

The on-court dominance has produced a combined $373 million in career prize money for the trio, light years ahead of their peers. But the money off the court is even sweeter for Federer, Djokovic and Nadal, to the tune of a cumulative $1.2 billion during their careers from endorsement partners and appearance fees.

Federer is the highest-paid tennis player for the 14th straight year, with $93.4 million from prize money, endorsements and appearance fees in the 12 months ending June 1. It is a record tally by a tennis player.

READ MORE | Inside Serena Williams’ Plan To Ace Venture Investing

His sponsor portfolio is unmatched in sports, with a dozen partners together paying him more than $60 million a year, well ahead of other global sports icons like Tiger Woods, LeBron James and Cristiano Ronaldo.

Credit Federer’s long run at the top—his Slam titles span 15 years—and the strong demographics of tennis fans, who spend heavily on equipment, apparel, cars, watches and financial services. The global nature of the sport also allows brands to use the players in marketing around the world.

Federer turned 38 this month, and Father Time will catch up at some point, but Japanese apparel brand Uniqlo is betting $300 million that Federer will continue to resonate with fans long after he hangs up his racket.

READ MORE | Business Is Booming For Tennis Ace Naomi Osaka, On Track To Be The Highest-Paid Female Athlete

After two decades with Nike, Federer signed a ten-year deal with Uniqlo last year that is guaranteed whether he is playing or not. In the coming months, Federer will also likely take back control of his RF logo, which stayed with Nike after their split.

After a two-year Slam drought, Djokovic has roared back to capture four of the past five majors. The titles helped push his 12-month earnings to $50.6 million, including $30 million off the court from appearances and sponsors Lacoste, Head, Asics, Seiko, NetJets and Ultimate Software. He ranks as the second-highest-paid tennis player.

Rounding out the top five players are Kei Nishikori ($37.3 million), Nadal ($35 million) and Serena Williams ($29.2 million).

Tennis is the only major sport in which women and men are in the same zip code in terms of earnings. The U.S. Open was the first Slam to offer equal payouts for the men’s and women’s events, and now each of the four Slams has equal pay. While Williams was the only woman to crack Forbes‘ 100 highest-paid athletes this year, the top ten earners in tennis are split evenly between men and women.

The top ten collectively made $312 million, up 23% from last year, fueled by huge gains by Federer, Djokovic and Naomi Osaka. See the full top ten below.

10. Sloane Stephens

Mutua Madrid Open Masters v day 7
GETTY IMAGES

Total earnings: $9.6 million

Prize money: $4.1 million

Endorsements: $5.5 million

The 2017 U.S. Open champion returns to Flushing Meadows this year wearing a tennis shoe based on the “Aqua” colorway of Nike’s retro Air Jordan VIII. Her Nike pact, which began last year, is one of the biggest in the sport. Stephens recently announced her engagement to soccer star Jozy Altidore.

9. Simona Halep

The Championships - Wimbledon 2019
CORBIS VIA GETTY IMAGES

Total earnings: $10.2 million

Prize money: $6.2 million

Endorsements: $4 million

Halep has won only one event in 2019, but it was a big one: Wimbledon, and its $3 million payday, her second career Grand Slam title. The Romanian pro counts Nike, Wilson, Mercedes-Benz and Hublot among her sponsors.

8. Angelique Kerber

Nature Valley International - Day Four
GETTY IMAGES

Total earnings: $11.3 million

Prize money: $5.3 million

Endorsements: $6 million

Kerber triggered lucrative bonuses from sponsors, namely Adidas, with her 2018 Wimbledon title and year-end rank of second in the world. In addition to Adidas, the German pro has also renewed deals with SAP, Generali and NetJets since Wimbleon and recently inked a new pact with Procter & Gamble’s Head & Shoulders brand. Other endorsements include Yonex, Porsche, Rolex and Lavazza.

7. Alexander Zverev

Rogers Cup Montreal - Day 8
GETTY IMAGES

Total earnings: $11.8 million

Prize money: $6.3 million

Endorsements: $5.5 million

The 22-year-old German is a rising star on the ATP Tour and has 11 career titles, including the 2018 year-end ATP Finals, which was worth $2.5 million in prize money. He has a large deal with Adidas, in addition to endorsements with Head, Peugeot, Richard Mille and Zegna.

6. Naomi Osaka

Western & Southern Open - Day 5
GETTY IMAGES

Total earnings: $24.3 million

Prize money: $8.3 million

Endorsements: $16 million

Osaka will see her endorsement number soar even higher, having signed a series of deals since her 2018 U.S. Open win. The biggest is with Nike, which was inked just ahead of our June 1 cutoff and is worth an estimated $10 million annually. She also recently added a series of endorsement partners—Hyperice, BodyArmor and Muzik—where she received equity stakes in the businesses.

5. Serena Williams

Rogers Cup Toronto - Day 6
GETTY IMAGES

Total earnings: $29.2 million

Prize money: $4.2 million

Endorsements: $25 million

The world’s highest-paid female athlete four years running had a record year off the court after her return to tennis following the birth of daughter Olympia. She added deals with Pampers, Axa Financial and General Mills to her roster. Williams’ next act is tackling venture investing, focused largely on companies led by women or people of color.

4. Rafael Nadal

Rogers Cup Montreal - Day 10
GETTY IMAGES

Total earnings: $35 million

Prize money: $9 million

Endorsements: $26 million

The Spaniard is one of the biggest draws in tennis and can command appearance fees of more than $1 million a pop. His primary sponsors include Nike, Babolat, Kia Motors, Telefónica, Richard Mille and Mapfre.

3. Kei Nishikori

TENNIS: AUG 07 Coupe Rogers
ICON SPORTSWIRE VIA GETTY IMAGES

Total earnings: $37.3 million

Prize money: $4.3 million

Endorsements: $33 million

Nishikori and Zverev are the only non-Slam winners among the ten highest-paid tennis players. But Nishikori’s robust endorsement portfolio is fueled by his status as the most successful Japanese player ever. He is set to be one of the faces of the 2020 Olympic Games in Tokyo. His sponsors Asahi, NTT, Japan Airlines, Lixil, Procter & Gamble and Nissin are all official Olympics partners.

2. Novak Djokovic

Western & Southern Open - Day 6
GETTY IMAGES

Total earnings: $50.6 million

Prize money: $20.6 million

Endorsements: $30 million

There have been ten tennis seasons in which a player won more than $12 million in prize money. Djokovic owns seven of those years. His $135 million in career prize money has him $9 million ahead of Federer. Djokovic’s Lacoste endorsement is one of the richest deals in the sport.

1. Roger Federer

Day Eleven: The Championships - Wimbledon 2019
GETTY IMAGES

Total earnings: $93.4 million

Prize money: $7.4 million

Endorsements: $86 million

In addition to his blockbuster Uniqlo pact, Federer added a multimillion-dollar deal with Rimowa last year. The luggage brand joined Credit Suisse, Mercedes-Benz, Rolex, Moet & Chandon, Barilla and others in Fed’s endorsement stable.

-Kurt Badenhausen; Forbes

Continue Reading

Arts

The Highest-Paid Actors 2019: Dwayne Johnson, Bradley Cooper And Chris Hemsworth

mm

Published

on

By

A bankable leading man is still one of Hollywood’s surest bets, even if your name isn’t Leonardo DiCaprio. While the lucrative twenty-twenty deal ($20 million upfront and 20% of gross profit) doled out to the likes of Harrison Ford and Tom Cruise may be more or less gone, Hollywood still has its big-money brands, those actors who can promise an audience so big that they command not only an eight-figure salary to show up on set but also a decent chunk of a film’s nebulous “pool”—or the money left over after some but not all of the bills are paid. 

Dwayne Johnson, also known as the Rock, tops the Forbes list of the world’s ten highest-paid actors, collecting $89.4 million between June 1, 2018, and June 1, 2019.

READ MORE | Marvel Money: How Six Avengers Made $340 Million Last Year

“It has to be audience first. What does the audience want, and what is the best scenario that we can create that will send them home happy?” Johnson told Forbes in 2018.

It seems he makes the audience happy. Johnson has landed a pay formula as close to the famed twenty-twenty deal of yore as any star can get these days. He’ll collect an upfront salary of up to $23.5 million—his highest quote yet—for the forthcoming Jumanji: The Next Level.

He also commands up to 15% of the pool from high-grossing franchise movies, including Jumanji: Welcome to the Jungle, which had a worldwide box office of $962.1 million. And he is paid $700,000 per episode for HBO’s Ballers and seven figures in royalties for his line of clothing, shoes and headphones with Under Armour.

READ MORE | ‘Black Panther’: All The Box Office Records It Broke (And Almost Broke) In Its $235M Debut

While Johnson’s deal is the biggest in the business right now, he’s not the only one with a lucrative deal. Robert Downey Jr. gets $20 million upfront and nearly 8% of the pool for his role as Iron Man, and that amounted to about $55 million for his work in Avengers: Endgame, which grossed $2.796 billion at the box office. 

That gross was so big that it secured spots on this year’s top-earner list for Chris Hemsworth, Bradley Cooper and Paul Rudd, in addition to Downey; together, they earned $284 million, with most of that coming from the franchise. 

“Celebrities such as Downey and (Scarlett) Johansson currently have extreme leverage to demand enormous compensation packages from studios investing hundreds of millions of dollars in making tent-pole films, such as The Avengers series,” entertainment lawyer David Chidekel of Early Sullivan Wright Gizer & McRae told Forbes. 

READ MORE | Worldwide Box Office, The Best It’s Ever Been

Cooper is the rare actor who can thank a bet on himself for his 2019 ranking. The actor earned only about 10% of his $57 million payday for voicing Rocket Raccoon in Avengers. 

Seventy percent came from A Star Is Born, the smaller musical drama that he directed, produced, cowrote and starred in with Lady Gaga. The movie was a passion project for Cooper, and he forfeited any upfront salary to go into the film and Gaga’s salary. It paid off—the movie, which had a production budget of only $36 million, grossed $435 million worldwide, leaving Cooper with an estimated $40 million. 

The full list is below. Earnings estimates are based on data from Nielsen, ComScore, Box Office Mojo and IMDB, as well as interviews with industry insiders. All figures are pretax; fees for agents, managers and lawyers (generally 10%, 15% and 5%, respectively) are not deducted.

The World’s Highest-Paid Actors Of 2019

10. Will Smith

Earnings: $35 million

9. Paul Rudd

Earnings: $41 million

8. Chris Evans

Earnings: $43.5 million

6. Adam Sandler (tie)

Earnings: $57 million

6. Bradley Cooper (tie)

Earnings: $57 million

5. Jackie Chan

Earnings: $58 million

4. Akshay Kumar

Earnings: $65 million

3. Robert Downey Jr.

Earnings: $66 million

2. Chris Hemsworth

Earnings: $76.4 million

1. Dwayne Johnson

-Madeline Berg; Forbes

Continue Reading

Trending