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All the Money
in the World
Contributors
Paul Berger
Anna Isgro
Gwen Kinkead
Alex Ulam
All the Money
in the World
How the Forbes 400
Make– and Spend–
Their Fortunes
E D I T E D BY
Peter W. Bernstein
A N D
Annalyn Swan
Acknowledgments vii
Introduction 3
For the past twenty-five years, Forbes magazine has compiled its now leg-
endary list of the four hundred wealthiest Americans and considered the state
of the nation’s vast fortunes. Its issues on the subject have been rich in facts
and figures, on who’s up and who’s down, on whether Bill Gates (or Donald
Trump) has a billion more or less. But the list is perforce numbers-driven; the
issues focus less on the character of the people and the peculiar world they
inhabit. What makes the Forbes 400 members tick? Who gets to the top—and
why? How different are they from more average Americans? Are they happy?
What lessons about money and life can we glean from them?
In All the Money in the World: How the Forbes 400 Make—and Spend—
Their Fortunes, we set out to answer these questions and to create a collective
profile of America’s superrich over twenty-five years. While this book was
created in collaboration with Forbes, much of the information comes from
our own interviews, original research, and never-before-compiled data.
When we first approached Tim Forbes, the company’s chief operating
officer, with the idea for the book, he enthusiastically endorsed it. Through-
out the research and writing, many at the magazine eased our way, sharing
insights, opening archives and files, providing phone numbers and e-mail
addresses, and helping in every way possible. Pete Newcomb, the longtime
editor of the Forbes 400 list, was an inexhaustible source of information
about members of the 400, as was his successor, Matthew Miller. James
Michaels, the first editor of the Forbes 400, shared with us information, anec-
dotes, and insights from the early years. Additionally, Mitchell Rand, direc-
tor of information technology, provided original and insightful analysis of
Forbes 400 data over the last twenty-five years, while Barbara Strauch, direc-
tor of Forbes’s book division, reviewed the data and manuscript and compiled
the definitive list of all Forbes 400 members. Their efforts are immediately
evident in the many charts, graphs, and tables throughout the book, to which
designer Nigel Holmes has brought his distinctive flair.
At the heart of All the Money in the World are the voices of the Forbes 400
members themselves, as well as those of their families. Many gave us extensive
viii Acknowledgments
design elegantly weds the two parts of the book—the running text and the
graphic elements—and Peter Mendelsund’s cover design is both classy and
powerful. Knopf publicists Paul Bogaards and Erinn Hartman gave enthusi-
astic support to the project. And from the beginning, our lawyer, Robert Bar-
nett, was there behind us, supporting the idea in every way.
Above all we are deeply grateful to the wonderful team of writers and
reporters who spent months fleshing out the themes of the book in the vari-
ous chapters, and then helped us through the endless checking of every detail.
Their knowledge and command of their subjects illuminate every page: Paul
Berger, Anna Isgro, Gwen Kinkead, and Alex Ulam. A brief biographical
sketch of each writer is included below. To them all, our deepest thanks.
Paul Berger is a British freelance writer based in New York. His work has
appeared in the New York Times, the Washington Post, U.S. News & World
Report, Online Journalism Review, and Denmark’s Weekendavisen. He is a
contributing editor to three books, including the New York Times best seller
Secrets of the Code. (Chapters 2, 3, 9, 10, 11, 13)
Anna Isgro, a freelance writer and editor based in the Washington, D.C., area,
was an associate editor at Fortune magazine and editor of US News Business
Report. She has contributed to a variety of book projects, including The New
York Times Practical Guide to Practically Everything and the TurboTax Income
Tax Handbook. (Chapters 1, 5, 11, 12)
Alex Ulam is a New York City–based freelance writer who specializes in archi-
tecture and urban planning. His work has appeared in Architectural Record,
Landscape Architecture, Wired, Archaeology, and the National Post of Canada.
(Chapter 6)
All the Money
in the World
Introduction
and the magazine’s founder, published a brief precursor of the list in 1918,
naming the thirty richest Americans of the time, but it did not take hold.)
The Forbes 400 is a particular product of its era, a living reflection of recent
history. It captures a period of extraordinary individual and entrepreneurial
energy, a time unlike the extended postwar years, from 1945 to 1982, when
American society emphasized the power of corporations. The gross domestic
product (GDP) in the United States has more than doubled since 1982, and
may soon triple. The size of American personal fortunes has more than kept
pace. In 1982 only thirteen billionaires were on the Forbes list, and you
needed $75 million to make the cut. Today you must be a billionaire. In 1982
the combined net worth of the 400 represented 2.8 percent of the GDP. By
2006 that figure had risen to 9.5 percent. (The percentage actually reached
12.2 percent of the GDP in 2000, during the Internet boom.) More generally,
in 2005 the wealthiest 1 percent of Americans claimed a percentage of the
national income not equaled since 1928. Only the Gilded Age, the period
from the Civil War to the 1890s, and the 1920s can withstand comparison to
the last twenty-five years in terms of wealth accumulation.
For many people (not least, before his death, Malcolm Forbes himself) the
Forbes 400 represents a powerful argument—and sometimes a dream—
about the social value of wealth in contemporary America. In this view, great
wealth does not (at least in the United States) suggest an aristocratic or privi-
leged group of people who inherited their positions. It means enterprising
individuals, a marvelous meritocracy of money. Those who make fortunes
are an ever-changing, ever-churning group of remarkable people who flour-
ish in the land of opportunity. They bring jobs, energy, ideas, and even joy to
their society. They have been responsible, in the late twentieth century, for
extraordinary advances in technology, the invention of new financial instru-
ments, and the efficient restructuring of American industry. Money is fluid.
Money is restless. In 1982 twenty-four Du Pont heirs were among the four
hundred wealthiest Americans. By 1999 no Du Ponts remained on the list.
New money was supplanting old. It was wealth’s way.
To be sure, many take the other side of the argument. Why commemorate
greed, competition, and dollar one-upmanship? What does it say about
America that the wealth of four hundred individuals should, in 2006, equal
almost one-tenth of the annual output of a nation of 300 million people? To
skeptics, the Forbes 400 symbolizes a period of avarice, excess, and selfishness.
All the Money in the World does not join in these arguments. Instead it
recounts a more nuanced and personal story. At times anecdotal, at times
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