Penn beats Princeton in billionaires
About 50 of the world's 1,011 billionaires have ties to the Philadelphia region, and the lion's share of local links comes through the University of Pennsylvania, according to Forbes' annual roundup of the super-rich.
About 50 of the world's 1,011 billionaires have ties to the Philadelphia region, and the lion's share of local links comes through the University of Pennsylvania, according to Forbes' annual roundup of the super-rich.
Count Warren Buffett - the world's third-wealthest man, who left the Wharton School after two years - and at least 25 people worth more than $120 billion studied at Penn.
Don't count the Oracle of Omaha and the net worth's still about $74 billion.
Pardon the pun, but that easily "trumps" the nine billionaires worth about $39 billion who went to Princeton.
Donald Trump is among the Wharton grads.
"Yes, the Donald is a billionaire," writes Forbes. "No, he's not worth what he says he is." Forbes ranks him tied for No. 488, with $2 billion, even though the Apprentice host / property self-namer has said, "My brand alone is worth $5 billion."
Among those with Wharton MBAs are India's Anil Ambani, the world's 36th richest person, worth an estimated $13.7 billion; leveraged-buyout tycoon Ronald Perelman ($11B); trucking prince Donald Schneider ($3B); and junk-bond wizard Michael Milken ($2B); and Mortimer Zuckerman ($1.6B), best known as owner of the New York Daily News and U.S. News & World Report.
Zuckerman also got a law degree at Harvard, the school with the most attendees on the list - 64 - including dropouts Bill Gates ($53B) and Facebook founder Mark Zuckerberg. Gates was ranked No. 2 in the world, just behind Mexican telecom king Carlos Slim Helu ($53.5B).
Besides Berkshire Hathaway investment guru Buffett ($47B), Wharton undergrads include hedge fund founders Steven Cohen ($6.4B) and Daniel Och ($3.3B), supermarket chain heir Charles Butt ($4B), and Leonard Lauder ($4B) and Ron Lauder ($2.6B), sons of cosmetics queen Estee Lauder.
Wharton dropout Nelson Peltz ($1.1B) hasn't done too badly wheeling and dealing either. Example: The investor bought Snapple in 1997 for $300 million, sold it three years later for $1.5 billion, according to Forbes.
Only a few of the listed Penn alums weren't enrolled at Wharton. They include casino developer Steve Wynn ($1.6 billion) and physician Phillip Frost ($2.2B), who made his mark in pharmceuticals.
Princeton's list is also impressive, especially for its Internet connections. Richest is Amazon.com founder Jeffrey Bezos ($12.3B), followed by famed "shareholder activist" Carl Icahn ($10.5B). Also famous are Google chief Eric Schmidt ($6.3B) and ex-eBay head Meg Whitman ($1.3B), who hopes to be California's next GOP governor.
Temple University boasts Sidney Kimmel ($1B), the Jones Apparel founder turned philanthropist; Hahnemann-trained surgeon-turned-inventor Gary Michelson ($1B); and former Eagles owner, car dealer Norman Braman ($1.3B), whose Picassos and other artworks rose in worth by $100 million last year, says Forbes.
The Eagles current owner, Jeffrey Lurie, who got his Ph.D. in social policy at Brandeis, is on the list for a second straight year, his worth up to $1.1 billion - about the value of the franchise.
Two Lehigh University grads are also on the list. Philadelphia's Richard Hayne ($1.3B), who founded Urban Outfitters, is back on the list, thanks to the economy's rebounding from the recession. Racer-turned-automotive powerhouse Roger Penske ($1.3B) began his car dealership chain with one in Philadelphia.
With a Villanova diploma is Bernard Saul II ($1.2B), the real estate investor who founded Chevy Chase Bank and the nation's first real estate investment trust.
Lurie, who lives in Haverford, and Hayne are among a handful of Forbes billionaires living in the area.
The richest seems to be Hansjorg Wyss ($6.1B), a Swiss citizen who lives in West Chester, according to Forbes. He ran medical device maker Synthes for three decades.
Mary Alice Dorrance Malone ($2.2B) lives in Coatesville, and Dorrance "Dodo" Hamilton ($1B) lives in Wayne. Along with Arizona resident Bennett Dorrance ($2B), they're grandchildren of John T. Dorrance, who founded Campbell's Soup.
James Kim ($1.4B), a former Villanova economics professor who earned a master's at Penn, made his fortune in microchips and lives in Bryn Mawr, according to Forbes.
Paoli's Alfred West, chairman and CEO of SEI Investments, was dropped from the billionaire's club last year and again didn't make the cut. West got his MBA at Wharton, by the way.
Other billionaires with onetime ties to the area include super-investor Stephen Schwarzman ($4.7B), who was student council president at Abington High; director-producer Steven Spielberg ($3B), who lived as a child in Haddon Township; and President Clinton-pardoned commodities trader Mark Rich ($1B), who lived in Philadelphia as a child.
For more, go to www.forbes.com.