The Free Press, Mankato, MN

Local News

March 27, 2012

Billionaire Taylor's net worth stays steady, Forbes reports

MANKATO — Mankato businessman Glen Taylor’s net worth has stayed steady at $1.8 billion, ranking him as the 719th wealthiest person in the world and 256th richest in the United States.

According to the latest Forbes Billionaires list, Taylor’s worth was as high as $3.3 billion at the start of the recession in 2008. His net worth stood at $2.2 billion and then $1.8 billion over the next years.

Taylor, 70, built his wealth from the Taylor Corp. printing company, which began as Carlson Craft. He acquired the Minnesota Timberwolves basketball team in 1984. In recent years he’s expanded his agricultural holdings with farmland in Minnesota and Iowa, and an egg company where he sells liquefied pasteurized eggs to food companies and restaurants.

He also heavily invested in the Envoy company, which is working to find a permanent solution to hearing loss. Envoy has been developing a micro-device implanted deep within the ear that received FDA approval in 2010.

Taylor is tied for fifth place as the wealthiest Minnesotan. Whitney MacMillan, $3.3 billion (Cargill) tops the state’s list, followed by Barbara Carlson Gage, $2.5 billion (restaurants and hotels), Marilyn Carlson Nelson, $2.5 billion (restaurants and hotels), Stanley Hubbard, $2 billion (DirectTV), and Richard Schulze, $1.8 billion (printing).

Forbes counted 1,226 billionaires this year — an all-time high — with a record $4.6 trillion in combined net worth.

Forbes reported that almost as many billionaires lost wealth as gained wealth over the past year.

The United States continues to be home to more billionaires than any other nation with 425, a dozen more than a year ago. Russia and mainland China follow behind. They have 96 and 95, respectively, down from 101 and 115.

Carlos Slim Helu of Mexico tops the billionaire list for the third year in a row, but the gap between him and Bill Gates is closing. Helu’s fortune, at $69 billion, is down $5 billion. Gates, whose foundation helped wipe out polio in India, added $5 billion to his pile and is now up to $61 billion as Microsoft shares hit a 10-year high, Forbes reported.

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