Every year since 1982, the list of the 400 richest Americans has been released. While Bill Gates, Jeff Bezos, Warren Buffett, and Mark Zuckerberg have dominated the several most recent lists, only two of the people on the first list are still on it today. Those two individuals are Philip Anschutz and William Herbert Hunt. Back in 1982, Anschutz was 42 and the seventh-richest person in the U.S. with an estimated net worth of "over $1 billion," while Hunt, then 53, was the 10th richest with a net worth "in excess of $1 billion." Both men are still billionaires today.
Today, Anschutz, now 79, is worth $11 billion. He is the chairman of Anschutz Entertainment Group, which owns and runs the Coachella Valley Music and Arts Festival. He made his fortune in oil, railroads, telecom, real estate, and entertainment. Anschutz also owns the NHL's Los Angeles Kings, one-third of the NBA's Los Angeles Lakers, and the team's home arena, Staples Center. Through Anschutz Entertainment Group (AEG), he owns and operates many of the best concert venues in the world, including the aforementioned Staples Center as well as the Nokia Theatre in Los Angeles, O2 in London, and the Mercedes-Benz Arena in Shanghai.
AEG is a subsidiary of billionaire Phil Anschutz's privately held Anschutz Corporation, which owns conservative publication The Washington Examiner. It formerly also owned The Weekly Standard but that publication shut down in 2018. AEG is an enormous entertainment empire that owns Los Angeles' StubHub Center. AEG also owns sports teams and venues around the world. AEG is the world's largest owner of sports teams and sports events and the second-largest presenter of live music and entertainment events after Live Nation.
Back in 1982, W. Herbert Hunt, now 90, was the 10th richest American. He is an oil baron who was caught up in one of the biggest personal bankruptcy cases in U.S. history after the value of silver declined sharply in 1980 and decimated almost all of his fortune. Hunt invested heavily in silver, not anticipating that its worth would drop by three quarters over 12 months. Hunt's net worth was more than $1 billion in 1982 ($3.9 billion, adjusted for inflation) but dropped bit by bit over the early 1980s as he accumulated debt. Hunt ended up selling off personal real estate, oil assets inherited from his father, and an antiquities collection to get his creditors off his back.
The oil man didn't stay down for long. He rolled up his sleeves and got back into the family business of oil and gas and in 2013, sold off portions of his North Dakota oil fields to Halcon Resources for $1.5 billion in cash and stock. Hunt was banished from the billionaires club for more than three decades, but today W. Herbert Hunt has a net worth of $2.5 billion.
Back in 1982, the poorest person on the list of the 400 richest Americans was worth $91 million. Today, there are no millionaires on the same list. In fact, the richest American in 1982, Daniel Keith Ludwig, had a fortune of $2 billion. That wouldn't even earn him the 400th spot on the list this year. The poorest people on the list today have a net worth of $2.1 billion. There are 13 people tied for last place on the 2019 list.
Table of Contents
- Biography
- Personal Details
- Wealth Evolution of Philip Anschutz
- Wealth Evolution of W. Herbert Hunt
- Current Wealth Status
Biography
Philip Anschutz was born on December 28, 1939, in Russell, Kansas. He graduated from the University of Kansas and began his career in the oil and gas industry. Over the years, he diversified into various sectors, including telecommunications and real estate, amassing a vast fortune.
W. Herbert Hunt was born on December 23, 1929, in Tyler, Texas. An influential figure in the oil industry, Hunt also faced significant challenges, including bankruptcy in the 1980s. He made a remarkable comeback, demonstrating resilience and business acumen.
Personal Details
| Name | Date of Birth | Net Worth | Major Investments |
|---|---|---|---|
| Philip Anschutz | December 28, 1939 | $11 billion | Entertainment, Oil, Railroads, Telecom |
| W. Herbert Hunt | December 23, 1929 | $2.5 billion | Oil, Silver |
Wealth Evolution of Philip Anschutz
Philip Anschutz's wealth has grown significantly over the decades. Starting as a young businessman in the oil industry, he diversified his investments into entertainment, real estate, and telecommunications, leading to his current standing as one of the wealthiest individuals in America.
His strategic investments, especially in sports teams and live events, have contributed to his substantial net worth. In recent years, Anschutz has focused on expanding his entertainment empire through Anschutz Entertainment Group, which continues to thrive in the industry.
Wealth Evolution of W. Herbert Hunt
W. Herbert Hunt's journey to wealth is marked by ups and downs, especially following his bankruptcy in the 1980s. Despite facing financial ruin, Hunt's resilience allowed him to rebuild his fortune through strategic investments in oil.
His ability to pivot and adapt to market changes has been a significant factor in his financial recovery. Today, Hunt stands as a testament to the power of perseverance in the face of adversity.
Current Wealth Status
As of now, both Philip Anschutz and W. Herbert Hunt remain influential figures on the list of America's wealthiest individuals. Their stories reflect not only their business successes but also the changing dynamics of wealth in America.
Their experiences serve as valuable lessons for aspiring entrepreneurs and investors, illustrating that resilience and adaptability are key in navigating the complexities of wealth accumulation.
