Entries in Forbes (10)


Study: Craigslist Took $5 Billion in Classified Ads from Newspapers

iStockphoto/Thinkstock(NEW YORK) -- A new study from New York University and Harvard Business School found that Craigslist has taken as much as $5 billion from local newspapers by providing online classified advertising services.

The report was headed by Robert Seamans, an assistant professor of management and organizations at NYU's Stern School of Business and Feng Zhu of Harvard Business School. The study found that between 2000 and 2007, classified ad buyers saved $5 billion due to Craigslist's entry into the market, Forbes said.

Meanwhile, those who would previously have posted classified ads in local newspapers now veer towards the free online classifieds of Craigslist.

According to Forbes, the study did not take into account newspapers such as the New York Times, Wall Street Journal or USA Today, in order to maintain a "homogenous sample" of local newspapers reliant on classified advertising.

As a result of the drive towards Craigslist, the researchers found that newspapers dropped the rates charged for placing classified ads and increased both their subscription and newsstand costs.

Copyright 2013 ABC News Radio


Politicians Rank High on "Forbes" Billionaires List

ABC/Donna Svennevik(NEW YORK) -- Some say that there is a lot of money in politics. Well, according to the Forbes 2013 Billionaires List, there are many politicians who have a lot of money too.

Here are the politicians topping Forbes' list:

Michael Bloomberg

The richest politician to grace the list this year is New York City Mayor Michael Bloomberg, who is ranked as the seventh richest person in the United States.

Bloomberg, 71, is sitting pretty with a net worth of more than $27 billion, making himself the 13th richest person in the world and the world's richest politician.  Bloomberg, who has run New York City since 2002, has diversified his money in many different spheres of politics, media and philanthropy.

Ross Perot, Sr.

Another American politician on Forbes' Billionaire List is two-time presidential candidate Ross Perot. Perot was a presidential contender and is now the 126th richest person in the United States with a net worth of more than $3.5 billion.

The United States leads the Forbes list with 442 billionaires, but it is not the only country with politicians worth a pretty penny.

Russia's Mikhail Prokhorov and Andrei Guriev

Billionaire and Russian politician Mikhail Prokhorov made the top 100 cut on Forbes' list ranking number 69 with a net worth of more than $13 billion, making him the 10th richest person in Russia. The 47-year-old politician who ran against Russian President Vladimir Putin in the 2012 presidential election is also a sports enthusiast who owns the NBA's Brooklyn Nets.

Russia is home to another very wealthy politician.  Andrei Guriev, who has served as senator to Federation Council in Russia since 2001, is worth more than $3.5 billion. The bulk of his wealth comes from his control over Fosagro, one of the world's four biggest phosphor fertilizer producers.

Georgia's Bidzina Ivanishvili

Georgia also has a very wealthy politician — so wealthy, in fact his net worth is equal to half of the country's GDP. Bidzina Ivanishvili successfully won his campaign in October 2012 and now serves as prime minister as well as the richest man in the Eurasian country.  He's ranked number 229 in the world on the Forbes list and is worth $5.2 billion.

Italy's Silvio Berlusconi

Silvio Berlusconi resigned from his position as the Italian prime minister after scandals and gaffes surrounding his time in office. But Berlusconi can have the last laugh as he placed number 194 on the Forbes list with a net worth of $6.2 billion.

The 76-year old was sentenced to four years in jail for tax fraud and was accused of engaging in sexual relations with 17-year-old Moroccan girl during his term but  Berlusconi remains the seventh wealthiest individual in Italy.

Political Donors

Aside from politicians there are hoards of political donors on the Forbes' Billionaire List. The top 10 wealthiest people alone include Warren Buffett and the Koch Brothers, who are avid political supporters.

According to Mother Jones, Koch Industries and its affiliates Georgia-Pacific and Flint Hills Resources donated more than $2.2 million to candidates and parties during this the 2012 election cycle. Some 95 percent of its corporate donations in the past two years have gone to Republicans.

Warren Buffett on the other hand is generous Democratic supporter, having contributed to President Barack Obama's campaign. Buffett was also the influence for a proposal to make sure that millionaires pay at least the same tax rate as those in lower brackets, a proposal that the president has referred to as the "Buffett Rule."

The three donors are collectively worth more than $121 billion.

This year's Forbes Billionaire's list has 1,426 names with an aggregate net worth of $5.4 trillion. This figure has risen from last year's $4.6 trillion.

Copyright 2013 ABC News Radio


New York City Tops "Forbes'' 5 Most Expensive US Zip Codes

iStockphoto/Thinkstock(NEW YORK) -- A lack of inventory is driving real estate prices higher, especially in the most expensive zip codes in the country.

Forbes on Tuesday released its annual list of the zip codes with the priciest housing. While the usual suspects made the top five, a New York City zip code topped the list for the first time since Forbes began collecting this data several years ago.

Forbes and Altos Research pulled pricing data for more than 22,000 zip codes in the U.S. from June 28 to Sept. 28, then analyzed the 500 most expensive. Only single-family homes and condominiums were sampled. Multi-family homes and co-ops were left out, which may be one reason New York City, known for its high housing costs, had not reached number one on Forbes' list yet. Four of the most expensive 10 zip codes are in Manhattan.

Morgan Brennan, real estate reporter at Forbes, said New York City zip codes surrounding famed Central Park were especially expensive, though the zip code that was most expensive, 10065, had more expensive single-family homes and co-ops.

"The regions most popular are these zip codes that hug Central Park, especially with high-end buyers," she said. "Wealthy, foreign investors consider it a safe-haven investment."

Coming in second is the exclusive, posh Alpine, a suburb in New Jersey that is usually in the top three each year. Brennan said what is driving the high prices there is a lack of multi-family housing and many multi-million-dollar single-family estates.

In its analysis, Forbes takes into account not just housing prices, but the amount of time properties are on the market and inventory.

Inventory is down about 30 percent on average among all the zip codes that made Forbes' list. This is true especially in Silicon Valley, which is represented on the list by Atherton and Hillsborough, third and fifth, respectively.

Because of the tech boom in Silicon Valley, Brennan said inventory is down even more drastically there.

Here is the list of the top five most expensive zip codes compiled by Forbes:

1. New York, N.Y. (10065)

Median home price: $6,534,430

Average days on market: 449

Number of homes on the market: 80

2. Alpine, N.J. (07620)

Median home price: $5,745,038

Average days on market: 207

Number of homes on the market: 35

3. Atherton, Calif. (94027)

Median home price: $4,897,864

Average days on market: 103

Number of homes on the market: 41

4. Sagaponack, N.Y. (11962)

Median home price: $4,180,385

Average days on market: 333

Number of homes on the market: 84

5. Hillsborough, Calif. (94010)

Median home price: $4,127,250

Average days on market: 172

Number of homes on the market: 124

Copyright 2012 ABC News Radio


Oprah Winfrey Leads Top Highest-Paid Celebrities 

Heather Wines/CBS via Getty Images(NEW YORK) -- Oprah Winfrey's talk show may have called it quits last year, but her earning power certainly hasn't. The owner of Harpo productions, television network OWN and O Magazine, whose syndicated talk show ended in late May of last year, tops Forbes' Highest-Paid Celebrities list for the fourth year in a row.

Now that her talk show has ended, Winfrey has some close competition on her heels, beating the second highest-paid celebrity by only $5 million, and earning $125 million less than a year ago.

"Although the show ended it was still in reruns, so she still got some money from it," said Forbes' Los Angeles bureau chief, Dorothy Pomerantz.

Most of her money is now coming from the rest of her empire, which includes shows by Dr. Phil, Dr. Oz, and Rachael Ray, and a lucrative radio deal. Her network has laid off employees as she leads with shows like Oprah's Lifeclass and Oprah's Next Chapter.

"She'll still continue to make a lot of money, but without the syndicated show, she'll take a big hit," Pomerantz said.

Here are the big-earners who round out the rest of the top five highest-paid celebrities:

Michael Bay

Michael Bay's third Transformers film, Transformers: Dark of the Moon, earned about $1.1 billion at the box office.

Pomerantz called Bay a "smart director" who made a "fantastic" deal with the film by getting a share of the profits, including a share of the toy sales.

The film director and executive producer is working on a number of other projects with some big money-earning potential, including Pain and Gain with Mark Wahlberg, Dwayne Johnson, and Ken Jeong, which is expected to be released next year. The throwback film Ninja Turtles isn't expected to be released until 2014.

Steven Spielberg

With two Oscar-nominated films in theaters last year, War Horse and The Adventures of Tintin, director Steven Spielberg has proven time and time again he still has an eye for critically-acclaimed movie hits.

Forbes reports Spielberg is likely going to return to their list next year with two other films, Lincoln starring Daniel Day-Lewis, and Robopocolypse, a sci-fi thriller based on the book by Daniel Wilson.

"Spielberg is a 'perennial' toward the top of our list," Pomerantz said.

The director, who receives tens of millions of dollars each year from residuals from his past hit films, also served as a consultant for the Universal Theme Parks, so gets a share of ticket sales.

Jerry Bruckheimer

Jerry Bruckheimer made waves last year with the Pirates of the Caribbean: On Stranger Tides, the fourth installment of Disney's film series and one of the highest-grossing films in 2011, earning $1 billion at the box office. Bruckheimer is expected to reap in millions more with additional sequels, such as Top Gun 2, Bad Boys 3, National Treasure 3, and yes, additional Pirates of the Caribbean films.

Pomerantz calls Bruckheimer another perennially highly paid celebrity.

"The Pirates films are what's keeping his earnings up really high now," Pomerantz said, but Bruckheimer also has a large television empire, which includes the CSI series and The Amazing Race.

Dr. Dre

The only musician in Forbes' top five list, Dr. Dre didn't produce or write a hit song last year, but he did make millions from his line of headphones, Beats by Dre. In August 2011, HTC Corp., Asia's second-largest handset producer by market value, bought a 51-percent stake in Beat Electronics LLC for $300 million.

As part of the deal, the Taiwanese company passed along $100 million to co-founders Dr. Dre, whose legal name is Andre Romelle Young, and record label Interscope's chairman Jimmy Iovine, who each owned about a third of the company, Forbes said.

After mega-hits like "Still D.R.E." from 2001 and producing for big-name rappers like Eminem and Snoop Dog, Dr. Dre announced he was taking a break from music last November.

Forbes has the full list of the highest-paid celebrities.

Copyright 2012 ABC News Radio


"Forbes" Reveals Most Powerful Women of 2012

State Department(NEW YORK) -- Forbes is out with its annual list of the world's most powerful women and sitting atop this year’s ranking is German chancellor Angela Merkel. Rounding out the top three are U.S. Secretary of State Hillary Clinton (No. 2) and Brazilian President Dilma Rousseff (No. 3).

On a list that includes singer Lady Gaga (No. 14), ABC's World News anchor Diane Sawyer (No. 23), and entertainer Jennifer Lopez (No. 38), are women who ForbesWoman president Moira Forbes says have come to dominate a particular field.

“Women are ascending in the field of tech,” Forbes said in an interview with ABC News. And indeed, 15 of the 100 most powerful women on the list, released Wednesday, work in technology.

“Sheryl Sandberg at Facebook (No. 10); [Virginia] Rometty, who's now the CEO of IBM (No. 15); Meg Whitman, helm at HP (No. 18); Marissa Mayer, Yahoo! (No. 21),” Forbes said.

As technology and social media reach more people than ever, Forbes says the combined power of the women on this year's list has never been stronger.

Click here for the complete list of "The World's 100 Most Powerful Women."

Copyright 2012 ABC News Radio


Forbes: Carlos Slim Is World's Richest Man Again

Susana Gonzalez/Bloomberg via Getty Images(NEW YORK) -- Mexico’s Carlos Slim Helu and family, with a net worth of $69 billion, again top Forbes’ listing of the world’s billionaires.

Slim’s self-made fortune comes from telecommunications. The 72-year-old is chairman of Mexico’s Telmex. His fortune is down $5 billion from last year, says Forbes, owing to a decline in the share price of America Movil, another telecom company that accounts for more than half of Slim’s net worth.

Bill Gates and Warren Buffett of the U.S., who respectively have $61 billion and $44 billion, are next on Forbes’ list. Gates’ fortune comes from Microsoft, the software giant that he founded. Buffett’s comes from investment giant Berkshire Hathaway.

This year’s list netted more billionaires than ever before: 1,226 people worth a record $4.6 trillion collectively.

Berhard Arnault of France, owner of luxury goods maker LVMH, is fourth-richest, with $41 billion, followed by Spaniard Amancio Ortega ($37.5 billion). American Larry Ellison, head of Oracle corporation, ranks sixth ($36 billion).

The richest newcomer is Colombia’s Alejandro Santo Domingo Davila, described by Forbes as a 35-year-old bachelor living in New York City, who took over his father’s beer empire after his October 2011 death. His wealth is $9.5 billion.

Copyright 2012 ABC News Radio


'Forbes' Lists the Richest People in America

Scott Olson/Getty Images(NEW YORK) -- Forbes has released its annual list of the 400 wealthiest Americans, worth an estimated combined $1.53 trillion.

Their total combined wealth is up 12 percent from last year. Perhaps more notable is that 70 percent of the individuals on the list are self-starters, which marks an increase of 55 percent since 1997.

In addition, a group of younger entrepreneurs are also making their way up the list. Topping the ranks of younger entrepreneurs is Facebook’s 27-year-old Mark Zuckerberg, coming in at 14th place, with $10.6 billion, ahead of Google rivals Sergey Brin and Larry Page with $1.7 billion, tied at 15th.

Dustin Moskovitz, Zuckerberg’s former roommate, is the youngest billionaire to make the list.

Here’s a look of the top ten wealthiest Americans:

1.    Bill Gates, $59 billion
2.    Warren Buffett, $39 billion
3.    Larry Ellison, $33 billion
4.    Charles Koch, $25 billion
5.    David Koch, $25 billion
6.    Christy Walton, $24.5 billion
7.    Jim C. Walton $21.1 billion
8.    Alice Walton $20.9 billion
9.    George Soros $22 billion
10.  Sheldon Adelson, $21.5 billion

Copyright 2011 ABC News Radio


Lady Gaga Tops Forbes Celebrity 100 List

Kevin Winter/Getty Images(NEW YORK) -- She doesn't earn as much money, but when it comes to celebrity power, Lady Gaga's got it all over Oprah Winfrey.  This year, Gaga tops Forbes magazine's annual Celebrity 100 list, a ranking of the most powerful stars of music, movies, TV, sports, comedy, publishing, and modeling.

The list was compiled based not only on a celebrity's earnings, but also their standing on social media, mentions in the press, and appearances on TV and magazine cover stories.  So even though Gaga earned $90 million this past year compared to Oprah's $170 million, Gaga's complete and utter domination of Twitter and Facebook allowed her to pass Oprah to snag the #1 spot -- Oprah had to settle for #2.  Justin Bieber is number three on the list, also thanks to his social media dominance.  He's followed by U2 at #4 and Elton John at #5. The rest of the top 10 includes Tiger Woods, Taylor Swift, Bon Jovi, Simon Cowell, and Lebron James, in that order.

Copyright 2011 ABC News Radio


'Forbes' Annual List of Billionaires Released; Net Worth Totals $4.5 Trillion

Adam Gault/Thinkstock(NEW YORK) -- There have never been as many billionaires in the world as there are right now, according to Forbes, which has just published its annual list of billionaires.
“Carlos Slim is number one but it wasn’t even close this year,” said Editor-In-Chief Steve Forbes.
Slim, a Mexican telecom mogul, is worth $74 billion, $18 billion more than the second-richest man in the world, Microsoft founder Bill Gates.  Gates has given away about a third of his fortune.  Warren Buffett, who has also pledged to donate much of his wealth, is the third richest.
There are 1,210 billionaires from 54 countries worth a combined $4.5 trillion, a staggering sum that eclipses the gross domestic product of Germany.
“The global economy is recovering but it is not spread across the board,” Forbes said.
Much of the world’s new wealth is being created in Asia-Pacific nations, from which come nearly half of the new names on the Forbes list.  Brazil, India and Russia created most of the other new billionaires.  Before this year Forbes says only the United States produced more than 100 billionaires. China and Russia can now say the same.
“This year the United States is still number one in billionaires but the lead is shrinking,” Forbes said.  “This global economy is truly spreading in terms of innovation coming out of countries that weren’t major players before.”
Most of the billionaires in the United States are hedge fund and private equity tycoons but innovation spawned the second-largest number of American billionaires.  Six of them come from Facebook.   The online gaming site Zynga and group-buying site Groupon launched two new billionaires.
“The tech companies continue to be a place where people make huge fortunes,” said Forbes senior editor Luisa Kroll.
If you are not on the list and want to be, Kroll said you should move to China.
“There you could be in a lot of different industries. There’s just a lot more action.”

Copyright 2011 ABC News Radio


Vegas Billionaire Pummeled by Recession Claws His Way Back

Photo Courtesy - Getty Images(LAS VEGAS) -- Las Vegas is a place where many bet high but few come out on top ... and then there's Sheldon Adelson, who proves that old Vegas saying, "The house always wins." The self-made billionaire behind the Las Vegas Sands Corporation likes things big, including his checkbook.

Before the economy fell apart two years ago, Adelson's company was making an estimated $20 million per day from his hotels and casinos in Las Vegas and Macau. By 2007, he was worth an estimated $40 billion and was No. 3 on the Forbes list of richest Americans.

But when the market crashed in 2008, his company's market value plummeted more than 90 percent, at one point losing as much as $1,000 per second. To prevent the company from going under, Adelson and his family invested $1 billion into the Las Vegas Sands Corporation. That $1 billion bailed out the cash-strapped company, but much of the senior management was fired.

Even in the depth of the financial crisis, Adelson never backed off from a planned multi-billion-dollar project in Singapore. The Marina Bay Sands Hotel is now open and in its first full quarter of operations, it generated $242 million in profits. His Las Vegas properties, unlike many on the strip, are thriving as well. For the third quarter of this year, they booked record profits of $645 million.

Adelson isn't quite back to his 2007 heyday, but he's working on it: He dropped to No. 26 on the Forbes list in 2009 and now stands at No. 13.

Copyright 2010 ABC News Radio

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