Who are the richest people in Arizona? List of billionaires changes as some fortunes decline
Arizona's list of wealthiest people got reshuffled over the past year as global billionaires in general got a bit poorer.
Eleven Arizonans made Forbes' latest ranking of the world's richest people, down from 12 at this time last year, and a few names changed. In Arizona, Mark Shoen, a dominant shareholder in U-Haul Holding Co., finished in the top spot. He supplanted Ernest Garcia II, last year's leader and the controlling shareholder at struggling online used-vehicle seller Carvana.
Forbes' latest report counts 2,640 global billionaires worth a combined $12.2 trillion, down from 2,668 individuals and families who were worth $12.7 trillion roughly a year ago. A slowing global economy, including stock market losses in the United States and abroad, account for part of the wealth downturn.
Forbes estimated that nearly half of all global billionaires are poorer than they were a year ago.
France's Bernard Arnault, owner of Louis Vuitton and other fashion and cosmetic brands, led the global list with an estimated net worth of $211 billion. Elon Musk, the founder or dominant shareholder in Tesla, SpaceX, Twitter and other businesses, was last year's global leader but slid to second place with a net worth of $180 billion. He was followed by five other Americans: Jeff Bezos of Amazon, Larry Ellison of Oracle, Warren Buffett of Berkshire Hathaway, Microsoft's Bill Gates and media mogul Michael Bloomberg. Forbes estimates all but Bloomberg to be worth at least $100 billion.
The United States led the way with 735 billionaires, followed by 495 in China (including Hong Kong and Macau), 169 in India, 126 in Germany and 105 in Russia.
Mark and E. Joe Shoen, brothers who each own roughly one-fifth of U-Haul, claimed two of the top three spots among Arizonans. Their parents founded the truck-rental company at the end of World War II. The brothers' net worths, estimated at $4.8 billion and $4.1 billion, respectively, have remained virtually unchanged over the past year, with U-Haul shares up a modest 4% or so.
Not so for last year's wealth leader in Arizona. Garcia dropped from first place to sixth, with Forbes estimating his wealth plummeting to $3.1 billion from $8.6 billion. Garcia also has stakes in DriveTime Automotive and other businesses. Carvana's stock price has tumbled about 98% over the past 12 months.
His son, Ernest Garcia III, Carvana's chairman and CEO, dropped off the Forbes billionaire list altogether, as did Ken Kendrick, who made a fortune in software before becoming managing partner and leading shareholder in the Arizona Diamondbacks.
After Mark Shoen at $4.7 billion, Los Angeles Angels owner Arturo Moreno, who made his fortune in billboard advertising, was in second place at $4.1 billion, of which the baseball club accounted for about half.
GoDaddy founder Bob Parsons was in fourth place, with $3.4 billion, followed by real estate developer and Campbell Soup heir Bennett Dorrance in fifth, also at $3.4 billion, then the senior Garcia in sixth at $3.1 billion.
What follows is Forbes' list of Arizona billionaires as of April 6, with rankings and wealth totals subject to revision as stock prices change. More information about the report is at forbes.com/billionaires.
Arizona's 11 wealthiest people, with Forbes overall ranking
Mark Shoen, U-Haul Holding shareholder, $4.8 billion, No. 592
Arturo Moreno, Los Angeles Angels owner, $4.1 billion, No. 697
E. Joe Shoen, U-Haul Holding shareholder, $4 billion, No. 715
Bob Parsons, GoDaddy founder, $3.4 billion, No. 878
Bennett Dorrance, developer and Campbell Soup heir, $3.4 billion, No. 867
Ernest Garcia II, Carvana controlling shareholder, $3.1 billion, No. 971
Stewart Horejsi and family, Berkshire Hathaway investor, $2.7 billion, No. 1,169
George Kurtz, CrowdStrike cybersecurity co-founder, $1.9 billion, No. 1,634
Peter Sperling, former Apollo Education Group executive, $1.6 billion, No. 1,908
Jerry Moyes and family, Swift Transportation co-founder, $1.5 billion, No. 2,031
Jahm Najafi, private-equity investor and Phoenix Suns part-owner, $1.3 billion, No. 2,220
Reach the reporter at russ.wiles@arizonarepublic.com.
This article originally appeared on Arizona Republic: Mark Shoen, U-Haul heir, tops list of wealthiest people in Arizona
