For archival purposes.
The World's Richest
Chat With Forbes Editors
, 03.05.03, 4:03 PM ET
NEW YORK - The following is the transcript of a Feb. 28 online chat with Forbes Senior Reporter Lea Goldman and Forbes Senior Editor Peter Newcomb, who helped produce the 2003 version of our annual World's Richest People list.
FDCEDITORS: Welcome everyone. Lea and Pete are here to answer your questions, so let's begin.
HEIKO: The list is great. However, you missed Mr. Schwartz who runs the German retailer Lidl. It would have also been nice to have a column on old family fortunes such as Brenninkmeijer and Quandt.
LEAGOLDMAN: With regard to the families, a list is on Forbes.com (see "The Families") and in our global edition. As for Schwartz, maybe you can e-mail more information.
OUTRAGE: How, with the exception of Bill Gates, can these people face their mirrors? Shame on them.
PETE_NEWCOMB: It's called freedom. In the free world we all have the freedom to make or lose a whole lot of money.
RENNO: Are there any self-made women on this year's billionaires list?
LEAGOLDMAN: Yep! Started with Martha Stewart a couple of years ago, then Doris Fisher from The Gap (nyse: GPS - news - people ). Also began way back with Estee Lauder. Long history, just not too many, sadly. And let's not forget Oprah Winfrey!
ALLENGINSBERG: Why is there no press about Arafat stealing his people's money?
LEAGOLDMAN: Read "Auditing Arafat" in the new issue of Forbes.
HILTONALLENMARCUS: Are there any homosexuals on the list?
PETE_NEWCOMB: Yes. And I'm sure there are bisexuals and sadomasochists. We just don't break them out.
BILLYBOB: Why does Forbes compile this list?
PETE_NEWCOMB: It's a celebration of capitalism and the free world. I'd like to think it's used as an executive scorecard of sorts as well.
BILLYBOB: Why doesn't the top of the list change more? Always seems to be the same faces.
LEAGOLDMAN: Actually, it has changed. A few years back Gates was worth $100 billion!
PETE_NEWCOMB: I'm getting tired of that myself. If Sam Walton were alive today, he'd be the richest man in the world.
LIONEL: Why aren't there more Africans on your list? Many like Mugabe have stolen billions from their people and countries.
LEAGOLDMAN: Actually, we are trying to tackle Africa more aggressively. Still, keep in mind, $1 billion is a lot of money.
KURT: Since people do not normally publicize their wealth, how do you determine their net worth information?
LEAGOLDMAN: Takes months of research into the business, talking to sources familiar with the business, analysts, etc. Lots of good old-fashioned reporting.
PETE_NEWCOMB: Ex-wives, disgruntled employees also make for wonderful sources, though we realize they may have an axe to grind.
HILLYBOY: Of those on the list, who is the most and least philanthropic, both measured by percentage of dollars spent on the charities and by actual money spent?
LEAGOLDMAN: Most philanthropic, hands down, is Gates. Although, two billionaires gave away their fortunes this year. Least philanthropic: hard to say.
PETE_NEWCOMB: He's not overly generous today, but Warren Buffett says he will give it all away on his death.
HILLYBOY: How do you measure wealth of illegal trades, like drug trafficking? Shouldn't some of those people be on your list? For that matter, how about Osama bin Laden?
LEAGOLDMAN: Over the years, we had "criminals" on the list, like the Colombian drug lord--his name eludes me. But none of them is a billionaire. Osama is no billionaire, and you can quote me.
FRANKM: Why so many billionaires in Russia and so few in China?
LEAGOLDMAN: Russia: Market strong last year, oil prices up, Western accounting practices on the rise. All those things created billionaires. China is a blossoming country. We won't see billionaires for a few years yet.
PETE_NEWCOMB: Steve Forbes would say it's because Russia instituted a flat tax.
LEAGOLDMAN: We had a trio of brothers last year, but took them off because individually none were billionaires.
JIMBO: Why choose Oprah for the cover? She is only worth $1 billion.
PETE_NEWCOMB: Oprah sells magazines.
JPMORGAN: How much of Ted Turner's wealth decline this year is due to the plunging value of his AOL Time Warner (nyse: AOL - news - people ) shares?
LEAGOLDMAN: Basically, that is the reason. It's not like his time share in Boca fell in value.
PETE_NEWCOMB: I hear his buffalos aren't quite worth what they used to be as well.
ROBERT: Michael Jackson claims he is a billionaire. Why isn't he on your list?
PETE_NEWCOMB: MJ owes $250 to $300 million to a consortium of banks; you will see him selling his publishing company any month now, my prediction.
LEAGOLDMAN: You heard it here first.
...
Source: http://www.forbes.com/2003/03/06/cx_ml_0305billychat.html
The World's Richest
Chat With Forbes Editors
, 03.05.03, 4:03 PM ET
NEW YORK - The following is the transcript of a Feb. 28 online chat with Forbes Senior Reporter Lea Goldman and Forbes Senior Editor Peter Newcomb, who helped produce the 2003 version of our annual World's Richest People list.
FDCEDITORS: Welcome everyone. Lea and Pete are here to answer your questions, so let's begin.
HEIKO: The list is great. However, you missed Mr. Schwartz who runs the German retailer Lidl. It would have also been nice to have a column on old family fortunes such as Brenninkmeijer and Quandt.
LEAGOLDMAN: With regard to the families, a list is on Forbes.com (see "The Families") and in our global edition. As for Schwartz, maybe you can e-mail more information.
OUTRAGE: How, with the exception of Bill Gates, can these people face their mirrors? Shame on them.
PETE_NEWCOMB: It's called freedom. In the free world we all have the freedom to make or lose a whole lot of money.
RENNO: Are there any self-made women on this year's billionaires list?
LEAGOLDMAN: Yep! Started with Martha Stewart a couple of years ago, then Doris Fisher from The Gap (nyse: GPS - news - people ). Also began way back with Estee Lauder. Long history, just not too many, sadly. And let's not forget Oprah Winfrey!
ALLENGINSBERG: Why is there no press about Arafat stealing his people's money?
LEAGOLDMAN: Read "Auditing Arafat" in the new issue of Forbes.
HILTONALLENMARCUS: Are there any homosexuals on the list?
PETE_NEWCOMB: Yes. And I'm sure there are bisexuals and sadomasochists. We just don't break them out.
BILLYBOB: Why does Forbes compile this list?
PETE_NEWCOMB: It's a celebration of capitalism and the free world. I'd like to think it's used as an executive scorecard of sorts as well.
BILLYBOB: Why doesn't the top of the list change more? Always seems to be the same faces.
LEAGOLDMAN: Actually, it has changed. A few years back Gates was worth $100 billion!
PETE_NEWCOMB: I'm getting tired of that myself. If Sam Walton were alive today, he'd be the richest man in the world.
LIONEL: Why aren't there more Africans on your list? Many like Mugabe have stolen billions from their people and countries.
LEAGOLDMAN: Actually, we are trying to tackle Africa more aggressively. Still, keep in mind, $1 billion is a lot of money.
KURT: Since people do not normally publicize their wealth, how do you determine their net worth information?
LEAGOLDMAN: Takes months of research into the business, talking to sources familiar with the business, analysts, etc. Lots of good old-fashioned reporting.
PETE_NEWCOMB: Ex-wives, disgruntled employees also make for wonderful sources, though we realize they may have an axe to grind.
HILLYBOY: Of those on the list, who is the most and least philanthropic, both measured by percentage of dollars spent on the charities and by actual money spent?
LEAGOLDMAN: Most philanthropic, hands down, is Gates. Although, two billionaires gave away their fortunes this year. Least philanthropic: hard to say.
PETE_NEWCOMB: He's not overly generous today, but Warren Buffett says he will give it all away on his death.
HILLYBOY: How do you measure wealth of illegal trades, like drug trafficking? Shouldn't some of those people be on your list? For that matter, how about Osama bin Laden?
LEAGOLDMAN: Over the years, we had "criminals" on the list, like the Colombian drug lord--his name eludes me. But none of them is a billionaire. Osama is no billionaire, and you can quote me.
FRANKM: Why so many billionaires in Russia and so few in China?
LEAGOLDMAN: Russia: Market strong last year, oil prices up, Western accounting practices on the rise. All those things created billionaires. China is a blossoming country. We won't see billionaires for a few years yet.
PETE_NEWCOMB: Steve Forbes would say it's because Russia instituted a flat tax.
LEAGOLDMAN: We had a trio of brothers last year, but took them off because individually none were billionaires.
JIMBO: Why choose Oprah for the cover? She is only worth $1 billion.
PETE_NEWCOMB: Oprah sells magazines.
JPMORGAN: How much of Ted Turner's wealth decline this year is due to the plunging value of his AOL Time Warner (nyse: AOL - news - people ) shares?
LEAGOLDMAN: Basically, that is the reason. It's not like his time share in Boca fell in value.
PETE_NEWCOMB: I hear his buffalos aren't quite worth what they used to be as well.
ROBERT: Michael Jackson claims he is a billionaire. Why isn't he on your list?
PETE_NEWCOMB: MJ owes $250 to $300 million to a consortium of banks; you will see him selling his publishing company any month now, my prediction.
LEAGOLDMAN: You heard it here first.
...
Source: http://www.forbes.com/2003/03/06/cx_ml_0305billychat.html