Who is the richest person in Kentucky?
Tamara Gustavson, daughter of business mogul B. Wayne Hughes, reigns supreme as the richest person in Kentucky. Forbes Magazine has recognized her once again as a billionaire, ranking her at number 307 on their prestigious “World’s Billionaires List” for the richest in 2023!
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How much net worth?
Most billionaires on the list have saw their fortunes dwindling over the last year with the economy cooling off and this is no exception. In 2023,Tamara Gustavson’s net worth is reported at $7.4 billion. That’s down from an estimated $8.5 billion in 2022, but still handily makes her the richest person in Kentucky!
What does she do?
So, just how did Gustavson amass such a fortune? As the largest shareholder of Public Storage, the self-storage industry magnate’s company. Gustavson owns a 10% stake inthe company her father cofounded in 1972 with an initial $50,000 investment.She worked for the company from 1983 to 2003, has served on its board since 2008,and has been credited with bringing the company to new heights.
But her business ventures don’t stop there – she’s also a partner in the highly respected Spendthrift Farm, known for breeding Kentucky Derby winners. The famous farm even has a connection to the legendary racehorse Man O’ War. With her impressive empire and undeniable success, Gustavson could be an inspiration for the next generation of women all across Kentucky!
In addition, she sits on the board of American Homes 4 Rent, her father’s REIT dedicated to renting out single-family homes, but she’s director at the William Lawrence & Blanche Hughes Foundation, working to fight childhood leukemia. And let’s not forget her alma mater, USC, which she served on the board for a whole decade.
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Background and Personal Life
But Gustavson’s not just a businesswoman. She’s also a horse breeder, co-owning Spendthrift Farm with her husband. This Kentucky horse farm in Lexington, or Fayette County, has produced an impressive 10 Kentucky Derby winners to date. Fun fact: the horse farm’s name pays homage to Man-O-War, the great-grandsire of the best racehorse ever.
So what’s a billionaire horse breeder’s property worth, you ask? According to Fayette County property records, Spendthrift Farm has a fair market value of $2.54 million. However, Forbes also valued the Spendthrift Horse Farm from a business perspective at around 400 million.
This USC alum has got it all – brains, beauty, and mom skills. With two kiddos to care for, she’s the ultimate multitasker. And where does this wonder woman call home? None other than the famous Spendthrift Farm, the breeding ground for champion racehorses like Cloud Computing, winner of the 2017 Preakness Stakes. Can you say impressive? Keep on rockin’, Mrs. Gustavson!
There you have it, folks. Tamara Gustavson may be Kentucky’s only representative on Forbes’ billionaire list, but she’s definitely making her mark.
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Wealthiest Individuals by State
| State | Name | Est. Worth ($B) |
|---|---|---|
| Arizona | Ernest Garcia, II | $6.90 |
| Arkansas | Jim Walton & family | $68.20 |
| California | Larry Ellison | $158.00 |
| Colorado | Philip Anschutz | $14.80 |
| Connecticut | Steve Cohen | $19.80 |
| Florida | Ken Griffin | $35.40 |
| Georgia | Bubba Cathy | $9.70 |
| Hawaii | Pierre Omidyar | $6.40 |
| Idaho | Frank VanderSloot | $3.30 |
| Illinois | Lukas Walton | $24.20 |
| Indiana | Carl Cook | $9.80 |
| Iowa | Harry Stine | $9.70 |
| Kansas | Charles Koch | $54.50 |
| Kentucky | Tamara Hughes Gustavson | $7.50 |
| Louisiana | William Goldring and family | $6.00 |
| Maryland | Annette Lerner & family | $6.50 |
| Massachusetts | Abigail Johnson | $25.50 |
| Michigan | Dan Gilbert | $21.30 |
| Mississippi | James Duff | $3.00 |
| Missouri | Pauline MacMillan Keinath | $8.80 |
| Montana | Dennis Washington | $7.00 |
| Nebraska | Warren Buffett | $121.00 |
| Nevada | Miriam Adelson and family | $32.80 |
| New Hampshire | Rick Cohen and family | $16.20 |
| New Jersey | Rocco Commisso | $8.00 |
| New York | Michael Bloomberg | $96.30 |
| North Carolina | James Goodnight | $8.50 |
| Ohio | Les Wexner and family | $6.00 |
| Oklahoma | Harold Hamm and family | $25.20 |
| Oregon | Phil Knight and family | $39.50 |
| Pennsylvania | Jeff Yass | $28.90 |
| Rhode Island | Jonathan Nelson | $3.40 |
| South Carolina | Robert Faith | $5.80 |
| Tennessee | Thomas Frist, Jr. and family | $22.60 |
| Texas | Elon Musk | $251.00 |
| U.S. Virgin Islands | Stephen Deckoff | $3.20 |
| Utah | Gail Miller | $3.90 |
| Virginia | Jacqueline Mars | $38.90 |
| Washington | Jeff Bezos | $161.00 |
| Wisconsin | John Menard, Jr. | $22.50 |
| Wyoming | John Mars | $38.90 |
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