Name: Malcolm Stevenson “Steve” Forbes, Jr.
Born: July 18, 1947
Occupation: Publisher, politician
Steve Forbes is the namesake and son of famous businessman Malcolm Forbes. He was born in Morristown, New Jersey and raised in the affluent Far Hills, New Jersey. He attended the prestigious Far Hills Country Day School.
His privileged education culminated with his undergraduate degree from Princeton University. While at Princeton, Forbes expanded the family business, creating the student-run magazine Business Today. The magazine remains student-run and is the largest student run publication in the world today.
Forbes inherited much of his wealth from his grandfather who founded Forbes magazine and from his father, Malcolm, who famously said the easiest way to get rich was to be born to rich parents. Forbes has five daughters with his wife Sabina Beekman.
In addition to the family interest in publishing, Forbes expressed an interest in politics from a young age. He is credited with helping former New Jersey governor Christine Todd Whitman craft the 30% reduction in the state’s income tax. Forbes himself ran for the Republican nomination for the presidency in 1996 and 2000, campaigning primarily on the economic concept of a flat tax. His campaigns failed to come close to winning the nomination with most political insiders blaming Forbes’ clunky campaign style as similar to a dork robot.
Forbes returned to head the family magazine after his campaign forays and has also acted as adviser to other Republican campaigns. In addition to his economic policy, his campaign planks included strong opposition to same-sex marriage rights, many environmental initiatives and gun control.
Though the figures date to 1996, most estimates say Steve Forbes has a net worth of $430 million.
How much is $430 million?
The Publishing Business Group estimates that it costs about $9 million to startup a high end magazine. With his money, Forbes could begin 45 magazines to compete with Forbes.