Homegrown Minnesota companies Cargill, Best Buy, Taylor Corp. and Hubbard Broadcasting fueled the fortunes for several people on Forbes' billionaires list for 2022.
The richest of the 2,668 billionaires on the list is Elon Musk, who was worth $219 billion at the end of last year. Overall, the billionaires on the list are worth $12.7 trillion, down $400 billion from 2020.
A dozen heirs of W.W. Cargill — who began the global agricultural firm based in Minnetonka and is America's largest private company — are on the list. The family still owns 90% of the company.
The richest of the heirs, according to Forbes, is Pauline MacMillan Keinath, whose holdings gained in value from $6.4 billion in 2020 to $8.8 billion in 2021. She lives in St. Louis.
Another heir, Gwendolyn Sontheim Meyer, saw the value of her holdings increase from $4 billion to $5.5 billion over the year. She lives in California.
James Cargill II, who lives in Birchwood, Wis., has holdings that increased in value from $3.6 billion to $5.3 billion, according to Forbes.
Martha MacMillan, who lives in Orono, and John MacMillan, who lives in Plymouth, each are worth $1.6 billion, up from $1.1 billion.
Richard Schulze, the founder of Best Buy, still owns an 11% stake in the Richfield-based consumer electronics chain. Schulze, who now lives in Florida, is worth $4.3 billion, down from $4.7 billion in 2020.
Glen Taylor, who lives in Mankato and owns Taylor Corp., saw his holdings decrease in value from $2.9 billion to $2.5 billion. He also is co-owner of the Minnesota Timberwolves and Lynx professional basketball teams and owner of the Star Tribune.
Stanley Hubbard, CEO of Hubbard Broadcasting, is now worth $1.8 billion, down from $1.9 billion in 2020. Hubbard Broadcasting owns 13 television stations, 45 radio stations and Reelz cable and streaming network.