FEBRUARY 25, 2017 50 WealtGRhEEKSi INe AMsERtICA An Annual Edition of our Community's Top Achievers The National Herald T H D E L N A AT ER IONAL H www.thenationalherald.com This insert was sponsored in part by Dr. Spiro & Amalia Spireas, Sigmapharm Laboratories 2 50 Wealthiest Greeks in America THE NATIONAL HERALD, FEBRUARY 25, 2017 Inside the Numbers: a Reader’s Guide to This Edition By Constantinos E. Scaros gave us the figure), Source (a particular source, such as Forbes) is named, or TNH Estimate (TNHE). The TNHE is based on unofficial and/or unconfirmed sources, or previous TNH figures adjusted for the average gain/loss of the A mericans love rankings, and Greek- total Primary or Source individuals from last Americans are no different. Our annual 50 year to this one. Wealthiest Greek-Americans edition is, year Accordingly, in the spirit of good journalism, after year, our most popular special issue of all. our duty to you, our readers, is to explain how And the most popular part about it, the we arrived at these figures and rankings, and rankings, is actually the least important. leave it to you to determine what you think of Although The National Herald reached out to them. every person on this year’s list through the best It is also important to pay careful attention to available means possible, only a few responded, the title, “50 Wealthiest Greek-Americans.” It let alone took the time to provide their financial means 50 of the wealthiest Greek-Americans, net worth or share other information about not necessarily the top 50 wealthiest Greek- themselves. Americans. But some of the important information some The latter would be a nearly impossible list to made was about the general inaccuracy of the compile, for various reasons. First, there is no such numbers – not just our numbers, but any database anywhere in the world that can track numbers, including those of Forbes, widely all Greek-Americans, again, largely due to the regarded as the “gold standard” of such privacy reason. Second, the way a name sounds rankings. can sometimes be misleading. Many wealthy people are very private and do For instance, our top-ranked individual, Jim not like to be in the public eye at all. There may Davis, doesn’t “sound” Greek at all, whereas two very well be a Greek-American reading this right individuals with a far greater net worth, who now, who was not included on this list, but who would easily be numbers 1 and 2 on this list – has more money than anyone mentioned, and Jeff Bezos and George Soros – both sound like he or she is perfectly happy remaining under the they’re Greek, but they’re not. radar. Next, there is the important matter of Others, in contrast, might want to overinflate philanthropy. There are many remarkable their numbers for whatever reason. people featured in this issue who give away a A perfect example of wild variations in great deal of money, and that causes them to estimated net worth is the case of President drop in the rankings. We don’t think they should Trump, whose net worth at press time Forbes be “penalized” for that in anyone’s mind. estimated to be $3.7 billion. As we advised last year, the best way to enjoy On the campaign trail last year, he said he this issue is not to become too attached to the was worth about $10 billion. Some have net worth numbers and the rankings, but rather speculated that the reason he didn’t disclose his to appreciate the biographies of these 50 tax returns is because they would suggest an individuals (or families), a few of whom are amount far below both of those figures, and he further featured in separate profile pieces would look foolish in his boasting. herein. Whichever version is true, the point is, Finally, we invite you, once again, to enhance numbers are just numbers. this list by letting us know of any information – That said, here is how we arrived at ours: the including, perhaps, a particular Greek-American three categories are Primary (the person or we may have overlooked – so that this issue can his/her representative officially and publicly continue to be better and better, year after year. The National Herald A weekly publication of the NATIONAL HERALD, INC. (ΕΘΝΙΚΟΣ ΚΗΡΥΞ), reporting the news and addressing the issues of paramount interest to the Greek American community of the United States of America. Publisher-Editor Antonis H. Diamataris Assistant to Publisher, Advertising Veta H. Diamataris Papadopoulos Special Section Editor Constantinos E. Scaros Production Manager Chrysoula Karametros 37-10 30th Street, LIC, NY 11101-2614 Tel: (718)784-5255 • Fax: (718)472-0510, e-mail: [email protected] Democritou 1 and Academias Sts, Athens, 10671, Greece Tel: 011.30.210.3614.598 • Fax: 011.30.210.3643.776 • e-mail: [email protected] THE NATIONAL HERALD, FEBRUARY 25, 2017 50 Wealthiest Greeks in America 3 AMERICAN FRIENDS OF THE BLIND IN GREECE Providing Resources To The Blind In Greece Since 1946 Our Mission Our History The American friends Of the Blind Since 1946, we have helped support In Greece identifies, acquires, services for the blind by funding and delivers the best possible such institutions at FAROS – the resources and opportunities Lighthouse For The Blind, and The available to organizations in Greece, Tactual Museum for the Blind dedicated to improving the lives located in Greece. We have created of Greece’s blind and severely infrastructure and services that help sight-impaired people. meet the total needs of visually- impaired individuals with goal of We are a 501(c)3 charitable helping them live dignified, organization registered independent and activity-rich lives. with the IRS. Programs We Support Won’t you please ❚ Braille printing ❚ Ceramics workshop help us help and lending library ❚ Tactual Museum where ❚ Audio book / magazine / blind people can ‘touch’ objects the blind in Greece by making periodicals recorded on tape, ❚ Theater troupe of the blind a tax-deductible donation? disc and streaming ❚ Health and fitness for the blind ❚ Employment for the blind in: To Donate – Visit us at: • Metal Workshop www.friendsoftheblind.org • Brush and Broom workshop Or by mail to: • Textile Workshop b The American Friends With the severe economic crisis Greece has endured, the public funding Of The Blind In Greece a for blind programs has decreased dramatically. Now more than ever, c/o Cambridge Trust the blind people of Greece need our help. One Harbour Place, Portsmouth, NH 03801 4 50 Wealthiest Greeks in America THE NATIONAL HERALD, FEBRUARY 25, 2017 THE NATIONAL HERALD, FEBRUARY 25, 2017 50 Wealthiest Greeks in America 5 6 50 Wealthiest Greeks in America THE NATIONAL HERALD, FEBRUARY 25, 2017 George Marcus, a Real Estate Entrepreneur and University Trustee, via the National Hellenic Society, Spiritedly Aims to “Make America Greek Again!” eorge Marcus revolutionized the real estate industry. Along with his partner, William A. Millichap– the company is called Marcus & Millichap – they pioneered the now-standard practice of listing properties with a single broker, and are now the widely- recognized industry leader. He spoke with The National Herald for this special issue, and naturally, we began with a question about real estate. To try to ascertain the short- mid- and long-term prospects of the real estate market on a local, regional, or national level “is extremely complex,” Marcus says. “It is too broad of a question to answer. Each region and type of project, whether it’s retail, commercial, apartment, industrial or hotel, behave differently in both respects – by region and type. “I can say that in the long run, apartment buildings do fairly better than most product types, but others, costs. Never mind contemplating how recruitment is generally done by the depending on the configuration and students will pay for their education, existing members.” tenancy, can also have advantages or why do colleges and universities What’s in store for NHS’ future? “Our disadvantages. Some regions are charge so much money in the first plan for the coming years is to expand more favorable than others. The place? “Tuition is a function of the the membership with new chapters primary ingredients of successful cost structure of the Universities,” and establish new programs that will investments are job growth and Marcus began. “A good comparison is make our community proud and fulfill constraints to supply. Many growing Stanford University, a private school our mission to preserve and pass on metropolitan areas have those and UC Berkeley, a public school. our heritage. Each chapter has its own ingredients, but you would have to do Stanford University’s tuition is about program activity and we have a much deeper analysis for each $50,000 per year and UC Berkeley’s extremely effective national product type and region to make the tuition is over $13,000 per year, while programs, the most successful being optimum determination of where it room and board is about the same the Heritage Greece program, the would be best to invest.” cost in both cases. Clearly the state Heritage America program, The His tremendous achievements in real subsidizes the public universities and Greeks Guide to Greatness (a digital estate notwithstanding, Marcus has even all the best public or private series co-produced by the NHS and also accomplished a great deal in universities get much of their funding National Geographic), The Sprint of other areas, and his passion for from research grants from public the Marathon Exhibit and Oral education is evident by his good agencies and private foundations.” History Project at the National works in that realm.