Forbes

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Forbes Inc. is an American publishing company best known for its eponymous business magazine Forbes which is published bi-weekly. It was founded in 1917 by B.C. Forbes and built up by long-time owner Malcolm Forbes (1917–1990), noted for his intense devotion to capitalism. It is now run by Steve Forbes (1947- ), who has been very active in conservative and Republican Party affairs.

The magazine provides a range of reporting on world business affairs, and is famed for its annual lists of the richest people in America and the world. It calls itself "The Capitalist Tool."

Forbes Magazine Nov 2008

The entire magazine industry has been hit hard by the Recession of 2008, as has the newspaper industry. The subscription base at Forbes is steady at 920,000 copies, but there have been more and more discount offers, and advertising is down 15% from early 2008 to early 2009. There have been layoffs and furloughs among the 1000 employees, a sharp comedown from the days of lavish spending by the Forbes family.

Ad pages have declined even more at the two major competitors; Forbes has a listed revenue of $338 million, compared to $276 million for Fortune and $236 million for BusinessWeek. The rival business magazine Portfolio, from Condé Nast’s is teetering and may not last another year.

The website [1] is one of the top five financial sites by traffic, generating $70 million to $80 million a year in revenue.

In 2006, the Forbes family sold 40% of the company to Elevation Partners, a private equity firm, for $300 million, setting the value of the enterprise at $750 million. The value today is perhaps half that.

The World’s Billionaires

Since 1987 Forbes publishes a list of the richest people of the world. The 2018 list contains:[1]

  1. Jeff Bezos
  2. Bill Gates
  3. Warren Buffett
  4. Bernard Arnault
  5. Mark Zuckerberg
  6. Amancio Ortega
  7. Carlos Slim Helu
  8. Charles Koch
  9. David Koch
  10. Larry Ellison
  11. Michael Bloomberg
  12. Larry Page
  13. Sergey Brin
  14. Jim Walton
  15. S. Robson Walton
  16. Alice Walton
  17. Ma Huateng
  18. Francoise Bettencourt Meyers
  19. Mukesh Ambani
  20. Jack Ma
  21. Sheldon Adelson
  22. Steve Ballmer
  23. Li Ka-shing
  24. Hui Ka Yan
  25. Lee Shau Kee
  26. Wang Jianlin
  27. Beate Heister & Karl Albrecht Jr.
  28. Phil Knight
  29. Jorge Paulo Lemann
  30. Francois Pinault
  31. Georg Schaeffler
  32. Susanne Klatten
  33. David Thomson
  34. Jacqueline Mars
  35. John Mars
  36. Joseph Safra
  37. Giovanni Ferrero
  38. Dietrich Mateschitz
  39. Michael Dell
  40. Masayoshi Son

Obamacare

Steven Forbes recommends that Republicans adopt seven key guidelines to fix ObamaCare:

  • Allow interstate shopping for insurance
  • Give tax deductions for insurance premiums currently limited to businesses and the self-employed to everyone
  • Prevent Medicare money from being used to fund Obamacare
  • Stop the exemption of Congress and staff from Obamacare
  • Encourage high-risk pools to lower costs for everyone else
  • Push medical malpractice reform
  • Eliminate Obamacare's mandated benefits and let people decide what coverage they want[2]

Notes

  1. forbes.com
  2. Forbes: 7 Ways to Fix Obamacare
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Further reading

External links