BRADLEY WAYNE HUGHES

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Net Worth:

$2.3 billion* +15%


Last Year:

$2 billion*


Age:

73


Residence:

Malibu


Source of Wealth:

Storage facilities



The Money:

The founder and chairman of Public Storage Inc. has seen his company’s share price soar from less than $70 at the beginning of 2006 to about $85 now. With Hughes personally owning 19.5 million shares of the REIT, that has meant a boost in his value approaching $300 million. Hughes and his family own related REITs in the U.S. and Canada. Public Storage shares pay a yearly dividend of $2, which adds up to a tidy $39 million per annum.



Buzz:

Hughes started Public Storage in 1972; today it has more than 2,100 facilities in 38 states and Europe. This year the company closed its acquisition of Seattle-based Shurgard Storage Centers Inc., which added nearly 600 rental outlets to the PS brand and strengthened Public Storage’s European presence. Hughes indulged his favorite hobby race horses by buying 2-year-old A Mineshaft for $1.75 million, a record for a filly. Last year his horse Ketchikan was pulled from the Kentucky Derby due to a bone bruise. Politically, Hughes donated to the campaigns for Republican Gov. Arnold Schwarzenegger and Democratic Gov. Eliot Spitzer in New York both winners.


*Recalculated to reflect personal, not family’s wealth

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