Net Worth: $3.43 billion, up 7.2 percent
LAST YEAR: $3.2 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Founded Beverly Hills private equity firm Platinum Equity, which has more than $6 billion in assets. Owns pro basketball’s Detroit Pistons, now valued at $850 million, having more than doubled since Platinum bought Palace Sports & Entertainment in 2011 for $325 million. Portfolio of residential and commercial real estate rounds out holdings.
THE BUZZ: Heavily involved in efforts to help residents in hometown of Flint, Mich., in wake of the city’s water crisis. Earlier this year, established FlintNow, private-sector campaign to raise at least $10 million and use other resources to address water crisis. Ervin “Magic” Johnson also onboard. Platinum had another good year, buying its first company headquartered in Asia: Hong Kong manufacturing business Ying Shing Enterprises Ltd. More recently, Beverly Hills firm acquired Arlington, Va.-based PAE, provider of support services for U.S. government. It was Platinum’s first acquisition of large government services business. Gores cut his teeth in buyout business working with older brother Alec before striking out on his own in 1995 to form Platinum. Middle brother, Sam, is chairman of Paradigm talent agency.
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