#16 – Alec Gores
Net Worth: $1.65 billion
Last Year: $1.65 billion
Residence: Beverly Hills
Source of Wealth: Private equity
Gores held steady over the past year thanks to his Gores Group? high-tech orientation. The private equity firm, founded in 1987, announced several acquisitions over the past year, including the October purchase of Siemens Enterprise Communications. This month, firm closed sale of Avure Technologies Inc., which uses high-pressure techniques to process everything from food to sheet metals.
The firm, which has $1.7 billion under management, is raising a new fund. Outside of the firm, Gores?holdings are mostly tied up in conservative municipal bonds. Born in Israel, he was raised in Flint, Mich. and graduated from Western Michigan University. Gores became involved in the Anthony Pellicano trial in early 2008 after it was revealed that he had hired the private eye to determine whether his then-wife was having an affair with his brother, Tom, who runs competing firm Platinum Equity. The brothers have reportedly patched things up. He completed construction over past year of new homes in Beverly Hills and Malibu.