Sun Valley Co. owner Earl Holding has again garnered a spot on Forbes magazine's annual tally of America's 400 richest people, but has dropped 16 places.
The 82-year-old owner of Sinclair Oil placed 93rd and has a net worth of $3.3 billion, the magazine said. His fortune decreased by about 25 percent from last year when it was reported at $4.6 billion. Holding bought Sinclair Oil in 1976, and his energy empire now includes three refineries, 1,000 miles of pipeline and 2,600 gas stations.
Forbes credited Holding's slashed fortune to "crashing refinery margins" and an "anemic travel industry."
Holding is one of many super-rich Americans getting poorer.
Of the 400 people on the list, the fortunes of 314 have declined. The collective worth of the Forbes 400 fell $300 billion in the past year, from $1.57 trillion to $1.27 trillion. This year marks the fifth time since 1982 that the total has declined.
Warren Buffet, the second richest American, was hurt the most. The CEO of Berkshire Hathaway lost $10 billion after shares of the company fell 20 percent in a year, leaving him with $40 billion.
Microsoft co-founder Bill Gates won top prize but also lost $7 billion in a year due to "sluggish Microsoft shares and declining outside investments," Forbes reported.
Losses ran rampant for the top 10. Combined fortunes declined 14 percent in one year, dropping by $39.2 billion.
From 2005 to 2007, Holding's fortune more than quadrupled to $5 billion, due largely to his ownership of Sinclair Oil. But, like the other super rich, his fortune has waned.
Holding's wealth declined last year as well, but only by $400 million, due to tough times for oil refiners. Sinclair spent $72 million in anti-pollution upgrades at its three refineries and paid $2.5 million in fines for air-quality violations in Oklahoma and Wyoming.
Trevon Milliard: tmilliard@mtexpress.com
Top 10 richest Americans
1. Bill Gates, Microsoft co-founder, $50 billion
2. Warren Buffet, Berkshire Hathaway CEO, $40 billion
3. Larry Ellison, Oracle founder, $27 billion
4. Christy Walton, Wal-Mart heir, $21.5 billion
5. Jim Walton, Wal-Mart heir, $19.6 billion
7. Alice Walton, Wal-Mart heir, $19.3 billion
8. S. Robson Walton, Wal-Mart heir, $19 billion
9. Michael Bloomberg, media maven, $17.5 billion
10. Charles and David Koch, energy titans, $16 billion each
Earl Holding, owner of Sun Valley Resort, is also the owner of Sinclair Oil, Snowbasin ski resort in Utah, and the Little America hotel chain. Photo by David N. Seelig
