Local billionaire is list's 490th-richest

Local billionaire is list's 490th-richest

CHAMPAIGN — Flex-N-Gate Corp. owner Shahid Khan ranks No. 490 among the world's billionaires, with an estimated net worth of $2.9 billion, according to a new ranking by Forbes magazine.

The magazine's online version lists Khan's residence as Naples, Fla., even though he has a home in Champaign and Flex-N-Gate is based in Urbana.

The online profile states: "Shahid Khan may have endured a rough 2-14 season as rookie owner of the NFL's Jacksonville Jaguars, but his main business, auto parts manufacturer Flex-N-Gate, is thriving with 2012 sales of $3.9 billion, up from $3.4 billion."

Although the 62-year-old Khan ranks 490th among the world's billionaires, he ranks 163rd among those in the United States, according to Forbes.

Topping the Forbes list are four people with net worths estimated to exceed $50 billion:

— Mexican telecommunications titan Carlos Slim Helu and his family, at $73 billion.

— Microsoft founder Bill Gates, at $67 billion.

— Spanish fashion executive Amancio Ortega, at $57 billion.

— Berkshire Hathaway's Warren Buffett, at $53.5 billion.

Also populating the top 100 are familiar names such as New York City Mayor Michael Bloomberg (No. 13); Amazon's Jeff Bezos (No. 19); Google's Larry Page and Sergey Brin (Nos. 20 and 21); hedge fund maven George Soros (No. 30); Michael Dell (No. 49); Facebook's Mark Zuckerberg (No. 66); and News Corp.'s Rupert Murdoch (No. 91).

Khan has yet to catch up with Menards founder John Menard, supermarket giants Hank and Doug Meijer, Chicago Tribune investor Sam Zell and one-time presidential hopeful H.R. Perot.

But Khan's not far behind producer Steven Spielberg and Donald Trump of "Apprentice" fame, each of whom has an estimated net worth of $3.2 billion.

By Forbes' count, Khan's net worth exceeds that of Oprah Winfrey ($2.8 billion), David Rockefeller ($2.7 billion), Thomas Siebel ($1.8 billion) and Indianapolis Colts owner Jim Irsay ($1.5 billion).

Forbes admits its estimates of net worth aren't perfect.

Describing its methodology, the magazine stated: "To compile net worths, we value individuals' assets — including stakes in public and private companies, real estate, yachts, art and cash — and account for debt. We attempt to vet these numbers with all billionaires. Some cooperate; others don't."

"We also consult an array of outside experts in various fields."

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ronaldo wrote on March 07, 2013 at 9:03 am

Haterz ready?  On your marks.....get set.....

rsp wrote on March 07, 2013 at 10:03 am

Nobody cares but you.

ronaldo wrote on March 07, 2013 at 1:03 pm

Wake up rsp.  Apparently you aren't paying attention.

Sid Saltfork wrote on March 07, 2013 at 2:03 pm

Trolling ronaldo?

sameeker wrote on March 07, 2013 at 3:03 pm

He is obviously paying his workers too little and charging too much for his product if he has that much. What happened to the idea of making a fair and reasonable profit?

read the DI wrote on March 07, 2013 at 3:03 pm

He looks like Carlos Santana. Wonder if he shreds the axe.

 

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTA5xawLayYOecRO98x...

sweet caroline wrote on March 07, 2013 at 4:03 pm

Ha!  He DOES look like Carlos Santana.  And a little like Tony Orlando!

Marty wrote on March 08, 2013 at 8:03 am

@ sameeker

 

peasant spotted...

 

Here's a clue, businesses charge what the market will pay, not the least amount they can to get buy. You probably live in Urbana.

Bulldogmojo wrote on March 12, 2013 at 9:03 am

They don't put luggage racks on a hearse for a reason.

Sid Saltfork wrote on March 12, 2013 at 7:03 pm

I do not begrudge Mr. Khan his wealth.  I do take exception to the way he treats his workers.  Repeated OSHA violations with fines which are less than the cost to rectify the safety problems leads one to wonder how much more wealth does he need versus his responsibility for his workers safety.  I hope he does not keep racking up OSHA violations.  I hope he cares for the safety of the people who earn him his wealth.  Even Andrew Carnegie ended up with a conscience.

Bulldogmojo wrote on March 13, 2013 at 4:03 pm

I would not be averse to Mr. Khan spending some of his donor dollars for education in his home country of Pakistan to turn the tide of the ignorance of the parties of god and their willingness to murder an 11 year old girl for wanting to read. Maybe a better investment than a football team.

Danno wrote on March 13, 2013 at 7:03 pm

Adbus Salam, Physicist Linked To 'God Particle,' Shunned By Pakistan

So, what gives?