Forbes Magazine recently released its Forbes Four Hundred list. The prestigious occupants of the list average a net worth in excess of $1 billion.
Since 1990, 230 people have joined this elite classification. In the Forbes Four Hundred Class of 1996, 43 people (one in nine) are newcomers, displacing other members who previously resided on the list.
Inclusive to this list is the Hoiles family, some of whom reside in Colorado Springs. Their net worth is estimated at $1.2 billion.
Entrepreneur Raymond C. Hoiles, who died in 1970, began his career as a printer’s assistant, earning $2 a week. Hoiles left a legacy of newspapers among his three children Harry, Chandler, and Mary Jane.
The last remaining child to survive Raymond is his son, Harry Howard, age 80, who is a Colorado Springs’ resident. Each child or his heirs now possess one-third of Hoiles’ legacy, known as Freedom Communications, a privately held corporation, headquartered in Irvine, Calif. The company reported FY95 revenue of $650 million.
Freedom Communications owns numerous newspapers, including The <I>Bucyrus Telegraph-Forum</I> in Ohio, Raymond Hoiles’ first newspaper that he purchased in 1927. Freedom Communications also owns <I>The Gazette Telegraph</I>.
Also among the family holdings are six TV stations, publications, and magazines. The family majority on the board of directors now gives way to outside managers.