Steve Forbes' Fortune: The Wealth Behind the Forbes Legacy

What Is Steve Forbes' Net Worth?

Steve Forbes Net Worth - $200 Million.

Steve Forbes, an American editor, publisher, businessman, author, and politician, has an estimated net worth of $200 million. He is widely recognized for his role as the former editor-in-chief of Forbes magazine and as the president and chief executive officer of its parent company, Forbes Inc. The magazine was founded by his grandfather, B.C. Forbes, and his father, Malcolm Forbes, continued its publication until his passing in 1990. In addition to his editorial work, Steve has acted as an advisor at the Forbes School of Business & Technology and was appointed by President Ronald Reagan in 1985 to lead the Board of International Broadcasting. He ran as a Republican candidate in the presidential primaries of 1996 and 2000 and made an appearance as a host on "Saturday Night Live" in 1996. Steve has authored several books, including "The New Birth of Freedom: Vision for America" (1999), "Flat Tax Revolution: Using a Postcard to Abolish the IRS" (2005), "Freedom Manifesto: Why Free Markets Are Moral and Big Government Isn't" (2012), "Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It" (2014), and "Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity" (2015).

In 1996, during his campaign for the presidency, Steve Forbes made public a comprehensive overview of his financial status. His financial disclosure indicated that his net worth at that time was $440 million. A significant portion of this wealth was derived from his 35% ownership in Forbes Inc., which was valued at $1.16 billion in 1996, translating his stake into approximately $406 million. Additionally, he reported owning real estate valued at around $26 million, which included a notable 540-acre estate located in Bedford, New York, along with various stocks and bonds worth several million.

Financially Constrained

The $1.16 billion valuation of Forbes Inc. in 1996 proved to be overly optimistic, occurring at the peak of the magazine's and subscription sales. However, the subsequent decade witnessed a dramatic decline in the magazine industry, and Forbes was not immune to these changes. In 2010, Forbes Inc. divested its world headquarters in Manhattan for an undisclosed sum, with estimates suggesting the sale was around $55 million. At that time, following the 2009 financial crisis and a significant drop in magazine sales, reports indicated that the Forbes family was facing financial constraints and was considering the sale of various family assets. In 2013, Forbes sold a 51% stake in its business at a markedly lower valuation. A decade later, the overall brand was valued between $100 million and $200 million and had undergone several ownership changes and investments.

Early Life

Steve Forbes, originally named Malcolm Stevenson Forbes Jr., was born on July 18, 1947, in Morristown, New Jersey. He is the offspring of Malcolm Forbes and Roberta Remsen and has four siblings: Robert, Christopher, Timothy, and Moira. Following the divorce of his parents in 1985, an article in "OutWeek" magazine later suggested that Malcolm was gay after his passing. Steve grew up in Far Hills, New Jersey, where he attended Far Hills Country Day School, forming a friendship with Christine Todd Whitman, who would later become the Governor of New Jersey. He graduated cum laude from Brooks School in Massachusetts in 1966. Subsequently, he enrolled at Princeton University, obtaining an A.B. in history in 1970, during which he composed a 75-page thesis titled "Contest for the 1892 Democratic Presidential Nomination." While at Princeton, Steve and two classmates established "Business Today," which has grown to be the largest student-run magazine globally. He has been awarded honorary degrees from institutions such as the New York Institute of Technology and is affiliated with the fraternities Tau Kappa Epsilon and Alpha Kappa Psi.

Career

Steve held the position of head of the Board of International Broadcasting from 1985 to 1993, after which he became actively involved with conservative political advocacy organizations. He served for three years as the chairman of Empower America's Board of Directors, during which he developed a relationship with Jack Kemp, a notable conservative figure who later endorsed Forbes in his initial bid for the Republican Party presidential nomination. From 1996 to 1999, Steve acted as the honorary chairman of Americans for Hope, Growth and Opportunity, an organization dedicated to promoting pro-growth, pro-freedom, and pro-family initiatives. Forbes played a significant role in assisting Christine Todd Whitman in formulating her strategy to reduce New Jersey's income tax by 30% over three years, a key element in her success against Governor James Florio. Despite their long-standing friendship, Steve distanced himself from Christine during the 2000 Republican presidential primaries due to her pro-choice position on abortion.

Throughout the 1996 and 2000 primaries, Forbes campaigned on the establishment of a flat income tax, and in the 2000 campaign, he expressed support for prayer in public schools and opposition to abortion, contrasting with his earlier positions in 1996. Steve advocated for various issues, including health savings accounts and free trade, while opposing same-sex marriage and drug legalization. In 1997, Forbes was among 25 individuals who signed the Project for the New American Century's Statement of Principles, which emphasized the need for the U.S. to return to the successful strategies of the Reagan Administration, including a robust military, a proactive foreign policy promoting American values, and a national leadership that embraces the United States' global responsibilities.