A comeback year
by
Paula C. Squires
Virginia
Business
June 2004
People
have always been curious about the rich. We wonder how
billionaires such as Bill Gates and Warren Buffet amass
such fortunes, and we admire those who give away some
of their riches to help the less fortunate. Virginia
has a couple of billionaires of its own, and we have
plenty of people who give away money. You can read about
them in the Virginia 100,
our 15th annual list of some of the state’s wealthiest
people.
From the mountains of the Southwest to the pricey real
estate of Northern Virginia, Virginians have found a
way to pile up big bucks. Yet this project — one
of our largest — is more than a list. The collection
of biographical profiles sheds light on how people become
wealthy and reveals which business sectors are thriving.
While some people inherit money, others become rich
after years of hard work. Still others have the courage
to leave the 9 to 5 and strike out on their own. Take
Bill and Betty Meadows.
This Spotsylvania couple grew up in West Virginia. They
were going along in life — she a librarian and
he a schoolteacher and football coach — when an
idea grabbed hold of Bill. Why not earn extra money
in the summer selling tomatoes from a roadside stand?
That may not sound original, but from that idea evolved
a string of discount nurseries in Northern Virginia
that turned the Meadows into multimillionaires. To learn
more about the couple, read about them on page 18.
One theme that comes through is that 2003 was a comeback
year. It took $35 million to make this year’s
list, up $10 million from last year’s cutoff.
The stock market’s rally, following three years
of losses, lifted the net worth of many of the state’s
wealthiest, particularly those with investments in real
estate. Former state delegate and lawyer Alexander
B. McMurtrie of Richmond has land holdings in both
Virginia and Indiana and saw his net worth jump from
$100 million to $120 million. Yet with the satisfaction
of financial gain, he says, comes a challenge. “Wealth
is a gift, a blessing, a responsibility.” As Virginia
Business has noted before, many wealthy Virginians
generously support numerous causes ranging from scholarships
for needy children to Virginia’s performing arts.
Besides donations, check the profiles for updated information
on companies run by the rich. Randal
J. Kirk’s Radford investment firm, Third Security
LLC, is gearing up for an IPO for a new pharmaceuticals
company with an exciting mission: developing painkilling
prescription drugs that can’t be abused. Meanwhile
over at AOL, Ted Leonsis
is back in charge.
To produce the Virginia 100, we assembled a team of
three reporters and two editors and hired an outside
agency to assist with research.
With vacation season almost here, this month’s
regional report goes out of state to focus on a popular
Virginia getaway: the Outer Banks.
Norfolk-based freelance writer Lynn Waltz turned in
her piece after visiting these barrier islands. In Nags
Head and at other beach and resort communities, many
high-end homes are under construction. Another story
looks at what people can expect to find in upscale
properties.
June is also the month for our quarterly sections in
technology and real
estate. I would tell you about those, but after
editing the Virginia 100, I’m too busy trying
to figure out how to get a raise.
Paula
C. Squires
Managing Editor
psquires@va-business.com
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