How we ranked the rich

In our 16th annual look at Virginia’s wealthiest and most influential residents, Virginia Business researched about 150 people. We sent letters to those who have appeared on the list in recent years, inviting them to comment on previously published information. Many responded and updated their net worth estimates. In addition, a team of four reporters and two editors evaluated the holdings of list members by reviewing proxies, 10-K statements and other public documents. In some cases, we checked real estate assessments and financial disclosures filed with the secretary of the commonwealth. Calculations of publicly traded shares are based on stock prices as of April 1.

In the case of people who own privately held companies, it’s harder to come up with a net worth. We take a stab by combing through published reports on a company’s revenue or profit, and comparing private firms to similar, public companies. Sometimes, though, we come up empty or at least a little short. That’s why confidence rankings accompany net worths. An “A” indicates our highest level of confidence, meaning a net worth has been researched and confirmed by the individual. A “B” means we had access to public records, or contact with a person or his or her representative, and consider the figure to be in the ballpark. A “C” means we’re guessing. C-rated individuals might be reputed to be rich, or wield enormous influence in business circles. They might own vast real estate holdings that may or may not be profitable. In other words, if we left some of these C-rated names off the list, people would be scratching their heads.

Sometimes, after people retire from business or move out of state, names drop off the Virginia 100, making way for newcomers. For instance, billionaire media mogul John W. Kluge — a staple on the list for years before his divorce from Patricia Kluge — has been dropped because he’s now lives in Palm Beach, Fla. Ditto for Dwight C. Schar, CEO of NVR Inc. in McLean, who commutes from Florida and is typically one of the highest-paid executives in Virginia.

Leads on newcomers frequently come from readers, so thank you for those tips and keep them coming. Tracking the creation of wealth in Virginia is a challenging assignment. We hope you’ll agree that our profiles provide a telling snapshot of the economic sectors in which fortunes are being made, of America’s entrepreneurial spirit and of how some of this wealth is being redistributed through philanthropy to support projects that benefit all of Virginia’s residents.

— The Editors