Wednesday, August 7, 2013

That Fabulous 1%: Richest Women in the U. S.

Each year Forbes Magazine releases its lists of the world's richest men and women. In the case of the women, much remained the same as the 2011 list including the fact that most of the women are not self-made, but instead inherited their money. Many of the richest women in the world are American.
Here's a list of the five richest women in the U.S.

Christy Walton-age 57 ($29.9 billion)

Christy Walton is the sixth richest person in the U. S. and the tenth richest person in the world. She is the widow of John Walton, son of Wal-Mart founder Sam Walton. After John Walton died in a plane crash in 2006, Christy inherited his fortune including enough stock to make more than $220 million in dividends in just six months. With the recent price appreciation of Wal-Mart's stock, the Walton family's wealth has continued to grow.

 Alice Walton- age 63 ($27.1 billion)
Alice Walton is the daughter of Wal-Mart founder Sam Walton and heiress to a portion of the Walton fortune. She recently opened an art museum with art being displayed from the Walton estate. Although she is actively involved in numerous charitable organizations, her reputation has been clouded by a series of DUI arrests.

 Jacqueline Mars-age 73  ($20.1 billion)
Jacqueline Mars made her money from M&Ms, Snickers, Dog Food and many of the other products we use every day. The Mars Company currently has revenue of $30 billion annually and is the world's largest confectionary company. Jacqueline Mars is the third generation of the Mars family after her grandfather, Frank Mars, founded the company in 1911.


Anne Cox Chambers-age 93 ($12.5 billion)

Anne Cox is the daughter of James Cox, the founder of Cox Enterprises. James Cox worked as a school teacher until buying a local newspaper in 1898 which sparked a media business that includes 17 newspapers, 15 TV stations and 86 radio stations.

Abigail Johnson-51 yrs. old ($12 billion)

Abigail Johnson's father, Edward Crosby "Ned" Johnson, controls Fidelity Investments which is the largest mutual fund company in the United States. Already one of the top executives at the firm, she was recently appointed President of the company which confirms the rumored succession plan. Abigail Johnson began working at Fidelity in 1988 as an analyst and she holds a Master's in Business Administration from Harvard University.
The richest women in the United States all have interesting backgrounds. Some are part of a long line of wealthy business owners and have had wealth passed on to them from generation to generation. Others inherited the money from their late husbands. Many of these women have chosen to do noble things with their money, like give to charity. Some of these women have seen their fortunes dwindle because of the decrease in value of their companies, or fighting with relatives over inheritances.
Source: Forbes; Investopedia; Wikipedia

Passing the U. K. Bar at 18: Gabrielle Turnquest

Florida has been in the news quite a bit lately and none of the reports were positive. Restrictive voting decisions, the Trayvon Martin murder trial, and failure to expand health care for citizens through Obamacare make the state seem unresponsive to those in need of assistance. But if you look over the pond to the United Kingdom, one Florida woman has made history.

Gabrielle Turnquest, from Windermere, FL, has become the youngest person to qualify as a barrister in the U. K. Demonstrating her superior academic prowess, she was called to the Bar of England and Wales after passing her exams with flying colors at just age 18. What makes this achievement extraordinary is that the average lawyer undertakes the rigorous Bar Professional Training Course when they are 27, according to University of Law records.  Gabrielle took the course , along with her older sister Kandi, who passed the exams at the age of 22.

"It is even more significant that she's (Gabrielle) is a person of color", says  Dr. Peter Herbert O.B.E., chair of Society of Black Lawyers, the oldest organization of minority lawyers in the U. K.  About 14 percent of African-Caribbeans and Asians qualifying as barristers. It is traditionally been one of the most segregated professions in the country. The Society of Black Lawyers was set up some 40 years ago because of "de facto apartheid in the legal system where the majority of minorities couldn't get a pupillage, the final stage of training to be a practicing barrister. If Gabrielle wants to pursue a career as a barrister in the U. K., she will still have to carry out a pupillage at chambers for at least a year and then be granted a tenancy.

Gabrielle's parents hail from the Bahamas which enabled her to take the British exam. She eventually hopes to work in the Bahamas as a fashion law specialist. She plans to qualify as a lawyer in the U. S. In the U. K. there are two types of lawyers: barristers who stand before a judge and represent clients in courts, and solicitors who put cases together working out of a law firm.

Courtenay Griffiths QC, a prominent, Jamaican-born, London-based British barrister was called to the Bar in 1980. He tells us that despite increases in women and minorities being called to the Bar, they tend to be concentrated in publicly funded work. Privately funded portfolios, Griffiths says, tend to be skewed toward "Public school educated or Oxbridge graduates" and "black faces there are still very much scarce."

"The nearer you get to the power and money the fewer of us (minorities) you'll see. So commercial law, for instance, is particularly restricted," said Dr. Peter Herbert.

Best of luck to Gabrielle and her sister Kandi in their chosen endeavors.