Malcolm StevensonForbes Jr. (/fɔːrbz/; born July 18, 1947) is an American publishing executive and politician who is the editor-in-chief of Forbes, a business magazine. He is the son of longtime Forbes publisher Malcolm Forbes and the grandson of that publication’s founder B.C. Forbes. He is an adviser at the Forbes School of Business & Technology. Forbes was a candidate in the 1996 and 2000 Republican presidential primaries.
What Is Steve Forbes’ Net Worth?
Steve Forbes is an American editor, publisher, businessman, author, and politician who has a net worth of $200 million. Steve Forbes is best known for being the former editor-in-chief of the business magazine Forbes as well as president and chief executive of its publisher, Forbes Inc. His grandfather, B.C. Forbes, founded the magazine, and his father, Malcolm Forbes, published the magazine until his death in 1990. Steve has served as an advisor at the Forbes School of Business & Technology, and he was appointed head of the Board of International Broadcasting by President Ronald Reagan in 1985. Forbes was a Republican candidate in the 1996 and 2000 presidential primaries, and he hosted “Saturday Night Live” in 1996. Steve has published the books ” 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).
Early life and education
Forbes was born in Morristown, New Jersey, to Roberta Remsen (née Laidlaw) and Malcolm Forbes. Forbes grew up in Far Hills, New Jersey. He attended the Far Hills Country Day School with his longtime friend and future Governor of New Jersey Christine Todd Whitman. He graduated cum laude from Brooks School in North Andover, Massachusetts, in 1966.
Forbes graduated with an A.B. in history from Princeton University in 1970 after completing a 75-page long senior thesis titled “Contest for the 1892 Democratic Presidential Nomination.” While at Princeton, Forbes founded his first magazine, Business Today, with two other students. Business Today is currently the largest student-run magazine in the world. Forbes is a member of Alpha Kappa Psi and Tau Kappa Epsilon. He holds honorary degrees from several universities, including New York Institute of Technology and Lehigh University.
1996 Financial Disclosure
As part of his 1996 Presidential campaign, Steve Forbes released a detailed accounting of his financial position at that time. According to his financial disclosure, in 1996 Steve Forbes’ net worth was $440 million. A large portion of his net worth was attributed to the 35% stake in Forbes Inc. In 1996, Forbes Inc. was valued at $1.16 billion, which meant his 35% stake was worth $406 million. He also reported to own around $26 million worth of real estate, notably comprised of a 540-acre property in Bedford, New York, and several million worth of stocks and bonds.
“Cash Strapped”
As it turned out, that $1.16 billion valuation of Forbes Inc. in 1996 was very optimistic. That valuation was at the absolute zenith of Forbes’ magazine and subscription sales. Over the next decade the magazine industry would see itself completely gutted. Forbes was not spared.
Career
Steve served as head of the Board of International Broadcasting from 1985 to 1993, then he started getting involved with conservative political advocacy groups. He spent three years as chairman of Empower America’s Board of Directors, which led to him getting to know Jack Kemp, a prominent conservative politician who later endorsed Forbes in his first Republican Party presidential primaries. From 1996 to 1999, Steve was the honorary chairman of Americans for Hope, Growth and Opportunity, a “grassroots, issues-advocacy organization founded to advance pro-growth, pro-freedom and pro-family issues.” Forbes helped Christine Todd Whitman craft her plan to cut 30% in New Jersey income tax over a period of three years, which was a huge factor in Todd’s victory over Governor James Florio. Though Steve and Christine were longtime friends, he distanced himself from her during the 2000 Republican presidential primaries because of her pro-choice stance on abortion.
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