When it comes to making and holding onto money, Maryland residents have it covered. As one of the richest states in the US, Maryland has some of the highest incomes and the lowest poverty and unemployment rates around. Obviously, not everyone is filthy rich, but there’s a good number of Marylanders who are. If you’re keen to find out which member of the Old Line State is sitting on the biggest fortune, find out now as we count down the 10 richest people in Maryland.
10. Ted Leonsis – Net Worth: $1 billion
Kicking off our list is Ted Leonsis, a sports team owner, venture capital investor, filmmaker, and author who Celebrity Net Worth estimates to be worth a cool $1 billion. Best known for having turned AOL into a global phenomenon, Leonsis’ is also renowned as the founder, chairman, and largest shareholder of SnagFilms (the company behind such acclaimed documentaries as “Nanking” (2007), “Kicking It” (2008), and “Fighting Chance” (2010)); the founder, chairman, majority owner and CEO of Monumental Sports & Entertainment, and a partner in the venture capital firm Revolution Growth Fund II.
9. Kevin Plank – Net Worth: $2 billion
Next is the founder and former CEO of Under Armour, Kevin Plank. Plank developed the idea for Under Armour during his time playing football with the University of Maryland. Frustrated with the way the team’s cotton shirts bunched up and become soaked in sweat during games, he came up with a lightweight sweat-wicking shirt as an alternative. After graduating, he began selling the shirts from his grandmother’s basement, eventually developing the company into one of the biggest names in sportswear. In 2019, Plank stepped down as CEO of Under Armour but continues to serve as chairman. According to Forbes, he owns a 16 percent stake in the business, which is primarily responsible for his net worth of $2 billion.
8. Bill Marriott Jr. -Net Worth: $2.5 billion
Bill Marriott Jr. is heir to the Marriot Corporation. Since joining the business in the 1950s, Marriott has been instrumental in developing it into one of the biggest and most successful hotel chains in the world. In 2012, Marriott retired from the position of CEO but retains the role of executive chairman. His current net worth is estimated to be around $2.5 billion.
7. Dan Snyder – Net Worth: $2.6 billion
A college dropout who made his first fortune as the founding CEO of marketing firm Snyder Communications, Dan Snyder is best known as the owner of the Washington Football Team. Snyder bought the team in 1999 for just $750 million. Today, the team is worth $3.4 billion. Known for his extravagant purchases, Snyder’s flashiest investment to date is the Lady S, a $192 million yacht that boasts its own IMAX theater.
6. Bernard Saul II – Net worth: $3.3 billion
After Bernard Saul II inherited the family-owned B.F. Saul Company, he worked on turning it into an empire. Today, it owns 19 hotels and 9.3 million square feet of retail and office space. Eventually, he branched into banking with Chevy Chase Federal Savings Bank. In 2009, he sold the bank to Capital One for $476 million. He’s currently worth a mammoth $3.3 billion.
5. Jim Davis – Net Worth: $3.4 billion
Next up with a net worth of $3.4 billion is the co-founder and head of Allegis, Jim Davis. Davis founded the company in 1983 with his business partner and cousin, Stephen Bisciotti. It now ranks as the largest staffing and recruitment firm in the U.S., generating $12.33 billion in annual revenue. Davis is also the founder of investment group Redwood Capital, and a minority stakeholder in the St. Louis Cardinals baseball team.
4. David Rubenstein – Net Worth: $3.7 billion
David Rubenstein began his career as a government official in the Carter Administration before moving into law. In 1987, he co-founded the private equity firm Carlyle Group alongside William Conway Jr. and Daniel D’Aniello. According to Wikipedia, the group now employs more than 1,800 people in 31 offices on six continents and has $246 billion assets under management. As one of the original 40 ultra-high net worth individuals to sign up to The Giving Pledge (a campaign founded by Bill Gates and Warren Buffett to encourage extremely wealthy people to give the majority of their wealth to good causes during their lifetime), Rubenstein has made numerous generous donations over the years, including $100 million to Duke University, $13.5 million to the National Archives and $18.5 million to the National Park Foundation.
3. Ted Lerner – Net Worth: $4.8 billion
During his time at The George Washington University Law School, Ted Larner spent his weekends selling real estate to help support his mother and siblings. By the time he graduated, he was more interested in real estate than he was in law, and in 1952, he borrowed $250 from his wife to launch his own real estate company. Today, Lerner Enterprises is the largest privately-owned real estate developer in the Washington, D.C. area, owning 20 million square feet of office and retail space along with around 7000 residential apartments and numerous hotels. Lerner and his family also own the Washington Nationals baseball team. His net worth is currently estimated to be $4.8 billion.
2. Stephen Bisciotti – Net Worth: $4.9 billion
In 1983, Stephen Bisciotti teamed up with his cousin Jim Davis to found the international talent management firm, Allegis Group. What started as a small affair run from a basement now operates from multiples locations globally and employs over 19000 staff. In 2000, Bisciotti bought a 49 percent stake in the Ravens of the NFL; the following year, he acquired the remaining 51 percent. Today, the team is worth around $2.98 billion. Bisciotti, who lives on the Point Field Landing of the Severn River in Maryland with his wife Renee and their two sons, ranks as the second richest person in Maryland with a net worth of $4.9 billion.
1. Mitchell Rales – Net Worth: $6.2 billion
In 1983, Mitchell Rales and his brother Steven acquired a real estate investment trust that they proceeded to build into the multi-billion dollar industrial conglomerate, Danaher Corp. In 2016, they split the company in two, spinning off its industrial technologies, measurement, and petroleum businesses into Fortive Corporation. In 2021, Rales stepped down as head of Fortive Corp. but remains active in the business through his position of chairman of Danaher’s executive committee. An avid art collector, Rales has plowed millions of dollars into developing Glenstone, a contemporary art museum located in Rales’ hometown of Potomac, Maryland. His wife, Emily, serves as Glenstones director and chief curator.