New York City Mayor Michael Bloomberg, Don Chang and daughter Linda Chang, at the retail chain’s flagship store on June 24, 2010.
Who has more money than Steven Spielberg, and by a good margin? Why, two hard-working Korean American entrepreneurs, of course.
Los Angeles Business Journal released its annual list of the “Wealthiest Angelenos” and ranked Don & Jin Sook Chang at No. 5 on the list with a net worth of approximately $5.4 billion.
Last year, the publication ranked the Changs at No. 7 with a net worth of $4.3 billion. What accounted for the 24% year-over-year increase? Why global expansion, of course. The fast-fashion giant currently has more than 500 retail stores worldwide with plans to expand heavily in Latin America.
The first store opened by the Korean immigrants in 1984 was called Fashion 21 and was located on Figueroa Street in Los Angeles’ historic Highland Park neighborhood.
The company is privately held so financial figures are hard to come by, however, Forever 21 President Alex Ok told the Los Angeles Times the company had 2012 sales of $3.9 billion.
The richest man in Los Angeles is medical researcher and businessman Patrick Soon-Shiong at $8.9 billion, according to LA Business Journal. Tesla Motors founder Elon Musk is ranked at No. 3 with $5.7 billion, while the aforementioned Spielberg is No. 12 with an estimated $3.4 billion.
Forbes estimated the Changs to be worth $4.5 billion, as of March 2013.
