America: The land of opportunity
The Forbes 400 is known as the definitive list of wealth in America, profiling and ranking the nation’s billionaires by their estimated net worth. The 2019 ratings show people of every ethnicity and background have risen to the top due to diligence, hard work and the resolve to succeed. Contrary to what you would be led to believe if you rely on the local press for information, of Arizona’s 7 billionaires 3 are Hispanic. (Scroll down on this link and click on “state.”)
New to the list this year is 37-year-old Ernest Garcia III, the co-founder of used-car e-commerce site Carvana. In 2012, he had the idea to sell cars online, but his boss — his father, Ernest II — had his doubts. “I wasn’t sure people would buy a used car online without seeing it,” Ernie II says. According to Forbes, the Garcia’s were already motor moguls, owners of used-car dealerships from Atlanta to Albuquerque.
Ernie III was able to persuade his father, and today Carvana is a publicly traded, nearly $2 billion-in-sales business. The stock has more than doubled since January. Ernie III is president, CEO and chairman; his father is the largest shareholder.
Tucson native, Arturo Moreno, a former billboard industry executive, owns the Los Angeles Angels. Moreno, the oldest of 11 children born to Mexican parents who settled in Tucson, got his start working for outdoor advertising business mogul Karl Eller, who later merged his business with KTAR radio and television in 1968 to form Combined Communications, Inc. Moreno is a Vietnam vet and University of Arizona alum with a degree in marketing.
America’s Richest Self-Made Women is another interesting list to explore.
Capitalism, reviled by the Socialist-leaning Democrat presidential candidates, is responsible for leveling the playing field, and providing opportunity for those with relentless determination to succeed.