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Several on Forbes’ ‘Richest’
By Susan Kreifels
list call Hawaii home
Star-BulletinHAWAII has 270 millionaires -- if you count only those who get paychecks.
According to a computer search by the state Taxation Department, the 270 residents each had an adjusted gross income of at least $1 million in 1998, based on the tax forms they filed last year.
They represent about 0.02 percent of the 1,108,229 residents recorded in the 1990 U.S. Census, the last official state population count.
Taxation officials normally don't tally millionaires, nor does the Internal Revenue Service or other federal agencies. The IRS keeps state-by-state statistics on residents who make $200,000 or more.
On the other hand, Forbes magazine keeps a close watch, and has listed six different Hawaii individuals or families among America's richest since 1994.
Barbara Cox Anthony, with a net worth of $9.7 billion, was ranked No. 15 last year on "The Forbes Four Hundred" list of the richest Americans.
How do the millionaires in Hawaii spend their money?
Carefully, said John Bagwell of JWB Annuity Brokerage Inc.
"Most of the Hawaii millionaires I have done business with are frugal," Bagwell said.
Some clients "live below their means," and that's why they have millions, he said.
They're also cautious investors.
"Most, I've noticed, are much more conservative than people might presume, more than the crowd in the upper-middle class. They tend to be more aggressive by trying to reach a specific goal to become a millionaire," he said.
The money of the wealthy often rolls into an estate upon death, and a living will decrees how the pool of funds and assets are to be divided, Bagwell said.
And in his experience, the wealthiest tend to leave more for their grandchildren than their children.
Hawaii's richest millionaires, 1994-1999
(Net worth in millions)Age: 71 - Residence: Honolulu - Primary income: Inheritance (Cox Enterprises, newspapers, cable TV)
Name 1994 1995 1996 1997 1998 1999 Anthony, Barbara Cox $2,900 $3,000 $4,000 $5,000* $7,100* $9,700 Age: -- - Residence: Hawaii, other locations - Primary income: Real estate
Name 1994 1995 1996 1997 1998 1999 Campbell family $800 $850 $1,000 $1,100** $1,700** -- Age: -- - Residence: Hawaii, California - Primary income: Banking, real estate
Name 1994 1995 1996 1997 1998 1999 Damon family -- $700 $750 -- -- -- Age: -- - Residence: Honolulu - Primary income: Hotels
Name 1994 1995 1996 1997 1998 1999 Kelley family $440 -- -- -- -- -- Age: -- - Residence: Kauai, Hawaii - Primary income: Real estate
Name 1994 1995 1996 1997 1998 1999 Robinson family -- $500 $450 -- -- -- Age: 56 - Residence: Honolulu - Primary income: Real estate *Sisters Barbara and Anne Cox Chambers, of Atlanta, share a fortune. It was worth more than $10 billion in 1997, and $14 billion in 1998.
Name 1994 1995 1996 1997 1998 1999 Schuler, James K. $290 -- -- -- -- --
**Forbes online database sorted by state yields only Ms. Anthony for Hawaii. The Campbell Family is misidentified without a "hometown".
Source: "The Forbes Four Hundred," Forbes, October 17, 1994; October 16, 1995; October 14, 1996; October 13, 1997, and October 12, 1998 Star-Bulletin
