Friday Letter Making the list

The tremendous amount of wealth that real estate investors, private equity or otherwise, have generated over the past 25 years was brought into stark relief earlier this month when Forbes published its annual list of the 400 richest Americans. Found among the rankings of the über-rich were 33 property moguls, ranging from long-time stalwart and Irvine Company head Donald Bren (number 27 on the list with an estimated net worth of $8.5 billion, the highest of any real estate investor) to newcomers such as Colony Capital founder Tom Barrack (374) and Vornado chief executive Stephen Roth (278).

Opinion