A report by Up North News, a publication of Courier Newsroom, gave readers an introduction to Wisconsin’s 1%. All billionaires, the state’s top earners represent a who’s who of bootstrapping business founders and heirs to massive fortunes.
So who made it to the top of the list?
That would be John Menard, the founder of the home improvement store chain Menard’s. It would be nearly impossible to find a resident of the midwest that didn’t know the retailer’s jingle by heart: “Save Big Money at Menard’s!” As it turns out, Menard’s is just as good at raking in money as it is at offering savings.
The rest of the elite earners on the list have been just as fortunate, especially in the past few years. Wisconsin’s billionaires increased their fortunes by 50% during the pandemic.
So who are Wisconsin’s richest residents? The list below was compiled using data from the Forbes billionaire tracking website. The net worth of each billionaire was updated on July 6th.
1. John Menard, Jr.
- Net Worth: $14.2 billion
John Menard, Jr. founded Menard’s home improvement store in 1964. Now, the 82-year-old owns 335 stores and 12 distribution centers across 15 states.
With $14.2 billion to his name, he’s far and away Wisconsin’s richest resident. He also comes in at 125th in the ranks of the world’s richest people.
Menard lives in Eau Clair, WI.
2. Diane Hendricks
- Net Worth: $11.3 billion
Diane Hendricks trails John Menard by a trifling $3 billion, putting her in the #2 spot.
Hendricks and her husband started ABC Supply in 1982, a company that sells roofing, siding, and other home repair and construction products.
While she may not be the #1 wealthiest in Wisconsin, she did top Forbes’ list of the richest self-made women in America.
Hendricks lives in Afton, WI.
3. Herbert Kohler, Jr.
- Net Worth: $8.8 billion
Herbert Kohler, Jr. is the son of the business magnate that started the Kohler company. Kohler is known for providing plumbing products to shops and consumers around the nation.
But the “youngest” Kohler (currently aged 83) didn’t rest on his father’s laurels. According to Up North News, a Courier Newsroom publication, he took over the company in 1972 and doubled its size.
Herbert Kohler, Jr. lives in Kohler, WI.
4. Judith Faulkner
- Net Worth: $6.8 billion
Judith Faulkner founded a healthcare software company in 1979 called Epic Systems, which now manages the medical records of over 200 million people.
Faulkner is one of the most enterprising women in America, having ventured into the software industry when computer technology was unknown to most.
She lives in Madison, WI.
5. James Cargill, II
- Net Worth: $4.4 billion
James Cargill, II is the great-grandson of William Wallace Cargill, the founder of Cargill food corporation.
Cargill is the largest privately held corporation in America, with more robust revenues than giants like AT&T.
James Cargill, II lives in Birchwood, WI.
Bonus Billionaires: The S.C. Johnson Family
Wisconsin is home to three additional billionaires, all of whom are siblings in the S.C. Johnson family of Racine (a fourth billionaire sibling lives out of state).
Each sibling is worth $3.4 billion, putting them below the threshold to make the list of the top 5 wealthiest people in the state. However, if combined, the wealth of the siblings would put them at #2 on our list. S.C Johson is best known for producing cleaning products.
This story was first published in Up North News, a publication owned by Courier Newsroom.
