Only two miners on Forbes' list of richest Americans
Former Glencore executive Tor Peterson and coal magnate Jim Justice, II, are the only ranked miners on Forbes list of richest Americans, which was released today.
Peterson joined Glencore in 1992 after working at Phibro-Salomon in New York where he was a commodities specialist. The 49-year-old has an estimated net worth of $2 billion ranking him at #273 on this year's Forbes 400 list.
Justice, who inherited coal operations in West Viriginia, ranked at #342 with a net worth of $1.6 billion. Justice astutely sold some of the coal business to the Russian mining and steel company Mechel OAO and put the money into developing The Greenbrier, a luxury resort in West Virigina.
Falling commodity prices have hit both ranked miners. Justice dropped from #298 in 2012 to his current #342. Peterson was at #218 a year ago and is now at #273.
Top of the list was Bill Gates with $72 billion net worth. He was up $10 billion this year diversifying away from Microsoft, investing in Deere & Company, Canadian National Railway and a Mexican bottler.