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Kentucky – B. Wayne Hughes – $2.5 Billion
B. Wayne Hughes built a fortune storing other people’s excess stuff. He founded Public Storage in 1972 and turned it into the largest self-storage chain in the world, with 2,200 locations in the U.S. and Europe. He now serves as chairman emeritus. His billionaire daughter, Tamara Gustavson, is a board member and the company’s single largest shareholder. After the market collapse in 2009, real estate values fell while demand for rentals increased. To take advantage of the dislocation in the market, in 2011 Hughes joined with the Alaska Pension Fund and formed a publicly traded REIT called American Homes 4 Rent, to acquire, renovate and rent single-family homes.
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