Meet The Richest Person In Maryland

CHEVY CHASE, MD — Years of growth in the Washington, DC, area's housing market, along with accompanying retail growth, has helped make one person the richest in Maryland. Forbes came out with its list of the "Richest Person in Every State" last week.

And the richest person in Maryland is....Ted Lerner of Chevy Chase, who is worth $5.8 billion. The self-made tycoon is a developer and founder of Lerner Enterprises and Washington Nationals owner. In 1952 Lerner borrowed $250 from his wife to start a real estate company, selling homes for developers. Now he owns 20 million square feet of commercial and retail space, plus hotels, and 7,000 apartments.

The past year has been a good one for the ultra-wealthy. Forbes says all but one person on the 2017 ranking also made last year’s ranking, and these billionaires saw their fortunes increase $1.74 billion on average. Many of those named the wealthiest person in their state have had that ranking for several years, include the Oracle of Omaha Warren Buffet, Facebook founder Mark Zuckerberg and Microsoft founder Bill Gates.

Several of those on the list, including Lerner, own professional sports teams. Many made their money in retail, finance and investments, says Forbes.

SEE ALSO: Maryland's Billionaire's Club Drops To 8 Members In 2017

Lerner ranked at No. 30 overall on the Forbes list. The magazine says he is on the short list of developers vying to build a new FBI headquarters; Prince George's County has pushed hard to have the agency re-locate there.

The Lerners donate to Children's National Hospital in DC, George Washington University and Hebrew University in Jerusalem, among other charities.

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