Menard drops on Forbes List
John Menard, the owner of the industry’s third largest chain of home improvement stores, ranked in 132nd place on the World's Billionaires 2009 list compiled by Forbes magazine. The founder of Menards, whose wealth was estimated at $4 billion, fell five places in the annual ranking.
Menard tied for 132nd place with Rupert Murdoch, Conde Nast publishers Donald and Samuel Newhouse Jr., and four other individuals. The self-made billionaire has lost some of his fortune because of the downturn in the remodeling industry, according to Forbes, which reported Menard’s net worth at $7.3 billion in 2008.
A45% drop in personal wealth did not stop Menard from donating $15 million to the Mayo Health System for a new emergency care center last year, according to a local television station in Eau Claire, Wis., where Menards is headquartered. But Forbes reported that the 69-year-old executive is embroiled in a $900,000 civil suit with an ex-girlfriend who claims that Menard paid her inadequately for legal services; Menard denies the allegations.