Minnesota, known for its Fortune 500 headquarters, innovation hubs, and philanthropic spirit, is home to some of the Midwest’s wealthiest individuals. From healthcare and retail to agriculture and banking, these billionaires and multimillionaires have played significant roles in shaping the state’s economy and community life.
Here are the Top 10 Richest People in Minnesota in 2025, based on Forbes rankings, corporate records, and public wealth disclosures.
1. Glen Taylor – $2.9 Billion
Source of Wealth: Printing, Media, NBA (Minnesota Timberwolves)
Residence: Mankato, MN
Founder of Taylor Corporation, Glen Taylor is Minnesota’s richest resident. He owns the Minnesota Timberwolves and Star Tribune newspaper, and remains one of the state’s most influential business and political figures.
2. Whitney MacMillan (Estate & Family) – $2.4 Billion
Source of Wealth: Agriculture (Cargill Inc.)
Residence: Minneapolis, MN
The MacMillan family are descendants of Cargill’s founders, one of the largest privately held companies in the world. Although Whitney MacMillan passed in 2020, his estate and family continue to manage significant wealth in agriculture and finance.
3. Stanley Hubbard – $1.9 Billion
Source of Wealth: Broadcasting (Hubbard Broadcasting)
Residence: St. Paul, MN
Stanley runs Hubbard Broadcasting, a media company that owns dozens of television and radio stations. He is a strong advocate for free press and known for political donations and educational initiatives.
4. Barbara Carlson Gage & Marilyn Carlson Nelson – $1.7 Billion (each)
Source of Wealth: Hospitality, Travel (Carlson Companies: Radisson, TGI Fridays)
Residence: Minnetonka, MN
The Carlson sisters inherited wealth from Carlson Companies, which owned Radisson Hotels and TGI Fridays. Although most of the business was sold, their investments continue to generate significant passive income.
5. Richard Schulze – $1.6 Billion
Source of Wealth: Retail (Best Buy)
Residence: Medina, MN
Founder of Best Buy, Schulze stepped down as CEO in 2002 but still retains a large shareholding. He is active in education and health philanthropy, especially through the Richard M. Schulze Family Foundation.
6. Andrew Redleaf – $1.1 Billion
Source of Wealth: Hedge Funds (Whitebox Advisors)
Residence: Minneapolis, MN
A hedge fund veteran, Redleaf made his fortune through contrarian investing strategies at Whitebox Advisors, a firm he co-founded. He is also an author and supporter of market reform and education.
7. Pohlad Family (Jim, Bob, Bill Pohlad) – $1.0–$1.2 Billion (each)
Source of Wealth: Banking, Real Estate, MLB (Minnesota Twins)
Residence: Edina, MN
Heirs to the Carl Pohlad empire, the Pohlad brothers oversee businesses in finance (Marquette Bank), real estate (United Properties), and professional sports, owning the Minnesota Twins.
8. Paul Fribourg (MN Investments) – $950 Million
Source of Wealth: Food & Agribusiness (ContiGroup Companies)
Residence: Split time between New York and Minnesota
While primarily based in New York, Fribourg holds major agricultural and logistics assets in southern Minnesota and has increased his investment footprint in the Midwest over the last decade.
9. Ron Offutt – $800 Million
Source of Wealth: Agriculture (RDO Equipment, Potato Farming)
Residence: Fargo, ND / Moorhead, MN (Dual business base)
Founder of RDO Equipment Co. and one of America’s largest potato growers, Offutt’s empire spans farm equipment, produce, and real estate. He maintains deep roots in Minnesota’s Red River Valley.
10. Taylor G. Reid – $620 Million
Source of Wealth: Logistics, Trucking (Reid Transportation Group)
Residence: Duluth, MN
A rising star in logistics, Reid built a national trucking and supply chain empire headquartered in Duluth. His private company services major manufacturers and retailers across the U.S. and Canada.
Summary Table
| Rank | Name | Net Worth (2025) | Source of Wealth | Residence |
|---|---|---|---|---|
| 1 | Glen Taylor | $2.9B | Taylor Corp., Timberwolves | Mankato |
| 2 | MacMillan Family | $2.4B | Cargill Inc. | Minneapolis |
| 3 | Stanley Hubbard | $1.9B | Broadcasting | St. Paul |
| 4 | Carlson Sisters | $1.7B (each) | Carlson Companies | Minnetonka |
| 5 | Richard Schulze | $1.6B | Best Buy | Medina |
| 6 | Andrew Redleaf | $1.1B | Hedge Funds | Minneapolis |
| 7 | Pohlad Brothers | $1.0–$1.2B | Twins, Banking, Real Estate | Edina |
| 8 | Paul Fribourg | $950M | Agribusiness | NY/MN |
| 9 | Ron Offutt | $800M | Agriculture | Moorhead |
| 10 | Taylor G. Reid | $620M | Logistics | Duluth |
Final Thoughts
The richest people in Minnesota combine Midwestern work ethic with global business reach. From high finance and farming to hospitality and professional sports, these individuals are deeply invested in Minnesota’s economic growth, culture, and philanthropy.
