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5 Minnesota billionaires rank among 'Forbes 400' richest Americans

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Five Minnesota business moguls placed on "The Forbes 400: The Richest People in America" list.

Carlson sisters Barbara Carlson Gage, 71, and Marilyn Carlson Nelson, 74, ranked No. 118 on the list.

Their net worth: nearly $4 billion each.

Gage and Nelson jointly own the Carlson Family Foundation, which operates more than a thousand hotels, 900 T.G.I. Friday's restaurants and holds a majority stake in Carlson Wagonlit Travel, according to the magazine.

Whitney MacMillan, 84, former CEO of Wayzata-based Cargill, Inc., ranks No. 122.

MacMillan's great-grandfather, W.W. Cargill, started the company as a small Iowa grain storage business in 1865. Now, the agribusiness firm has grown to become the largest private company in the country. MacMillan is heir to an estimated 10 percent stake in the company. His net worth is about $3.8 billion.

Hubbard Broadcasting, Inc. Chairman and CEO Stanley Hubbard, 80, ranks No. 252. Forbes says the St. Paul company's biggest assets are Reelz Channel and its local television and radio stations across the country. More than a decade ago, Hubbard sold his satellite television outfit, CONUS, to Direct TV for $1.3 billion.

Minnesota Timberwolves owner Glen Taylor, 72, is No. 327. Taylor made his fortune in the printing industry. He owns Taylor Corp., a print, packaging and marketing company, and also owns farmland in Iowa and Minnesota. His net worth is about $1.7 billion.

The Star Tribune points out Richard Schulze, chairman emeritus of Best Buy Co. who lives in Florida, also made the list. His $2.7 billion places him 201st.

Bill Gates is the richest American for the 20th year in a row, followed by Warren Buffet.

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