QUINCY– What doKim Kardashian, Rihanna, Elon Musk and Rob Hale all have in common? They made this year's Forbes World's Billionaires List.
Hale, founder and CEO of Quincy-based Granite Telecommunications has been named by Forbes as one of the world's top billionaires.He's ranked No. 951 on a list of 2,578 people with an estimated net worth of $3.2 billion.
As of Friday, he was ranked as the 999th richest person in the worldon a list that changes daily
Q&A:Quincy CEO Rob Hale talks Quincy development, philanthropy and building a lasting legacy
Forbes' annual World's Billionaires list was released Tuesday and listed 2,668 billionaires around the globe.
Hale was one of 44 new members to join The Forbes 400 list last fall, something that came about after the magazine featured thecommencement speech he gave atQuincy Collegelast spring. At the graduation ceremony,he gifted each of the 490 graduates $1,000 in cash – $500 to keep for themselves and $500 to give to an organization or individual “that needs it more than them.”
"Isuppose that if you're going to be discovered, philanthropy is a pretty good way for that to happen. Most of these numbers are estimates, I'mnot sure how they do their math, but no, I didn't expect it," Hale said of his inclusion on the billionaires list.
The total net worth of the world's richest dropped by $400 billion between 2021 and 2022, the publication said, and 87 fewer people were included this year.Forbes cites the Russia-Ukraine war, the COVID pandemic and weaker markets for the dip in the number of billionaires.
The U.S. still tops all countries with the most billionaires at 735, followed by China's 607.
Elon Musk, the Tesla and SpaceX founder topped Forbes' list for the first time ever with a net worth of $219 billion. More than half of the top 10 billionaires earned their fortunes in the technology sector.
Forbes billionaires 2022: Elon Musk tops list as number of billionaires worldwide dips
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Hale,who isanative of North Andoverdespiteoften being called the pride of Quincy,founded Granite Telecommunications in 2002 less than six months after his previous company, Network Plus, filed for bankruptcy.
When NetworkPlus went public, Forbes named Hale as the 7th wealthiest person in the world under the age of 40.
"I will never forget that. We grew up in a generation when the Globe and the Ledger were in the driveway, every day. When we were successful, (The Boston Globe) used to call me 'The Boy Billionaire,' " Hale said in an interview with The Patriot Ledger last year. "And then when I was steering the ship toward the bankruptcy rocks, they called me 'The Busted Boy Billionaire.'Those scars, they heal, but they're permanent and at the end of the day, thatfailurewas one of the most defining moments."
Today, Granite is a $1.5 billion company that provides voice, data and other communications services to more than two thirds of the largest 100 U.S. companies.Granite was recognized for the fifth time this year on Forbes’ annual ranking of America’s Best Employers, has been included on the publication's list ofBest Employers forDiversity and has been ranked for years in the top three of Boston Business Journal's most philanthropic companies in Massachusetts.
"In the last five yearswe've put plus or minus $150 million into our community and, pre-pandemic, we were putting 15,000manpower hours into the community," Hale said Friday."Aculture of community, philanthropyand compassion matter an awful lot, and Iam pretty proud of that."
Hale is known nationwide for his philanthropy, specifically related to cancer research organizations. His company annually hosts the “Saving by Shaving” fundraising event for employees, which raises millions for Dana Farber each year.The Hale Family Center for Pancreatic Cancer Research was established in 2016, and Forbes credits Hale with donating more than$259 million tocancer research, educational institutions and other charitable causes.
"I think we feel like we're very fortunate, Karen and I, and Maya Angelou said, "To whom much is given, much is expected," right?" Hale said. "We feel that way, that we've had good fortune here. We're aware that that good fortune is the byproduct of a lot of teammates working their asses off and we are indebted because of it. If we can help, we want to."
Hale is also the owner of Quincy real estatecompanyFoxRock Properties, which has several major projects transforming the look of the city.
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Reach Mary Whitfill at mwhitfill@patriotledger.com.
