Stop calling Newsweek's Sidney Harman a billionaire

In all the media stories about his acquisition of Newsweek, Sidney Harman has been invariably given billionaire status. But not in Forbes, as William P. Barrett explains.

Despite his long business career, the 92-year-old stereo speaker tycoon never has graced any annual Forbes list of the 400 Richest Americans. And that goes all the way back to the very first Forbes 400 roster in 1982 when the cut-off was only $100 million. Nor has he ever been on our annual list of the World’s Billionaires.

The bottom spot on the Forbes 400 is now around $1 billion. Harman is not likely to be on the next roster when it appears in the fall. We figure his net worth is more in the range of $500 million. That isn’t chump change, of course. It’s certainly enough to swing the purchase of money-losing Newsweek. News accounts have suggested Harman is paying just $1 upfront while assuming $50 million in down-the-road liabilities like prepaid subscriptions.

Still, demi-billionaire just doesn’t roll off the tongue in the same way.

It's largely on the basis of his wealth, says Forbes, that Harman’s wife, Rep Jane Harman, has been considered one of the richest members of Congress.