Iowa’s Richest Man Has Farmers to Thank
Iowa's richest man in 2016 is a self-made billionaire. Yes, billionaire.
The most wealthy person in Iowa is Dennis Albaugh. His net worth is estimated at $1.5 billion. Albaugh studied Agriculture Business at Des Moines Area Community College and sold seed and fertilizer for seven years after his graduation.
In 1979, he mortgaged his home to open Albaugh, Inc., a fertilizer-focused company. It would be a decade before he truly became successful. It was in the late 1980's that Albaugh, Inc. began selling the main ingredient in the Monsanto product, Roundup. The ingredient is known as glyphosate. When the U.S. patent for it ended, Albaugh purchased factories in Brazil and Argentina and continued to make it. Dennis Albaugh is the sole owner of the company.
Albaugh is a native of Ankeny and still lives there much of the year. He has his own, private, 19-hole golf course. Albaugh told the Des Moines Register he made it 19 holes because "You're never happy after 18 holes." Charities use the course for free.
He also has one of the most incredible car collections you'll ever see:
Albaugh and his wife, Susan, have shared their fortune with Dennis' hometown. Their most recent donation benefitted his college alma mater and Ankeny High Schoool: