Les Wexner: A Journey Through Wealth, Influence, And Controversy

The net worths of the wealthiest people in the world have been growing at crazy rates. Part of the growth, of course, is a direct result of the tech boom that has been gaining steam over the past nearly three decades. Just ten years ago, in 2010, the 10 richest people in the world had a total wealth of $269.8 billion. Today, they are collectively worth $742 billion. That's an increase of 175%! Thirty years ago, in 1990, to make the list of the richest people in the U.S., one "only" had to be worth $260 million. Today, to be the poorest person on that list, you’d need a net worth of around $2 billion.

In 1990, Les Wexner, then 53, had a net worth of $1.8 billion and was the 25th richest person in the U.S. Today, Wexner is 82, worth $4.8 billion, and despite being worth $3 billion more than he was in 1990, he is the 154th richest American this year. His $1.8 billion in 1990 adjusted for inflation, would be worth $3.6 billion today. Wexner, of course, is the man behind The Limited and a host of other retail brands.

Wexner recently endured a whole bunch of bad press surrounding his former friend and financial advisor Jeffrey Epstein. For nearly two decades, Epstein managed Wexner's wealth, supervised his investments, and even offered his opinion on which women should be Victoria's Secret models. Wexner has categorically denied having any knowledge of Epstein's sex predator ways. He accused Epstein of misappropriating large sums of his money. Epstein reportedly earned over $200 million from managing Wexner's wealth. In 1991, Wexner gave Epstein his power of attorney—meaning he had the "full power and authority to do and perform every act necessary" for Wexner. Epstein managed Wexner's money, oversaw the construction of his yacht, signed his tax returns, bought a $10 million plane, and acquired businesses. Wexner once called Epstein "a most loyal friend," but recently said that he severed ties with Epstein more than a decade ago. In a letter to L Brands employees dated July 16, 2019, Wexner wrote that he was unaware of the "illegal activity" Epstein was charged with.

(L-R) Les Wexner, Abigail Wexner, and Ed Razek (Photo by Astrid Stawiarz/Getty Images)

Biography of Les Wexner

Wexner was born in Dayton, Ohio in September 1937. He is an Ohioan through and through. He majored in business administration at The Ohio State University. Wexner attended law school but dropped out to help his parents run their retail store. He borrowed $5,000 from his aunt in 1963 to start the clothing store The Limited. In 1969 Limited Brands went public on the New York Stock Exchange. He is the longest-running CEO of any Fortune 500 company, with brands that include Victoria's Secret, Bath & Body Works, Henri Bendel, and more.

We reported in February 2020 that Wexner appeared to be in talks to step aside as chief executive officer of his retail empire. L Brands, the parent company of Wexner's brands, is in discussions with the private equity firm Sycamore Partners. Sycamore has become known lately for scooping up failing apparel brands. Later in February, Sycamore acquired Victoria's Secret for $525 million. As part of the deal, Wexner will retain Bath and Body Works and step down as chairman to become chairman emeritus. As of this writing, that has not happened yet.