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Under Armour's Plank climbs on Forbes list of billionaires

Under Armour's Plank climbs on Forbes list of billionaires
Kevin Plank, Under Armour's founder and CEO, ranked 527th on Forbes 2016 list of the world's billionaires, with an estimated net worth of $3.2 billion. (Amy Davis / Baltimore Sun)

Under Armour founder and CEO Kevin Plank climbed higher in Forbes' 2016 list of the world's billionaires, with a net worth of $3.2 billion.

Plank, 43, now ranks as the 527th wealthiest person in the world, or 198th in the U.S., climbing from a notch of 577 on the 2015 global list, according to the list released Tuesday by Forbes magazine.

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"Under Armour founder Kevin Plank made his billions as the underdog competitor to Nike, and he's now bringing the heat to Silicon Valley," Forbes said Tuesday, noting that Under Armour stock climbed more than 40 percent midway through last year as the sports apparel and footwear brand acquired fitness apps MyFitnessPal and Endomondo for $560 million.

Plank edged out Baltimore Ravens owner Stephen Bisciotti, the 55-year-old co-founder of staffing firm Allegis Group, who climbed to 569 from 690, with a net worth of $3.1 billion.

Plank and Bisciotti are joined by Maryland residents Ted Lerner, the Chevy Chase real estate magnate who ranked 233rd with a net worth of $5.8 billion; real estate and banking magnate Bernard Saul II, also of Chevy Chase, 612th with a net worth of $2.9 billion, and Jim Davis of Cockeysville, the co-founder with Bisciotti of Allegis, 1,476th with a net worth of $1.3 billion.

Maryland's billionaires all increased their rankings despite a reshuffling of wealth, the magazine said. Forbes found a decrease in both the number of billionaires — 1,810 compared with a record 1,826 in 2015 — and a $6.48 trillion aggregate net worth that was $570 billion less than 2015, Forbes said.

In an environment of "volatile stock markets, cratering oil prices and a stronger dollar," only two billionaires in last year's top 20 kept their standings, Forbes said.

Microsoft founder Bill Gates topped the list with a $75 billion net worth and Warren Buffett, chairman and CEO of conglomerate Berkshire Hathaway, stayed at No. 3, with a net worth of $60.8 billion.

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