Net worth: $325 millionSource of wealth: Motown, Jobete
Residence: Los Angeles
Age: 79
Music pioneer put away his boxing gloves for songwriting at age 20. Borrowed $800 from parents to build his own record label. Created Motown Records in Detroit. Wrote hit songs ("Lonely Teardrops," "I'll be Satisfied"), managed talent (Jackson 5, The Supremes, Smokey Robinson, Lionel Richie, Stevie Wonder). Known for running Motown's record production like an assembly line, emulating Detroit's Big Three car companies; fought numerous lawsuits brought by recording artists and songwriters alleging unpaid royalties throughout career. Sold Motown Records in 1988 for $61 million; later sold Jobete Music Corp. in installments to EMI Music Publishing for more than $300 million combined. Hit movie Dreamgirls said to be loosely based on Motown; Paramount Pictures and Dreamworks issued an apology to Gordy in 2007 for any confusion the fictional story might have caused regarding Motown's legacy.
