Herb Simon

Net worth over time

Forbes estimates of Herb Simon's net worth each year, next to the Forbes value of the Indiana Pacers. From 2012 to now the net worth went from $1.8B to $7.6B, about 4 times as much.

Yearly points are from the Forbes billionaires lists, mostly the spring World's Billionaires list; the last point is the latest Forbes real-time figure, which can differ a lot from the spring list. Years without a published figure are skipped.

The businesses in detail

How the main business makes money. Simon Property Group owns malls and outlet centres and rents the shop space to retailers. Its US malls and outlets were 96.4% occupied in 2025, at a base rent of $60.97 per square foot. It is a real estate investment trust, a listed company that passes most rental profit to shareholders as dividends. The dividend is $9.00 a share a year. Its shares and partnership units are the bulk of his wealth.

Biggest deals.

• 1983: bought the Pacers with brother Mel for about $11M. The full story is on the Indiana Pacers page.
• December 1993: Simon Property Group listed, then the largest stock market debut by a real estate investment trust.
• 2004 to 2020: the company bought outlet owner Chelsea for $3.5B, The Mills for $1.64B with Farallon, and Taubman Centers for $3.4B.
• 2023: sold Steven Rales a further 15% of the Pacers at a $3.47B valuation, taking Rales to 20%.
• January 2026: Reno's council approved passing Greater Nevada Field to his group; the Aces commit to stay through 2049.

Career path

1. 1960

   Co-founds Melvin Simon & Associates in Indianapolis with brothers Mel and Fred

2. 1983

   Buys the Pacers with Mel to keep them in the city

3. 1993

   Simon Property Group lists on the stock market

4. 2009

   Brother Mel dies; Herb had bought Mel's half of the Pacers shortly before, partly with borrowed money

5. 2017

   Names son Stephen as successor

6. 2019

   Signs a 25-year deal keeping the team in Indianapolis through 2043-44

7. 2023

   Rales's stake reaches 20%

8. 2025

   Retires from the Simon Property Group board; Pacers reach the NBA Finals

9. 2026

   Reno ballpark deal is approved on 28 January

Teams and sports assets

Owns now 7

• teamIndiana PacersNBA · basketball · USSince 1983 · 80% · about $11M with brother Mel for the whole team, much of it assumed debt (Forbes: $10.5M)
• teamIndiana FeverWNBA · basketball · USSince 2000 · owner
• teamReno AcesTriple-A (Minor League Baseball) · baseball · USSince 2009 · owner, per local media; percentage not found
• arenaGreater Nevada Fieldbaseball · USSince 2026 · full ownership transferred to his group and partners · transferred under the January 2026 city deal; $40M to be invested over ten years
• teamNoblesville BoomNBA G League · basketball · USthrough Pacers Sports & Entertainment
• sports businessPacers Gamingesports · USthrough Pacers Sports & Entertainment
• arenaGainbridge Fieldhousebasketball · USSince 1999 · operator; owned by the Capital Improvement Board of Marion County

Owned before 1

• teamReno 1868 FCUSL · soccer · USformer owner (Wikipedia); club defunct

Other investments and assets

• Companies and funds: Kirkus Reviews, a book review magazine bought in 2010.
• Property: Beside the arena, the team spent $30M on Bicentennial Unity Plaza and put $65M into a $360M renovation.
• Family in the business: Son Stephen is co-owner and alternate governor. Nephew David Simon led Simon Property Group from 1995 until his death on 22 March 2026; David's son Eli succeeded him.

Giving and politics

• He paid part-time arena workers during the 2020 NBA shutdown.
• His main contact with politics is public arena money: a $160M city deal in 2014 and a $360M renovation from 2019.
• Reno continues a $1M annual subsidy under the 2026 ballpark deal.

How they run their teams

• He hires basketball professionals and leaves them alone: three basketball chiefs in the 38 years to 2021.
• He refuses to tank, meaning lose on purpose.
• His will commits the team to Indianapolis. The city has a right of first offer if the team must be sold after his death.
• IBJ reported the team lost about $44M from 2009 to 2014 and carried roughly $150M of debt.

What they have said

• He wants his legacy to be the team staying permanently in Indianapolis.
• He will not own a team that loses on purpose and would sooner improve without tearing down.
• His children will not have wealth on his scale, so the arena deal had to make the team viable without a rich patron.
• In 1983 he would have preferred to buy with a group, but believed the city needed the team kept.
• He sees himself as a steward of the franchise for the community more than an owner.

Little-known facts

• His wife, Porntip Nakhirunkanok, was Miss Universe 1988.
• The meeting at which the brothers agreed to buy the Pacers lasted 20 to 30 minutes.
• In 2024 the Fever drew 17,036 a game, more than the Pacers.
• Larry Bird once held a small stake; it was bought back in 2000.