Rhode Island’s 50 Wealthiest and Most Influential: 50 Through 31

#50 Michael McNally, Commerce RI Board Member and Consultant

Mike McNally was a major player in the United States in the construction industry for one of the biggest global players.

McNally retired as one of nine members of Skanska’s senior executive team responsible for the company’s $20 billion global construction and development operations. 

While he was president and CEO of Skanska USA, it grew to be one of the largest construction/development companies in the U.S. with annual revenues in excess of $7 billion.

Today, he is more Rhode Island-focused.

He has served on the Commerce Corporation board for a number of years and was appointed by then-Governor Gina Raimondo.

This year he became very active and led the fight against the proposed Pawtucket soccer stadium.

Previous to his retirement, he served on a number of high-profile boards including the U.S. Chamber of Commerce’s “Let's Rebuild America” leadership committee.

He also served as a member of the board of directors at Granite Construction, Terracon Consultants, and Limbach Holdings. He is on the URI President’s Advisory Council.

#49 Ashley Kalus, Businesswoman, GOP Candidate for Governor

Make no mistake about it, Ashley Kalus and her plastic surgeon husband Jeffrey Weinzweig have deep pockets.

They have loaned her campaign for governor nearly $4 million and the final numbers are not yet in.

She is the biggest self-funder since Bruce Sundlun's four campaigns for the governorship in the 1980s and 1990s.

Kalus and her husband own multiple properties in Illinois and Florida, according to her Rhode Island Ethics Commission financial disclosure statement.

The couple also has ownership interests in more than a half dozen companies in Florida, Illinois, and Rhode Island. 

Win or lose -- Kalus will be a factor in the future of Rhode Island. 

#48 Richard Baccari, Churchill & Banks

The mega-developer has put together a massive collection of projects throughout the region.

Baccari has been one of the biggest builders of shopping centers in the northeast — especially for Stop and Shop.

He is a big-time donor in Rhode Island and Massachusetts.

Baccari is a significant backer of Massachusetts Governor Charlie Baker, and has given to Rhode Island Republicans like Bob Flanders who ran for the United States Senate four years ago against U.S. Senator Sheldon Whitehouse and supported GOP Congressional candidate Michael Riley who challenged Jim Langevin in 2012.

One of his largest projects is the residential Kettle Point in East Providence.

Baccari has previously announced that he would be handing over the reins of the development company to his son, Richard, Jr.

His portfolio of retail, office, residential and commercial properties are many of the most significant projects around the region. 

#47 Habib Gorgi, Owner of Worcester Red Sox, Former Managing Partner, Nautic Partners

Providence-based Nautic Partners quietly became a significant mid-sized private equity firm in the United States.

Gorgi and partner Bernie Buonanno built the Fleet Bank spinoff into a major player.

Mega-firm Blackstone bought a major stake in Nautic in 2021 and at the time, the firm managed $7.7 billion.

Blackstone has more than $941 billion under management.

According to industry research firm Preqin's 2021 ranking, Nautic ranked as the eighth most consistent top-performing buyout fund manager in the world. Three of its funds were ranked in the top quartile, a critical measurement in the private equity industry.

Now, Gorgi is an advisor to Catalyst Health Ventures in Boston.

Gorgi was part of the ownership group that bought the PawSox, a Rhode Island institution from Ben Mondor’s widow and packed up the team, and moved it to Worcester.

PHOTO: Catalyst Health Ventures

#46 Patrick Rogers, Managing Partner 

In 2022, Pat Rogers was named managing partner at Hinckley Allen -- one of the region's largest law firms.

“It’s an honor to work at Hinckley Allen and I’m excited to serve as Managing Partner,” Rogers said. “We have an incredible group of lawyers and staff – and most of all – loyal and satisfied clients who put their trust in us to handle their most important legal matters."

Rogers has a big political reach. 

He was an aide to U.S. Senator John H. Chafee and later served as Chief of Staff and Executive Counsel to Governor Lincoln Chafee.

He was a Peace Corps volunteer in Gabon.

“Our lawyers and team members continue to deliver impressive results for our clients,” said outgoing Managing Partner David Rubin. “Knowing that I was stepping down from my role as Managing Partner, the firm started a thoughtful transition process -- led by a Managing Partner Succession Committee -- to identify our next leader and ensure a seamless transition.  We are all confident that Pat has the skills, experience, and vision to help lead the firm into the future.  He has the full support of our lawyers and staff, including the Executive Committee and Practice Group leadership.”   

At Hinckley Allen, Rogers served as an Executive Committee member and Chair of the firm’s Corporate Department. Rogers is a graduate of LaSalle Academy, the College of the Holy Cross, and Catholic University Law School. 

#45 Matthew Lopes, Pannone Lopes Devereaux & O’Gara

Lopes has become a national expert in resolving the most complex prison issues in America.

Lopes is a nationally recognized Special Master for the U.S. District Court for the Eastern District of California, in the matter of Coleman v. Newsom, overseeing prison reform and compliance with orders of the Court concerning care of seriously mentally ill inmates.

His experience in court oversight of correctional systems extends back over decades of continuous work in the area of court-ordered prison reform, as a special master, deputy special master, and court monitor, in three additional major remedial correctional cases under the supervision of the United States District Courts of Texas, Georgia, and Rhode Island. 

He assists the court in directing the treatment of more than 30,000 mentally ill prisoners throughout the 34 institutions within the California prison system. 

In addition, he manages a major government relations practice in Rhode Island.

Lopes is a Rhode Island success story — a 9-time all-state athlete at East Providence, a star athlete at Dartmouth University, and now, one of the state's wealthiest and most influential. 

#44 Neil Steinberg, President, Rhode Island Foundation

In 2021, GoLocal unveiled that Rhode Island Foundation's Neil Steinberg oversees a comparatively small staff and the foundation he leads is a small fraction of the size of the Ford Foundation -- and he receives $1.1 million in total compensation equal to the compensation of the head of the Ford Foundation -- Darren Walker. The source of that data the RI Foundation's tax documents for the year 2019 filed by the non-profit.

The difference is the Ford Foundation is arguably one of the most influential foundations in the United States.

The previous year, Steinberg received $812,112.

There are approximately 1,100 community foundations across the country. His compensation is unmatched for a foundation of its size.

The Foundation defended the compensation structure.

"Years ago, the board of directors determined that Neil’s leadership was a crucial component of the Foundation’s long-term plan, and so implemented a deferred compensation plan that would reward him for continued success at the Foundation. The benefit of deferred compensation is accruing over many years, and will eventually be distributed. This has clearly turned out to be one of the best decisions the board has ever made,” said Brooks Wall, a former executive at the Royal Bank of Scotland.

Steinberg has announced he will step down next year.

PHOTO: Pawtucket Hall of Fame

#43 Peter Marino, CEO of Neighborhood Health Plans of RI

Marino is one of the biggest players in one of RI’s biggest industries - healthcare.

In 2020, Neighborhood Health Plans did more than $1.4 billion in healthcare services. 

Marino started his tenure as President and CEO at Neighborhood in September 2014. In 2013, Neighborhood did less than $400 million

And with Care New England and Lifespan losing nearly $50 million in a quarter and without a permanent CEO, Marino influences a major portion of the market.

He previously was the director of the Rhode Island Office of Management and Budget.

And before that, he was the Rhode Island Senate Fiscal Advisor, Director of Research and Policy for the Providence-based RDW Group, and Director of Policy and Municipal Affairs for the Rhode Island Public Expenditure Council (RIPEC).

He serves as chair of the board of directors for the Rhode Island Quality Institute, immediate past chair of the board for the Northern Rhode Island Chamber of Commerce, and holds several board seats, including the Rhode Island Community Food Bank, RIPEC, AMICA and the Association for Community Affiliated Plans (ACAP). 

#42 Joe Shekarchi, Lawyer, Speaker of the House

Joe Shekarchi is going into his third year as Speaker of the House - arguably the most powerful position in Rhode Island government.

And, he has a significant legal practice. 

His real estate holdings include a minority interest in an elderly housing complex in Connecticut and in the Boiler House, Crown Plaza in Minnesota.

He ran Gina Raimondo's first campaign -- General Treasurer in 2010. And has close ties to a number of prominent Democrats. 

Add to that his campaign account has more money than any other state office candidate.

#41 Charlie Townsend, Bluewater Wireless II

Ever tap into the wireless on an airplane? The provider is almost always Gogo and Townsend is on the board of the company.

Rhode Island’s Townsend, who is everything wireless, sold Aloha Partners for $2.5 billion.

In 2014, Townsend's Aloha Partners II sold part of its spectrum portfolio to AT&T. The acquired licenses cover almost 50 million people in 14 states, including California, Colorado, Connecticut, Idaho, Illinois, Indiana, Kentucky, Maine, Massachusetts, New Hampshire, New Jersey, Ohio, Pennsylvania, and Texas.

He has served on the Board of Directors of CTIA – The Wireless Association since 1988. 

Townsend currently serves as the Managing General Partner of Bluewater Wireless II, L.P.

Townsend is a graduate of the University of Virginia and Harvard Business School.

PHOTO: Wireless Foundation

#40 Raymond Mancini, Sr., Chairman, Mancini Beverage

If you live in Rhode Island and enjoy a Ketel One and tonic or Johnny Walker Black, then you probably have a connection to Raymond Mancini, Sr.

His Mancini Beverage company is one of the region’s largest liquor distributors and has been a wildly successful company.

He and his son, Raymond, Jr., are significant political donors both in Rhode Island and nationally.

Mancini is one of the few on this list who served in the military — he served in the United States Army, where he trained and mobilized for the Cuban Missile Crisis and the construction of the Berlin Wall.

The senior Mancini has served on a range of boards of several non-profits, including Roger Williams Hospital and Boston College Law School. He is also a member of the La Salle Academy Hall of Fame.

He holds a BA and MBA from Boston College. Raymond has four children and ten grandchildren.

#39 Samuel Mencoff, Brown University and Madison Dearborn Partners 

Samuel Mencoff is a founding partner and Co-CEO of Madison Dearborn Partners, one of the nation's leading private equity investment firms. He is reported to be worth a billion dollars.

He splits his time between his firm in Chicago and Rhode Island. He owns a major property in Newport -- a premier estate on Bellevue Avenue.

The firm has more than $23 billion under management and has invested in companies like XM, Univision and PayPal to name a few.

He was elected Brown's 21st Chancellor in 2016, after having served on the Corporation as a Fellow since 2009. Previously he served on the Board of Trustees from 2003 to 2009.

He is a Co-Chair of the BrownTogether campaign and chairs the Corporation's Committee on Trustee Vacancies. 

He has been a prolific fundraiser for Brown and in 2018, he made a major donation.

Brown University’s Warren Alpert Medical School received a $50 million gift from Mencoff and his wife Ann to help turn biomedical research and discovery into treatments and cures for disease.

In 2020, Mencoff’s emails about Brown’s commitment to Title IX became an embarrassment for the University.

He plays at a national level, serves as a Commissioner of the Smithsonian Institution's National Portrait Gallery, and is a director of Packaging Corporation of America, World Business Chicago, NorthShore University HealthSystem, and Vice Chairman of the Board of Trustees of the Art Institute of Chicago.

#38 Charles Royce, Royce Funds/Ocean House/Weekapaug Inn

Billionaire Chuck Royce has made a profound impact on Rhode Island’s hospitality industry by restoring and dramatically enhancing two of the most historic and unique Victorian properties in the state.

He is known as one of the pioneers of small-cap investing.

He has invested tens of millions in developing the Ocean House in Watch Hill and transformed the Weekapaug Inn into brimming expressions of Victorian architecture.

The Ocean House has been a magnet for bringing wealthy New Yorkers to Watch Hill for the weekend and then converting them to summer home buyers.

Royce holds a bachelor's degree from Brown University and a Masters of Business Administration from Columbia University.

He has been a major donor to Brown and funds the Royce Fellowship at Brown.

PHOTO:  Royce Investment

#37 Bernie Buonanno, III, Founder of Nautic Partners, Commerce RI Board

Bernie Buonanno likes to fly under the radar, but 2022 put him front and center.

An accomplished private equity financier — he and Habib Gorgi (#47 on the list) built Nautic Partners into a significant player in private equity and functionally cashed out in a deal with finance behemoth Blackstone.

Then, as a member of the RI Commerce Corporation board (a Raimondo appointee), Buonanno took on Governor Dan McKee and opposed his financing deal for the highly controversial Pawtucket soccer stadium, all while his sister — Helena Foulkes —  was running against the governor.

Add to it his father is the chair of the Convention Center Authority and Helena’s husband (Bill Foulkes) serves on the state’s Board of Education, and Buonanno's circle is at the epicenter of wealth and influence in Rhode Island. 

If the family tree was not juiced up enough, his uncle is former U.S. Senator Christopher Dodd (D-CT). And his grandfather Tom Dodd (D-CT), was also a U.S. Senator.

#36 Christina Paxson, President of Brown University

Build, build, build.

Under Christina Paxson, Brown University has been in expansion mode, buying and building structures across the city.

To fuel the growth, Brown has embraced the Wall Street barons to populate the corporation and fund the strategy.

Fraser Lang, an active Brown alum, wrote about the change in recent years:

I had the privilege of serving as an alumni trustee of Brown and have had the additional perspective of residing in the neighborhood. I was surprised to see that the current 53-member Brown Corporation includes only four members with Rhode Island addresses; Brown’s president, Christina Paxson, is among them. 

It makes sense that Brown, a global institution, would reflect that geographic diversity in its leadership. However, it also means that the vast majority of Corporation members will not have to live with the ramifications of Brown’s building decisions. 

Under Paxson, Brown has remained an "also-ran" in the Ivys, however, falling in a number of key rankings.

Despite the effort to improve the school's research capabilities and reputation, it failed again to make the list of the top 100 universities in generating patents. The University of Massachusetts and Rutgers University rank prominently.

Hard to be a research leader with little IP.

Her influence in Rhode Island does not match that of her predecessors at Brown. The merger between Lifespan and Care New England, funded in part by Brown, failed regulatory review.

Within the Rhode Island community, she has been aloof — she stands in contrast to preceding Brown Presidents Howard Swearer, Vartan Gregorian and Ruth Simmons. (Gordon Gee, we barely knew you.)

PHOTO: Brown University

#35 Ted Shallcross, Amica

Ted Shallcross was named the company's Chief Executive Officer and President this year.

He succeeds Bob DiMuccio, who is retiring after 31 years, including 17 as CEO. 

DiMuccio said, "I've worked with Ted for the past 15 years. During that time, he has shown himself to be a steady, objective and empathetic leader. I fully support his appointment as Amica's next CEO, and look forward to working with him over the next six months as he transitions into his new role. I retire from Amica knowing that the company is led by a Board and CEO who understand its culture and values, and who are ready to face the challenges ahead."

Shallcross is a veteran of the company but brings new energy to a business that just 25 years ago allowed male workers to only wear blue or white button-down shirts.

Shallcross, once in office, signed up to take the naming rights for the Providence Civic Center.

The Dunk is no more — the downtown stage, court, and rink is Amica now. 

You'll be seeing your next monster tractor pull at the Amica Mutual Pavillion.

#34 Arnold “Buff” Chace, Developer, Managing Partner Cornish Associates

Buff Chace has been a driving force in creating a new urban living experience in downtown Providence over the past 30 years. 

He has led the redevelopment of the Westminster Street area — de facto creating a neighborhood within the city. 

And, he has done it with significant public subsidies — federal and state historic tax credits and unparalleled tax stabilization deals with the city of Providence.

One of his most recent projects is the 170,000-square-foot Providence Journal Building in which he requested a major decrease in the tax assessment as well as a tax stabilization. 

Presently, he is in the middle of litigation with his cousin and brutal allegations are flying. GoLocal unveiled the legal fight in April.

Buff is currently the chairperson of the Downtown Providence Parks Conservancy and a member of the Executive Committee of the Providence Foundation, as well as an inaugural member and Fellow of the Congress for New Urbanism. In addition, he is a director emeritus for GrowSmart RI and a trustee emeritus of Trinity Repertory Theatre.

#33 Malcolm G. Chace, Jr., Managing Partner, Canton Hathaway

Chace is a co-founder of the investment firm Canton Hathaway. 

He is in the midst of a major legal fight with his cousin Arnold “Buff” Chace -- a battle that GoLocal was first to unveil in April. 

The legal proceedings are expected to go on into late 2023 or 2024.

Chace has been an investment professional and portfolio manager for over 20 years, starting at Scudder, Stevens & Clark in Boston and later working at the Providence Investment Advisory Group.

In 1999 he was a founder of the Providence office for Baldwin Brothers, Inc., managing over $500 million in assets for high net-worth individuals and institutions.

In 2008 he joined Oppenheimer & Co. Inc. as a Managing Director and Portfolio Manager and, most recently, was a Portfolio Manager at WhaleRock Point Partners, LLC.

He is a board member of The Providence Center, Meeting Street School, and Dromoland Castle (Ireland). He is an overseer at Colby College, and serves on the Investment Committee at Sophia Academy.

#32 Terry Murray, Former CEO of Fleet Bank

Terry Murray, who grew up in Woonsocket, orchestrated the merger between Bank Boston and Fleet Boston to create the seventh-largest lender in America before being bought by Bank of America.

GoLocal in 2021 wrote a feature about the Mount Saint Charles Academy football team of the 1950s, featuring a group of young men who would go on to a range of careers.

One became one of the most notorious organized crime killers.  One of the players went on to one of the most storied careers as a journalist. And another of the boys became one of America’s most successful bankers.

Murray attended Mount from his freshman year through part of his junior year.

“My father pulled me out for being a wise guy and made me get a job in a mill -- Bonin Spinning Mill. I worked there for most of the next year from 11 PM until 7 AM," Murray told GoLocal. 

After sitting out a year from school -- not exactly a "gap year," said Murray -- he went on to Providence Country Day and then to Harvard University.

Murray later went on to build a small Rhode Island bank, and through organic growth and a series of mergers, turned it into a national powerhouse.

Ultimately, Fleet Bank became the ninth-largest bank in the U.S. and merged with Bank of America in 2003.

He is one of two Rhode Islanders who belong to Augusta National.

#31 John Picerne, Founder and Chair of the Board of Corvias

With more than 30 years of professional real estate experience, Picerne developed Corvias into a major player in institutional housing.

It started in 1998, when he founded Picerne Military Housing with the goal of significantly improving housing for U.S. service members.  That portion of the business, however, came under fire.

Picerne’s Corvias has secured contracts with the United States Army that will generate $1 billion in fees.

At the United States Senate Armed Services Committee hearing in 2019, the families of members of the U.S. military told story after story of the substandard housing owned and maintained by the Rhode Island company.

All the while, Picerne was been buying mansions and castles in Florida, Ireland, and Rhode Island.

Families provided reports of overcharging, deplorable conditions, failure to maintain housing and, de facto, endangering children with health conditions.

Corvias is one of the private military housing companies most cited for deplorable housing conditions.

“Our military families do not deserve this after all the sacrifices they make…it is criminal. It is unbelievable the extent of this cover-up,” testified Janna Driver, the wife of an active-duty Air Force service member and mother of five children, according to Stars and Stripes.

Picerne has been a major donor to both national and Rhode Island elected officials over the past two-plus decades — he has donated hundreds of thousands and Rhode Island’s Senators and Congressmen have collectively received nearly $100,000.

U.S. Senator Jack Reed has received $21,375 to his campaign account and his political action committee.

Reuters reported, “To grow his business, the scion of a wealthy Rhode Island real estate family has cultivated ties with military brass and politicians. Corvias has spent millions on lobbying, and Picerne has enlisted the help of his state’s powerful Democratic senator, Jack Reed, an Army veteran and ranking member of the Senate Armed Services Committee.”

Reed’s spokesman said the Senator will no longer accept donations from Picerne. Chip Unruh said in an email to GoLocal, “Senator Reed called these hearings to help bring attention to this issue and ensure every military family has safe, high-quality housing. The CEOs committed to fixing the problem and Senator Reed will continue to hold them accountable.”

Reed is just one of the top recipients of Picerne’s donations.

Congressman Jim Langevin (D-2) has received $18,400 from Picerne, U.S. Congressman David Cicilline has received $10,300 and U.S. Senator Sheldon Whitehouse has received $9,800.