Donald Newhouse (1930-), a media magnate, owns Conde Nast Publications.

His net worth is pegged at $8.5 billion.

He went to Syracuse University but soon dropped out to follow his heart and set up his own business.

Through wise investment decisions and hard work, he soon amassed wealth and is now one of the most successful media barons in the world.

Image: Donald Newhouse, owner of Conde Nast Publications, at the Lincoln Center in New York City. | Photograph: Scott Wintrow/Getty Images