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Life Care founder becomes billionaire on aging populace

By 2030, 18 percent of the nations population will have reached 65, including the entire baby boom generation, according to projections by Pew Research Center.

By Annelise Alexander | Updated on August 07, 2014
(AP Photo/Carrie Antlfinger)
Aug. 7 (Bloomberg) — More than 10,000 Americans turn 65 every day. By 2030, 18 percent of the nation’s population will have reached that age, including the entire baby boom generation, according to projections by Pew Research Center.

The aging populace has been a boon for Life Care Centers of America Inc., the third-largest nursing home operator in the U.S., and made Forrest Preston, the closely held company’s founder and chairman, a billionaire.

“They’ve been like the little engine that could,” John O’Connor, editorial director for long-term care magazine McKnight’s, said in a phone interview. “Year after year, they’ve steadily gotten bigger and stronger. They really are titans within the field.”

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