BOSTON—Wayfair founder and CEO Niraj Shah has made to the list of 50 Richest People in Massachusetts and is ranked # 22 with a net worth at $1.2 billion. He is the only Indian-American on the list.
The list was compiled by AffluenceIQ, a database company that profiles the highest net worth families in Massachusetts. AffluenceIQ said Mr. Shah, 42, enjoys Back Bay and Cape Cod homes.
The five richest people in Massachusetts are: #1: Casino mogul Sheldon G. Adelson at $35.4 billion; #2: Fidelity Investments CEO Abigail P. Johnson: $16 billion; #3: Fidelity Investments Chairman Edward C. Johnson III: $8 billion; #4: Lone Star founder John P. Grayken: $6.5 billion; and #5: Robert Kraft, Patriots owner and the CEO of the Kraft Group: $6.2 billion, according to AffluenceIQ.
Mr. Shah, co-founder and CEO of publicly-traded Wayfair, first achieved billionaire status in June last year when stock prices of Wayfair rose. Bloomberg at the time estimated Mr. Shah’s net worth at $1.37 billion.
Mr. Shah also serves as Co-Chairman of Wayfair, an online home furnishings retailer that he co-founded with Steve Conine in 2002.
Before founding Wayfair, Mr. Shah served as CEO and co-founder of Simplify Mobile, an enterprise software company which was sold in 2001. Prior to that, he served as Entrepreneur-in-Residence at Greylock Partners, COO and a member of the Board of Directors at iXL, a publicly traded global technology consulting firm, and the CEO and co-founder of Spinners, which was sold to iXL in 1998.
He has been included in Fortune Magazine’s 40 Under 40, and has won the Ernst and Young’s Entrepreneur of the Year award. He also serves on the board of Massachusetts Competitive Partnership, The Greater Boston Chamber of Commerce, and the Federal Reserve Bank of Boston, according to his official bio on Wayfair website.
Mr. holds a B.S. in engineering from Cornell University, and lives in Boston with his wife and two children.