NEW YORK –Four Indian Americans made to the newly released 41st annual Forbes 400 list, the ranking of the wealthiest people in America.
The richest Indian Americans are: Jay Chaudhry (ranked #79) with $8.3 billion; Vinod Khosla (ranked #181) with $5.4 billion; Ramesh Wadhwani (ranked #196) with $5.1 billion; and Rakesh Gangwal (ranked #261) with $4.1 billion.
The Forbes 400 list is a snapshot in time of wealth using stock prices from September 2, 2022.
“The rich don’t always get richer,” said Chase Peterson-Withorn, Deputy Wealth Editor, Forbes. “Like many Americans, the wealthiest 400 people in the country are feeling the stock market slowdown. They’re collectively 11 percent poorer than they were a year ago. But they’re doing just fine—worth $4 trillion overall, $1 trillion more than they were worth in fall 2019, just before the pandemic.”
Elon Musk earns the top spot for the first time ever, unseating former Amazon CEO Jeff Bezos, who had held the top spot for four consecutive years. Musk is an estimated $60.5 billion richer—now worth an estimated $251 billion—in part due to an 11 percent rise in shares of electric carmaker Tesla since last year’s list and a fresh round of funding for his private rocket business, SpaceX.
For the first time since the Great Recession, the cutoff to join the ranks of America’s richest people is down. The minimum fortune needed to make the list fell to $2.7 billion, down $200 million from last year’s record $2.9 billion. The total net worth of the list makers also fell for the first time since the Great Recession. The Forbes 400 is now worth $4 trillion, down $500 billion from last year’s record-breaking $4.5 trillion—but still the second-highest Forbes has recorded since the list’s inception in 1982. This year’s ranking includes 20 newcomers and 22 people who dropped off the list in the past and have now rejoined.
There were 41 drop-offs on this year’s list, including Cameron and Tyler Winklevoss, cofounders of crypto exchange Gemini. Donald Trump returns to the list after falling out of the ranking in 2021.
Each year as part of The Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. The team estimated list members’ total lifetime giving based on public filings (including tax forms for private foundations, press releases and more) and the percentage of their fortune they have donated. Only nine members of The Forbes 400 have given away more than 20 percent of their net worth in their lifetime. More than a third of The Forbes 400 has given away less than 1 percent of their wealth.
The Forbes 400 magazine issue features five consecutive covers:
- Mark Cuban: Mark Cuban has never lost his passion for disruption. Now the billionaire entrepreneur has an ambitious plan to take on big pharma and lower the cost of prescription drugs once and for all. And, after 13 seasons, this savvy shark may finally be ready to leave the tank.
- Diane Hendricks: Diane Hendricks had a child at age 17, worked as a Playboy Bunny to pay the bills, beat cancer twice and survived the tragic death of her husband before transforming herself into the nation’s most successful businesswoman. She has tripled her net worth in the last five years. Next: fixing the country’s schools and infrastructure before we red, white and blow it.
- Hayes Barnard: Hayes Barnard figured out how to bring costly solar power within financial reach of most homeowners. As he makes his debut on The Forbes 400, his ambitions are loftier still: to turn every American dream green.
- Rob Hale: Granite Telecommunications CEO Rob Hale became a billionaire by capitalizing on the technology Alexander Graham Bell patented in 1876. But time’s up, and now he must join the 21st century.
- Joe Kiani: As the child of Iranian immigrants in the deep South, Joe Kiani surmounted overwhelming odds to become a billionaire. So why should he be afraid to push his scrappy medical monitoring company into consumer electronics, challenging companies 100 times its size?
For the complete Forbes 400 ranking, methodology and more, visit: www.forbes.com/forbes-400/