Despite the stalled economy, the nation's wealthiest are worth a combined $1.53 trillion, nearly equivalent to the GDP of our neighbor Canada. Their total wealth is up 12% in the year through August 26, when we took a snapshot of everyone's net worth, meaning these affluent folks did slightly better than the markets; the S&P 500, for instance, was up 10% in that time.
But it's not simply a case of the rich getting richer. The Forbes 400 grows more meritocratic over time. An all-time high 70% of this year's list are self-made, up from 55% in 1997.
Bill Gates was the richest person for the 18th straight year, worth $59 billion; the last time he didn't rank no. 1 was in 1993 when his good friend Warren Buffett was on top. Buffett, who's been spending a lot of time talking about raising taxes on the rich, is still no. 2 but the gap is widening. His fortune tumbled $6 billion in the past year, making him the biggest loser in terms of total dollars. He gave away $3.27 billion since last year's rankings but was also pinched by a 10% drop in Berkshire Hathaway's stock.
Rounding out the top 10 on The Forbes 400: Oracle founder Larry Ellison ($33 billion), industrialists Charles and David Koch ($25 billion apiece), Wal-Mart heirs Christy Walton ($24.5 billion), Jim C. Walton ($21.1 billion) and Alice Walton ($20.9 billion), hedge fund investor George Soros ($22 billion), and casino king Sheldon Adelson ($21.5 billion).
The headlines in this our 30th year of The Forbes 400 belong not to the old stalwarts but to a younger group of entrepreneurs marching their way up the ranks, particularly those who are profoundly impacting social behavior online. These entrepreneurs are using technology to unleash power and make fortunes, and it is these folks who will likely help jump-start the American economy again.
Leading the pack is Facebook's Mark Zuckerberg, who added $10.6 billion to his fortune, making him the year's biggest gainer and pushing him into the top 20 for the first time — he ranks no. 14 with a net worth of $17.5 billion. That puts him ahead of Google rivals Sergey Brin and Larry Page, who added $1.7 billion apiece to their fortunes but slipped five spots in the rankings and are tied at no. 15.
The hoodie-clad 27-year-old Zuckerberg is one of 6 club members to get rich from Facebook. Others include newcomers Sean Parker and Jim Breyer, Facebook's venture capitalist, as well as Zuckerberg's former roommate Dustin Moskovitz, whose birthday is eight days after the Facebook chief's, making him America's youngest billionaire. Three other social media mavens made their debut including LinkedIn's Reid Hoffman, Groupon's Eric Lefkofsky and Zynga's Mark Pincus.
Other notable entrepreneurs among the 18 newcomers include Green Mountain Coffee's Bob Stiller, Go Daddy's Bob Parsons, and energy tycoons Farris and Dan Wilks. Six people, including Starbucks' Howard Schultz and Quicken's Dan Gilbert, returned to the list after a year or more absence.
Three members of last year's list have died: John Anderson, William Cook and Jess Jackson. Twenty-one missed the cut, including at least a dozen billionaires, like University of Phoenix's John Sperling, whose net worths were just shy of $1.05 billion, the price of admission in 2011.
Bill Gates
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Rank: 1
Net Worth: $59 Billion
Age: 55
Source: Microsoft
Residence: Medina, WA
The top mission for the world's most magnanimous human being Bill Gates (he's already given away $28 billion) is to end polio, which still exists in four countries and requires $1 billion a year for vaccinations; his foundation chips in $200 million. He's also tackling malaria by providing more bed nets and backing development of a low-cost vaccine. Slower progress on the education front: After delivering $2 billion-plus in grants to help high schools from 2000 to 2008, Gates admitted that efforts "fell short." Just one-fourth of his net worth is still held in Microsoft; the rest is in private equity, global stocks, bonds and private companies. With help from billionaire buddy Warren Buffett, he's convinced nearly 70 of the world's wealthiest to sign his "Giving Pledge," promising to donate the majority of their wealth to charity either during their lifetime or after death. In April toured Amazon ruins and jungles with wife, Melinda, and their children.
Warren Buffett
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Rank: 2
Net Worth: $39 Billion
Source: Berkshire Hathaway
Residence: Omaha, NE
Warren Buffett, the second richest man in America, thinks he and his fellow billionaires should be paying more money to Uncle Sam. In August Buffett penned an opinion piece in the New York Times arguing that tycoons need to pay more taxes: "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks." That same month Buffett went bargain shopping and invested $5 billion in beleaguered Bank of America, a move similar to his backing of Goldman Sachs during the credit crisis. Buffett suffered a rare blemish this March after top executive and potential successor, David Sokol, resigned amidst allegations of self dealing; charges were never filed. Meanwhile shares of his conglomerate, Berkshire Hathaway, have fallen 10% since last August, while the S&P 500 climbed 10% over the same span. Along with billionaire buddy, Bill Gates, Buffett continues to push the Giving Pledge, wrangling new tycoons to agree to ultimately give away 50% of their fortunes. The son of Nebraska stockbroker met value investor Benjamin Graham while studying economics at Columbia. Took over textile firm Berkshire Hathaway in 1965, company now holds vast investments including banks, insurance, railroads and restaurants.
Larry Ellison
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Rank: 3
Net Worth: $33 Billion
Age: 67
Source: Oracle
Residence: Redwood City, CA
Larry Ellison seems to be spending more time in court than on the water: Oracle (Nasdaq: ORCL - News) has been battling German software firm SAP over alleged software theft and rival HP over Ellison's hiring of its former chief Mark Hurd. Oracle stock is unharmed — up 15% from a year ago. Ellison sold his half-share in 453-foot yacht Rising Sun to co-owner David Geffen in late 2010. After quietly donating millions to medicine and education, Ellison joined the Giving Pledge at Buffett's behest in 2010.
Charles Koch
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Rank: 4
Net Worth: $25 Billion
Age: 75
Source: Manufacturing
Residence: Wichita, KS
Faulty absentee ballot applications in Wisconsin were just the latest political dirty tricks attributed to Charles and his brother David, thanks to their financial support for Americans for Prosperity, the Tea Party-esque group that is fighting public-sector unions and tax increases nationwide. Liberals fear the U.S. Supreme Court's Citizens United decision of last year will give the billionaire brothers unlimited clout in next year's presidential election. But the Kochs, whose political contributions are down by more than half this year, seem more intent on building their business. Koch Industries revenues, which Charles heads from Wichita, are more than $100 billion, and the debt-averse company is rapidly eliminating the leverage on its $21 billion purchase of Georgia Pacific in 2005. Meanwhile the Kochs split with wealthy peer T. Boone Pickens over his plan to subsidize natural gas vehicles; the Kochs call it an unwarranted giveaway to big business. The brothers got their initial fortune from their father, Fred C. Koch (d. 1967), who invented the method of turning heavy oil into gasoline. Charles and David bought out other brothers William and Frederick for $1.1 billion in 1983. Today the company, in which they both have 42% stakes, has investments in pipelines, refineries, fertilizer, fibers and polymers, chemical technology and forest and consumer products.
David Koch
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Rank: 5
Net Worth: $25 Billion
Age: 71
Source: Manufacturing
Residence: New York, NY
New York City's richest billionaire sits on many of its most prominent boards including that of the American Museum of Natural History. Still he and his brother Charles have a knack for stirring up controversy. Faulty absentee ballot applications in Wisconsin were just the latest political dirty tricks attributed to the pair, thanks to their financial support for Americans for Prosperity, the Tea Party-esque group that is fighting public-sector unions and tax increases nationwide. Liberals fear the U.S. Supreme Court's Citizens United decision of last year will give the billionaire brothers unlimited clout in next year's presidential election. But the Kochs, whose political contributions are down by more than half this year, seem more intent on building their business. Koch Industries revenues are more than $100 billion, and the debt-averse company is rapidly eliminating the leverage on its $21 billion purchase of Georgia Pacific in 2005. Meanwhile the Kochs split with wealthy peer T. Boone Pickens over his plan to subsidize natural gas vehicles; the Kochs call it an unwarranted giveaway to big business. The brothers got their initial fortune from their father, Fred C. Koch (d. 1967), who invented method of turning heavy oil into gasoline. Charles and David bought out other brothers William and Frederick for $1.1 billion in 1983. Today the company, in which they both have 42% stakes, has investments in pipelines, refineries, fertilizer, fibers and polymers, chemical technology and forest and consumer products.
Christy Walton
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Rank: 6
Net Worth: $24.5 Billion
Age: 56
Source: Walmart
Residence: Jackson, WY
The world's richest woman, Wal-Mart (NYSE: WMT - News) widow Christy Walton inherited her wealth when husband John Walton, a former Green Beret and Vietnam war medic, died in an airplane accident near his home in Wyoming in 2005. Her late husband's investment in First Solar also boosts her total net worth by nearly $2.7 billion. The bulk still comes from her holdings in Wal-Mart, the retailer founded by her father-in-law Sam Walton and his brother James in 1962. Walton received almost $300 million in Wal-Mart dividends since last year. The stock was up only 3% in the past year.
George Soros
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Rank: 7
Net Worth: $22 Billion
Age: 81
Source: Hedge funds
Residence: Katonah, NY
In July George Soros announced that he is turning his fund into a family office, returning just under $1 billion of his $25.5 billion assets to outside investors — dodging Dodd-Frank's registration mandate. In August his ex-girlfriend, 28, sued him for $50 million for an apartment she says he promised to buy her. Soros is best known for shorting England's currency, "breaking" the Bank of England in 1992 and reportedly making $1 billion in one day when Bank of England stopped fixing exchange rate. He has given away more than $8 billion since 1979 to human rights, public health and education groups. Last year he pledged $100 million to Human Rights Watch, in part to counteract America's loss of the "moral high ground." He's also given away $150 million to Roma Rights (Gypsies)
Sheldon Adelson
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Rank: 8
Net Worth: $21.5 Billion
Age: 78
Source: Casinos
Residence: Las Vegas, NV
Casino king Sheldon Adelson continues to enjoy a hot hand. His fortune is up $7 billion since last year, as his strong position in the casino-crazy Asian markets has pushed stock of Las Vegas Sands (NYSE: LVS -News) up roughly 50% to a recent $48. (Shares once traded as low as $1.50 in 2009.) Nearly 90% of its operating profit comes from Asia; the thriving Marina Bay Sands casino opened in Singapore last year. Through his majority-owned subsidiary Sands China, Adelson has 3 resorts in Macau. His goal is to push company shares back over $100, near their 2007 peak. Not that he'll spend the money on himself: "The richer I get, the more money goes to cancer research." The cabdriver's son created the computer industry's marquee event, Comdex, in the mid-1980s. He sold it to Japan's Softbank for $862 million 1995 and later built the $1.5 billion Venetian Resort Hotel Casino and the 1.2-million-square-foot Sands Convention Center in 1997 in Las Vegas. He opened the $1.9 billion Palazzo resort in 2008.
Jim Walton
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Rank: 9
Net Worth: $21.1 Billion
Age: 63
Source: Walmart
Residence: Bentonville, AR
Wal-Mart heir Jim Walton is Chairman and CEO of his family's Arvest Bank, which has branches in Arkansas, Kansas, Oklahoma, and Missouri. His father, Sam Walton (d. 1992), a former clerk, founded a Bentonville store with his brother James in 1962. Today, Wal-Mart has sales of $405 billion and employs more than 2.1 million people across 28 countries. The company's shares were up 3% in the past year. Jim Walton received over $300 million in dividend payouts. He also serves as chairman of Community Publishers, which operates newspapers in Arkansas, Missouri, and Oklahoma.
Alice Walton
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Rank: 10
Net Worth: $20.9 Billion
Age: 61
Source: Walmart
Residence: Millsap, TX
Wal-Mart heiress Alice Walton is set to open her Crystal Bridges Museum of American Art in Bentonville, Arkansas in November. Considered one of the world's preeminent collections of American art from colonial time to the present, the museum will include works donated by Walton herself and the Walton Family Foundation, with the possible additional gifts from other private collectors. Wal-Mart shares are up 3% over the past year. Walton graduated from Trinity College in San Antonio, Texas, and now runs a horse ranch in central Texas.
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