Meet the 16 New Billionaires on the Forbes 400: Michael Jordan, Scott Crabill

Meet the 16 New Billionaires on the Forbes 400: Michael Jordan, Scott Crabill

Earning a place on The Forbes 400 list of America’s wealthiest individuals became even more challenging this year, as the minimum net worth required to secure a spot reached a historic tie at $2.9 billion. However, against this high threshold, 18 individuals have managed to accumulate fortunes substantial enough to grant them entry into this exclusive club for the very first time.

One of the most recognizable newcomers to The Forbes 400 this year is none other than Michael Jordan, a basketball legend and the first professional athlete ever to be featured in this prestigious ranking. While he amassed around $90 million during his illustrious playing career, it’s his savvy off-court business ventures that have catapulted him into the ranks of America’s wealthiest. For decades, Jordan has received a share of the profits from every Jordan-branded sneaker, apparel, or accessory that Nike sells, amounting to an estimated (pretax) income of $260 million in the past year alone. Additionally, his substantial wealth is further bolstered by his ownership stake in the Charlotte Hornets. In a remarkable deal, Jordan sold a majority stake in the NBA franchise in August, valuing it at a staggering $3 billion—17 times its worth when he assumed ownership in 2010.

Claiming the title of the wealthiest newcomer is Elisabeth DeLuca, with an estimated net worth of $8.2 billion. She is the widow of Subway’s founder, Fred DeLuca, who passed away in 2015. In August, the private equity firm Roark Capital sealed a deal to acquire the sandwich giant for a reported sum exceeding $9 billion. This transaction could potentially result in an estimated $3.4 billion after taxes finding its way into DeLuca’s pockets. She inherited half of the Subway business following her husband’s passing, according to Forbes’ reporting.

The youngest entrant this year, at the age of 38, is Josh Kushner, son of real estate developer Charles Kushner and the younger brother of Jared Kushner, who previously served as a senior advisor to President Donald Trump. Josh Kushner is the first member of his family to secure a spot on The Forbes 400, all thanks to Thrive Capital, the venture capital firm he founded at the tender age of 25 in 2010. Thrive Capital, an early supporter of startups such as Instagram, Spotify, and Slack, recently raised $175 million in January, valuing the firm at $5.3 billion.

Of this year’s new Forbes 400 entrants, seven hail from the world of finance and investments, making it the most represented industry. Among them are Seth Boro, Scott Crabill, and Holden Spaht, three partners of the private equity firm Thoma Bravo, each estimated to be worth $3.3 billion. There’s also investor Rajiv Jain, whose bold bet on the Adani Group in March earned him an estimated net worth of $3.1 billion. Stewart Horejsi, an early backer of Berkshire Hathaway, boasts a fortune of $3 billion, while J. Hyatt Brown, an insurance magnate, claims a place on the list with $2.9 billion.

Notably, some individuals secured their wealth through different avenues. William Goldring, with a fortune of $6 billion, made his wealth in the alcohol industry, owning the Sazerac Company, which produces popular beverages like Buffalo Trace Distillery and Fireball Cinnamon Whisky. The dynamic duo of Eren Ozmen ($3.4 billion) and Fatih Ozmen ($3.3 billion) found their prosperity in the aerospace sector. Mississippi is now home to two Forbes 400 members, James and Thomas Duff, who each possess a net worth of $3 billion. They co-own Southern Tire Mart, a tire retailer, and have various other business interests through their Duff Capital Investors holding company. Finally, only two newcomers in this year’s list hail from the tech industry, namely Sanjit Biswas ($3.6 billion) and John Bicket ($3.5 billion), both associated with San Francisco-based software company Samsara, which went public in 2021.

HERE ARE THE 18 NEW MEMBERS OF THE FORBES 400

Last Updated as on September 8, 2023

1.Annette Lerner & family

Net worth: $6.5 billion | Age: 93 | Source of wealth: Real estate

Back in 1952, this remarkable woman extended a loan of $250 to her husband, Ted, enabling him to establish Lerner Enterprises, a prominent real estate firm based in Washington, D.C. Sadly, with Ted’s passing in February, the reins of his considerable wealth have now been passed on to Lerner and her children. This substantial fortune encompasses a diverse portfolio of real estate holdings in the Washington, D.C. region, as well as ownership of the Washington Nationals baseball team.

2.Seth Boro

Net worth: $3.3 billion | Age: 48 | Source of wealth: Private equity

Seth Boro holds the role of Managing Partner at Thoma Bravo, with his operational base in San Francisco. He initially joined the firm in 2005, later advancing to the position of Partner in 2010, and ultimately taking on the role of Managing Partner in 2013. In his capacity, Seth spearheads the firm’s strategy in infrastructure software and cybersecurity. His responsibilities encompass identifying and executing new investment deals, fostering the growth of portfolio companies while actively serving on their boards, and contributing to the overall management of the firm.

3.Elisabeth DeLuca & family

Net worth: $8.2 billion | Age: 76 | Source of wealth: Subway

Elisabeth DeLuca, the widow of Subway’s co-founder Fred DeLuca, took possession of half of the renowned sandwich company following her husband’s passing in 2015. Then, in August, a significant development unfolded as Roark Capital reached an agreement to acquire the Subway chain. Reports indicate that this deal is valued at a staggering sum, surpassing $9 billion, further enhancing DeLuca’s substantial wealth.

4.Sanjit Biswas

Net worth: $3.6 billion | Age: 41 | Source of wealth: Sensor systems

Once a young engineer at Oracle, this individual has since ventured into the realm of Samsara, a company he co-founded. Samsara provides a suite of tools, including AI-powered dash cameras, real-time driver coaching, and route mapping. Their services cater to a diverse clientele, which includes notable names like oil field service provider Liberty Energy, moving company PODS, and the plumbing giant Roto-Rooter.

5.William Goldring & family

Net worth: $6 billion | Age: 80 | Source of wealth: Alcohol

Hailing from Louisiana, this individual holds the position of chairman at the Sazerac Company, a prominent alcoholic beverage producer. The company boasts ownership of the renowned Buffalo Trace Distillery and the beloved Fireball Cinnamon Whisky brand.

6.John Bicket

Net worth: $3.5 billion | Age: 43 | Source of wealth: Sensor systems

John Bicket is one of the co-founders of Samsara, a company established in 2015. Samsara specializes in providing a combination of hardware and cloud-based software for the purpose of data collection and analysis. Bicket holds the position of Chief Technology Officer at Samsara, which is headquartered in San Francisco. The company’s operations extend across North America and Europe, and it boasts a customer base of over 20,000 clients.

7.Eren Ozmen

Net worth: $3.4 billion | Age: 65 | Source of wealth: Aerospace

A Turkish immigrant, Ozmen, displayed remarkable determination, working her way through business school by taking on an office-cleaning job and selling baklava. Now, her company, Sierra Space, is poised for a significant milestone—the launch of Dream Chaser. Notably, this spacecraft stands as the sole vehicle capable of landing on a commercial runway, and this exciting venture is set to take off in the upcoming year.

8.Josh Kushner

Net worth: $3.6 billion | Age: 38 | Source of wealth: Venture capital

Josh Kushner1, the youngest addition to this year’s list, made his mark by launching the venture capital firm Thrive Capital back in 2010. As the son of real estate developer Charles Kushner and the brother-in-law of Ivanka Trump, he is married to the supermodel Karlie Kloss.

9.Fatih Ozmen

Net worth: $3.3 billion | Age: 65 | Source of wealth: Aerospace

Fatih Ozmen holds the position of CEO and shares ownership of Sierra Nevada Corporation (SNC), a prominent private defense and aerospace company. Ozmen’s journey led him from Turkey to the United States in the 1980s, where he pursued a master’s degree in engineering at the University of Nevada, Reno. Together with his wife, Eren, they acquired SNC back in 1994 when the company employed just 20 individuals. Today, SNC has expanded significantly, boasting a workforce of over 5,000 employees spread across more than 40 locations.

10.Scott Crabill

Net worth: $3.3 billion | Age: 53 | Source of wealth: Private equity

Scott Crabill serves as a Managing Partner at Thoma Bravo, with his base of operations located in San Francisco. He became a part of the firm back in 2002, playing a pivotal role in shaping its investment strategy within the software industry. Scott’s responsibilities encompass identifying and executing new investment deals, actively engaging with portfolio companies as a dedicated board member, and contributing to the overall management of the firm.

11.Holden Spaht

Net worth: $3.3 billion | Age: 49 | Source of wealth: Private equity

Holden Spaht serves as a Managing Partner at Thoma Bravo, with his base of operations located in San Francisco. He became a part of the firm in 2005, where his responsibilities encompass identifying and executing new investment deals, actively engaging with portfolio companies as a dedicated board member, and contributing to the overall management of the firm.

12.James Duff

Net worth: $3 billion | Age: 62 | Source of wealth: Tires, diversified

Brothers James and Thomas Duff embarked on a collaborative journey, co-founding and co-owning Duff Capital Investors. This holding company oversees a diverse portfolio of more than 20 businesses, amassing a total revenue exceeding $5 billion. Born and raised in Columbia, Mississippi, these brothers hold the distinction of being the sole Forbes 400 members hailing from their state. Moreover, they are the first individuals from Mississippi to secure a place on this prestigious list since 2009.

13.Thomas Duff

Net worth: $3 billion | Age: 66 | Source of wealth: Tires, diversified

Tom was appointed to the Mississippi Public Universities board of trustees by former Governor Phil Bryant in 2015. These two brothers, James and Thomas Duff, who hail from Columbia, Mississippi, hold the distinction of being the sole Forbes 400 members from their state. Notably, they are the first individuals from Mississippi to secure a place on this prestigious list since 2009. James and Thomas Duff co-founded and jointly own Duff Capital Investors, a holding company that oversees a diverse portfolio of more than 20 businesses, generating a total revenue exceeding $5 billion.

14.Rajiv Jain

Net worth: $3.1 billion | Age: 55 | Source of wealth: Finance

Having arrived in the U.S. from India during the early 1990s to pursue an MBA at the University of Miami, Jain embarked on a career journey that led him to spend nearly 22 years at Swiss asset manager Vontobel. In 2016, he took the bold step of co-founding GQG Partners. This firm, which is publicly listed in Australia, boasts an impressive $107 billion in assets under management.

Notably, GQG Partners made a significant and contrarian move by investing over $6 billion in the beleaguered Indian conglomerate Adani Group. This decision came in the wake of allegations of fraud and stock market manipulation made by a short seller in January. Adani vehemently denied these allegations, and GQG Partners stood firm in their investment choice.

15.Stewart Horejsi & family

Net worth: $3 billion | Age: 86 | Source of wealth: Berkshire Hathaway

Utilizing profits from his family’s welding supply company in Kansas, Horejsi embarked on a journey of purchasing Berkshire Hathaway stock in 1980, when share prices were as modest as $295 each. Today, Berkshire’s Class A stock commands a value exceeding $500,000 per share.

16.Geoffrey Palmer

Net worth: $3.1 billion | Age: 73 | Source of wealth: Real estate

Geoffrey Palmer is a prominent figure in Los Angeles, renowned as one of the largest apartment developers in the region. His portfolio includes nearly 13,000 units located in the greater Los Angeles metropolitan area.

Palmer’s journey in the real estate industry began in the 1970s when he started developing residential projects in Los Angeles. In 1978, he took the significant step of establishing his own firm, G.H. Palmer Associates. His initial projects focused on condominiums in the Santa Clarita valley in northern Los Angeles County. It wasn’t until 1985 that he ventured into the construction of his first apartment complex, also located in Santa Clarita.

17.Michael Jordan

Net worth: $3 billion | Age: 60 | Source of wealth: Charlotte Hornets, endorsements

In August, the basketball legend achieved one of the most significant victories in his business career by selling a majority stake in the NBA’s Charlotte Hornets. The deal was struck at a remarkable valuation of $3 billion, a staggering 17 times the franchise’s worth when he assumed ownership in 2010. Simultaneously, he continues to enjoy a steady stream of royalty payments from every Jordan-branded sneaker, clothing item, or accessory sold by Nike. This stream of income has amounted to an estimated $260 million in the past year alone, nearly tripling the earnings he accumulated over his illustrious 16-year playing career, which amounted to roughly $90 million.

18.J. Hyatt Brown

Net worth: $2.9 billion | Age: 86 | Source of wealth: Insurance

Brown & Brown, chaired by him, holds the distinction of being the fifth largest insurance brokerage company in the United States. This firm, founded by his father in 1939, stands as a testament to their enduring legacy in the insurance industry.

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Emily Johnson

Meet Emily Johnson, a rising star in the world of news reporting. Armed with a Communications degree from Harvard University, Emily's writing is a perfect blend of creativity and fact-based journalism. She specializes in human-interest stories, bringing the personal touch that makes every story relatable. Whether it's heartwarming tales or societal issues, Emily is your guide to the trending news you won't want to miss.

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