Who’s New To (and Who’s Gone From) Forbes’ Billionaires List?
Forbes released its 2022 Billionaires List on April 5, with quite a lot of shake-ups appearing on the roster. In total, 329 of last year’s billionaires fell off the list, while 236 new names joined the ranks, Forbes reported. The business-oriented website called it “the worst year for billionaire drop-offs since 2009.” Last year’s list, on the other hand, saw 493 newcomers on the list — but 169 of them dropped down to mere millionaires in 2022.
In all, the Billionaires List is 87 names shorter this year. Forbes attributes the shorter list to war in Ukraine, Chinese tech legislation, and a down stock market compared to 2021’s stock rally. Forbes compiled the list based on stock prices and currency exchange rates when the market closed on March 11.
So who is new, who is gone, where do they hail from, and what industries do they work in?
First, The Good News
Of the 236 newcomers to the list, 50 are from the U.S. This is second only to China’s 62 new billionaires minted via a variety of industries, ranging from soft goods to tech. Some of the most notable U.S. entrepreneurs, entertainers, and investors on the list include pop star Rihanna, worth $1.7 billion, movie director Peter Jackson, worth $1.5 billion, and venture capitalist Josh Kushner, worth $2 billion.
Finance and technology, and, for that matter, fintech, yielded multiple billionaires, including Gary Wang, whose work as cofounder and chief technology officer for the cryptocurrency exchange FTX helped him build a portfolio of $5.9 billion. Also in finance, Scott Shleifer’s hedge fund Tiger Global Management put him on the list with a net worth of $5 billion.
Forbes reported that only 33 of the world’s newest billionaires are women and, of those, only 11 earned their wealth rather than inheriting it. Topping this prestigious list of self-made women is Canva cofounder and CEO Melanie Perkins, who is worth $6.5 billion. The graphic design app she developed alongside Cliff Obrecht was valued at $40 billion last year, Forbes says.
Who’s Gone From the Billionaires List?
China lost the greatest number of billionaires, accounting for 45.29% of those who dropped off the list. The U.S. only accounted for 10.03% of the losses.
Vlad Tenev and Baiju Bhatt, co-founders of the Robinhood stock trading app, had a rough few years when the company faced lawsuits and scrutiny over some of its practices. The company reported billions in losses in 2021, and that reflected directly on the founders’ net worth, who just lost their tenuous spots on the Billionaires list — going from a net worth of $1 billion each to just $800 million.
RJ Scaringe, founder of electric vehicle manufacturer Rivian, also faced losses this year due to production issues, silicon chip shortages, and tumbling stock prices. The company’s stock dipped 64% in the past year, and Scaringe’s net worth fizzled from $3.4 billion to $700 million.
Whitney Wolfe Herd — who founded the dating app Bumble — landed on last year’s list when her company went public. But with shares down 72% since the IPO, Herd’s net worth went from $1.3 billion last year to less than $700 million this year, Forbes reports.
Another American entrepreneur, John Foley, bought his ticket to ride the billionaire’s list when Peloton, the fitness bike brand he co-founded, surged in popularity during the pandemic. But a cycle of bad PR — and the re-opening of gyms across the U.S. — have sent Peloton shares tumbling and, with them, Foley’s net worth. He’s gone from a net worth of $1.5 billion to a mere $400 million, per Forbes.
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