Here Are the Wealthiest Americans in 2020, Forbes Releases New Rankings

by Halle Ames
Here-Wealthiest -Americans-2020-Forbes-Releases-New-Rankings

The Forbes 400 wealthiest people living in America are worth a record $3.2 trillion. You read that right, trillion with a ‘T’. This year’s number is up $240 billion from last year.

The founder and CEO of Amazon, Jeff Bezos, is in first place for the third year in a row with a net worth of $179 billion. Bill Gates is in second place at $114 billion.

In order to make the Forbes 400, you must first earn at least $2.1 billion for a consecutive three years.

Eighteen new members made this exclusive list. Nine returning members had fallen off the list and have clawed their way back to the top. Two of last year’s list members have died. Twenty-five lost enough of their fortune in the previous year to be cut from the list. Ten of those are victims of the pandemic’s toll.

The 39th year of the list was generated using calculations from stock prices until July 24, 2020. The list takes into account all types of assets, such as stakes in public and private companies, real estate, art, yachts, planes, ranches, vineyards, jewelry, car collections, and more. Forbes also factored in debt and charitable giving.

The Forbes 400 list of the elite started with 700 names and narrowed it down from there.

The list has different subcategories that rank philanthropy, and self-made score, as well as their wealth.

Forbes Philanthropy

According to Forbes, the most philanthropic billionaire is CEO of Berkshire Hathaway, Warren Buffet, who has donated an estimated $40 billion to nonprofits.

In terms of percentage of net worth given, George Soros, a renowned hedge fund manager, has donated 64 percent of his fortune.

Forbes Self-Made Score

As for the self-made score, each person is ranked from one to ten, depending on the billionaire’s fight to the top. If an individual grew up poor but overcame obstacles, then they receive a 10.

Oprah Winfrey received a 10 after being born to a single mother and survived sexual abuse.

Individuals who grew up in the middle to upper-class families and went on to make billions receive an eight, such as Mark Zuckerberg and Bill Gates.

As for someone who inherited their whole fortune and had done nothing to manage or increase their rank, get a score of one. Only 27 members of the list received a one, while 122 scored a five or lower.

Demographics

The youngest person on the top 400 is 34-year-old Lukas Walton, who made his money as an heir to the Walmart fortune.

The oldest is 97-year-old Robert Kuok, who made his earrings from palm oil, shipping, and property.

The richest woman ranks at number 12, Alice Walton made her money as the heiress to Walmart at $65.2 billion.

[H/T Forbes]

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