When being a billionaire just isn’t enough.
There aren’t many things $1 billion won’t get you, but a spot on The Forbes 400 list of the richest Americans is one of them. Not even $3 billion will do it. This year, the 400 wealthiest people in the U.S. are all worth at least $3.3 billion—a new record, and $400 million more than last year.
That high bar means scores of America’s most prominent billionaires are simply not rich enough to make the cut. In fact, for the first time ever, there are more U.S. billionaires not on the list—415 and counting—than on it.
These too-poor billionaires include celebrity moguls like Oprah Winfrey (estimated net worth: $3 billion), Kim Kardashian ($1.7 billion), Taylor Swift ($1.3 billion), Magic Johnson ($1.2 billion) and Arnold Schwarzenegger ($1 billion).
Dozens of prominent tech and finance leaders don’t have enough scratch either, including virtual reality scion Palmer Luckey ($2.4 billion), Scale AI cofounder Alexandr Wang ($2 billion), Bilt Rewards founder Ankur Jain ($1.2 billion) and OpenAI CEO Sam Altman ($1 billion).
Of course, there’s always next year. Just ask Jayshree Ullal, the president and CEO of Arista Networks, who was $100 million too poor in 2023 but, over the past 12 months, has ridden Arista’s skyrocketing stock price onto The Forbes 400 for the first time, with an estimated $4.4 billion net worth.
And Altman may rank among the richest 400 Americans soon enough, too: According to multiple reports, OpenAI is currently discussing a restructuring that would change it from a non-profit into a for-profit corporation, and give Altman equity in the company for the first time. Bloomberg reported he may get a 7% stake in the newly restructured firm; Altman denied this to OpenAI staff last week, saying there are no plans for him to get a “giant equity stake” in the company.
Here are few of the most prominent American billionaires who aren’t rich enough to make The Forbes 400—at least yet.
Net worths are as of September 1, 2024.
Sam Altman
Net worth: $1 billion | Age: 39 | Source of wealth: Investments
Though it may change soon, the CEO of OpenAI currently has no equity in the artificial intelligence giant he runs. Instead, he’s made a fortune through smart venture investments, including stakes in Stripe, Reddit and Helion, a research company looking to build the world’s first fusion power plant. OpenAI told investors that it’s expecting to soon close on a new funding round, which according to reports could value the firm at as much as $150 billion.
Arnold Schwarzenegger
Net worth: $1 billion | Age: 77 | Source of wealth: Movies, investments
The action star joined Forbes’ billionaires list earlier this year after our reporting revealed how he parlayed $500 million in Hollywood earnings into a diverse investment empire. His most valuable asset: a minority stake in one of the world’s biggest investment funds, Dimensional Fund Advisors.
Jerry Seinfeld
Net worth: $1.1 billion | Age: 70 | Source of wealth: Comedy
Seinfeld is the richest comedian in America thanks to lucrative syndication profits from his namesake TV show, including a five-year, $500 million deal with Netflix.
Bruce Springsteen
Net worth: $1.1 billion | Age: 74 | Source of wealth: Music
Forbes named “The Boss” the latest entertainer to become a billionaire in July. His fortune comes from a lifetime of touring and selling records, as well as a $500 million deal to sell his music catalog in 2021.
The 400
Ankur Jain
Net worth: $1.2 billion | Age: 34 | Source of wealth: Rewards firm
Jain is the founder and CEO of Bilt Rewards, a New York City-based credit card issuer that allows users to gain rewards – including airline and hotel points – off their rent payments. The company raised $200 million from private investors at a $3.1 billion valuation in January.
Magic Johnson
Net worth: $1.2 billion | Age: 65 | Source of wealth: Basketball, Investments
The NBA superstar built his fortune off the court, including buying stakes in the Washington Commanders NFL team and Los Angeles Dodgers MLB team. His biggest asset, however, is a 60% stake in the $27 billion (assets under management) life insurance company Equitrust.
Sara Blakely
Net worth: $1.3 billion | Age: 53 | Source of wealth: Spanx
A former door-to-door fax machine salesperson, Blakely made her fortune founding the shapewear brand Spanx. In August, she unveiled her latest invention: a stiletto-heeled sneeker called “Sneex.”
Richard Saghian
Net worth: $1.3 billion | Age: 43 | Source of wealth: Fast fashion
The founder of online fashion retailer Fashion Nova – known for its social media and celebrity marketing – has spent $300 million over the past four years buying up Los Angeles real estate. In August, he paid $118 million for a new 175,000-square-foot headquarters for his fashion business.
Taylor Swift
Net worth: $1.3 billion | Age: 34 | Source of wealth: Music
Swift’s record-breaking Eras tour and massively valuable music catalog propelled her into the three-comma club last October. Since then she’s released her 11th studio album, The Tortured Poets Department, and continued her blockbuster Eras Tour.
Kim Kardashian
Net worth: $1.7 billion | Age: 43 | Source of wealth: Shapewear, skincare
Kim K might be famous for being famous, but she is a billionaire from Skims, her shapewear brand that raised $270 million at a $4 billion valuation in 2023. She also has a skincare line, SKKN BY KIM, and a private equity firm, SKKY Partners.
Alexandr Wang
Net worth: $2 billion | Age: 27 | Source of wealth: Artificial intelligence
Crowned the world’s youngest self-made billionaire in 2022 before falling from the ranks amid market turmoil, Wang regained the title in May after announcing that his artificial intelligence unicorn Scale AI had raised $1 billion at a $13.8 billion valuation. Wang owns an estimated 15% of the San Francisco-based firm.
Tom Ford
Net Worth: $2.2 billion | Age: 63 | Source of Wealth: Fashion
Ford sold his stake in his eponymous fashion brand to Estee Lauder in 2022 in a $2.8 billion deal. Since then, he’s put a big chunk of that fortune into an impressive real estate portfolio worth an estimated $200 million.
Palmer Luckey
Net worth: $2.4 billion | Age: 32 | Source of wealth: Virtual reality, defense technology
The wunderkind sold his virtual reality company, Oculus VR, to Meta for $2 billion in cash and stock in 2014, at age 21. His latest venture: Anduril Industries, a defense firm that was valued by private investors at $8.5 billion in 2022.
Jay-Z
Net worth: $2.5 billion | Age: 54 | Source of wealth: Music
Though best known for his music, Shawn Carter made much of his fortune in alcohol. He sold a 50% stake in his champagne empire Armand de Brignac to LVMH in 2021, then sold the majority of his cognac brand D’Usse to Barcardi in 2023.
Oprah Winfrey
Net worth: $3 billion | Age: 70 | Source of wealth: TV shows
Winfrey dropped off The Forbes 400 in 2021 and hasn’t made it back, though she’s still one of America’s richest self-made women, thanks to the reinvested profits from her show and films.
This article was originally published on forbes.com and all figures are in USD.
