Inside The 2014 Forbes 400: Facts And Figures About America's Wealthiest (2024)

By Kerry A. Dolan and Luisa Kroll

Thanks to a buoyant stock market, the richest people in the U.S. just keep getting richer. That has made it harder than ever to join the ranks of the 400 wealthiest Americans. The price of entry to The Forbes 400 this year is $1.55 billion, the highest it’s been since Forbes started tracking American wealth in 1982. Last year it took $1.3 billion to score a spot. Because the bar is so high, 113 U.S. billionaires didn’t make the cut.

Bill Gates is the richest American for the 21st year in a row, with a net worth of $81 billion. The Microsoft chairman’s stake in the software company he cofounded accounts for just under 20% of his total net worth. His friend Warren Buffett, chief executive of Berkshire Hathaway , occupies the number two spot on the 400 (he’s been number 2 since 2001) with a net worth of $67 billion. Larry Ellison, who just announced that he was giving up the CEO role at Oracle, the software firm he founded, comes in at number three, with a net worth of $50 billion.

Facebook cofounder and CEO Mark Zuckerberg is now the 11^th richest person in the U.S., and the biggest dollar gainer on the list. His fortune soared to $34 billion, up $15 billion since last year, due to a sharp rise in the price of the social network’s shares. In percentage terms, Nick Woodman, founder of wearable video camera company GoPro, jumped the most, with a 200% increase in his net worth since last year, to $3.9 billion. GoPro went public in June; the stock has been on a tear as more people buy GoPro cameras and strap them onto bike helmets, surfboards, scuba gear and more.

All together the 400 wealthiest Americans are worth a staggering $2.29 trillion, up $270 billion from a year ago. That’s about the same as the gross domestic product of Brazil, a country of 200 million people. The average net worth of list members is $5.7 billion, $700 million more than last year and a record high. An impressive 303 of the 400 saw the value of their fortunes rise compared to a year ago. Only 36 people from last year’s list had lower net worths this year. Twenty-six people fell off the list; another six people died, including businessman and Tampa Bay Buccaneers owner Malcolm Glazer.

There are 27 newcomers to the Forbes 400, including Elizabeth Holmes the youngest woman on the list, and the youngest self-made female billionaire in the world. Just 30 years old, the Stanford University dropout has built blood testing company Theranos into a firm that venture capitalists have valued at $9 billion. She owns 50% of it.

METHODOLOGY

This is the 33rd year of the flagship Forbes 400. Though we’ve been at it a long time, it’s still always a challenge. Our reporters dig deep. This year we started with a list of more than 600individuals considered strong candidates and then got to work.

When possible we met with list candidates in person; we spoke with dozens of billionaires this year. We also interviewed their employees, handlers, rivals, peers and attorneys. We pored over thousands of SEC documents, court records, probate records, federal financial disclosures, and Web and print stories. We took into account all types of assets: stakes in public and private companies, real estate, art, yachts, planes,ranches, vineyards, jewelry, car collections and more. We factored in debt. Of course, we don’t pretend to know what is listed on each billionaire’s private balance sheet, although somecandidates did provide paperwork to that effect.

Some billionaires who preside over private companies were happy to share their financial figures, but others were less forthcoming. A few even threatened to sue. To value these businesses we coupled revenue or profit estimates withprevailing price-to-revenue or price-to-earnings ratios for similarpublic companies.

We didn’t include dispersed family fortunes. Those appeared on our America’s Richest Families list, which came out in July. We did include wealth belonging to a member’s immediate relatives if the wealth could be traced to a single living person. In that case you’ll see “& family” on the list.

Our estimates are a snapshot of each list member’s wealth on Sept. 12, when we locked in net worth numbers and rankings. Some of The Forbes 400 will become richer or poorer within weeks—even days—of publication.

Special thanks to Orbis by Bureau van Dijk, Real Capital Analytics and dozens of other sources who helped us with our reporting and valuations including thefollowing:

Andy Hargreaves, Pacific Crest Securities

Ben Carlos Thypin, Real Capital Analytics

Berry Fennell, Lipper Corp.

Biederman Real Estate and Auctioneers

Brad Thomas, KeyBanc Capital Markets

Brian Sponheimer, GAMCO Investors, Inc.

Chuck Cerancosky, Northcoast Research

Clayton Press, Linn Press Art Advisory Services

Cliff Leimbach, IHS iSuppli

Daniel Lesser, LW Hospitality Advisors

Gary Bisbee, RBC Capital Markets

GP Bullhound

Greg Warren, Morningstar

Hans Mosesmann, Raymond James

Harris Roen, Swiftwood Press

Jack Russo, Edward Jones

James J Albertine, Stifel

Jason Wangler, Wunderlich Securities

Jeffrey M. Blaeser, Morgan Joseph TriArtisan

Jinming Liu, Ardor Capital Investments

Lance Vitanza, CRT Capital

Liang Feng, Morningstar

Lynne Collier, Stern Agee and Leach

Mark Gulley, BGC Financial

Mark Howard, IHS iSuppli

Marysol Nieves, Christie's

Matt Wokasch, Green Street Advisors

Matthew Tarpley, Massey Knakal Realty Services

Michael Waterhouse, Morningstar

Michael Wong, Morningstar

Nicholas Mitchell, North Coast Research

Nik Modi, RBC Capital Markets

Peter Keith, Piper Jaffray

Peter Slatin, Slatin Group

Privco

Robert D. Straus, Gilford Securities

S. Craig Cognetti, Grail Partners

Sharon Zackfia, William Blair

Sven Del Pozzo, IHS Energy

Timothy Landhuis, Staffing Industry Analysts

Vincent Caintic, Maquarie Group

Zak Brown, justmarketing .com

The Forbes 400 team:

Editors:Kerry A. Dolan and Luisa Kroll with Abram Brown

Reporters:Dan Alexander, Liyan Chen, Agustino Fontevecchia, Chris Helman, Max Jedeur-Palmgren, Alex Morrell, Andrea Murphy, Carl O’Donnell, Natalie Robehmed, Katia Savchuk, Sandhya Subbarao, Chloe Sorvino, Tom Van Riper, and Nathan Vardi

Additional editing:Dan Bigman

Additional reporters:Kurt Badenhausen, Erin Carlyle, Kathryn Dill, Daniel Fisher, Russell Flannery, Alex Konrad, Ryan Mac, Zina Moukheiber, Joann Muller, Clare O'Connor,Chase Peterson-Withorn, Dorothy Pomerantz, Brian Solomon

Research: Sue Radlauer

Photo Research: Merrilee Barton, Gail Toivanen

Database: Dmitri Slavinsky, Louie Torres, Kyle Rogers, Ken Barney

Designers: Nina Gould, Kai Hecker, Johnny McCampbell, Joseph Pietruch

Product: Andrea Spiegel, Audrea Soong, Katheryn Thayer

Producer: Kate Pierce

Video:Will Sanderson, Meg Christensen,Kirsten Taggart, Greg Andersson, Amanda Tallini, Kelly Appleton, Tim Pierson

Followuson Twitter at @KerryDolanand @LuisaKrolland @AbeBrown