Forbes has released its latest annual ranking of the top 400 wealthiest Americans. The 2018 list features AC Milan owner Paul Singer.
According to the report, the minimum net worth needed to join this elite club climbed to $2.1 billion, $100 million more than last year and the highest to date. The group’s total net worth rose to $2.9 trillion, a record high and 7% more than in 2017. The average net worth of a list member: $7.2 billion, up from $6.7 billion last year. That average is boosted by those at the very top of the list: half of the total wealth is held by the 45 richest people in the country.
For the first time since 1994, there is a new No. 1: Amazon.com founder and CEO Jeff Bezos, who broke Bill Gates’ 24 year run at the top. Bezos is also the first person to appear in the ranks with a fortune of more than $100 billion –he clocked in at $160 billion. Bezos was also the biggest gainer on this year’s list: his fortune rose $78.5 billion since last year, thanks to the more than 100% runup in the price of Amazon stock, the biggest one year gain since we’ve been tracking fortunes. Gates, now ranked No. 2, trails Bezos by a notable $63 billion. The top 10 richest on the list are together worth nearly $730 billion, up from $610 billion in 2017. At these lofty heights, more than a third of the nation’s billionaires, a record 204, weren’t wealthy enough to crack the club.
The 74 year-old hedge fund magnate has over $35 billion in assets under management with his firm Elliott Management Group. He is ranked 251 with a personal net worth of 3.2 billion.
In 2017, Forbes estimated Singer’s net worth to be $2.9 billion.