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Forbes releases 2023 ranking of the 400 richest Americans

The total wealth of the Forbes 400 has risen to $4.5 Trillion, former U.S. president Donald Trump has fallen off the 2023 list.

Forbes releases 2023 ranking of the 400 richest Americans
Chase Peterson-Withorn: “Most of the nation’s super rich got even richer over the past 12 months.”

Forbes has released its 42nd annual Forbes 400 list, ranking the 400 wealthiest Americans. This year’s list sees the top 400 riding high once again following last year’s drop in wealth.

After a disappointing 2022 that included a collective loss of $500 billion, Forbes says the nation’s 400 wealthiest people have regained their lost wealth. This year’s list is now worth $4.5 trillion in aggregate, tying a record set in 2021.

Elon Musk remains atop of the list, added Forbes, ahead of Amazon founder Jeff Bezos (No. 2) for the second year in a row thanks to a higher valuation for SpaceX and a big rebound in Tesla shares. Despite spending much of the past year courting controversy, including picking fights with the likes of the Ukrainian president Volodymyr Zelensky and Mark Zuckerberg, Musk is just as wealthy as he was last year, worth an estimated $251 billion.

Former president Donald Trump dropped out of top 400 this year. His fortune fell an estimated 19%, from $3.2 billion in 2022 to $2.6 billion today, as his social media platform Truth Social lost value, as did his portfolio of office buildings, added the publisher.

This year’s list sees more than half of the gains come from rebounding tech stocks, outlined Forbes. Only four individuals–Larry Ellison (No. 3), Mark Zuckerberg (No.8), Jensen Huang (No.17) and Michael Dell (No.11)–account for 30% of the increase in the total value.

“It was a great year to be an American billionaire,” said Chase Peterson-Withorn, senior wealth editor, Forbes. “Most of the nation’s super rich got even richer over the past 12 months.”

As part of The Forbes 400, Forbes scored billionaires based on the percentage of their fortunes they have donated to charity so far. The rating system ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. The Forbes wealth team estimated list members’ total lifetime giving based on public filings (including tax forms for private foundations, press releases and more) and interviews with listees.

This year’s feature of The Forbes 400 magazine issue features five consecutive covers, added the publisher, including:

  • Mark Zuckerberg: As social media’s poster boy approaches 40, he’s having his Bill Gates moment: mellowing (a bit), maturing (a bit more) and upending his company with staggering confidence. It’s a big bet on the future of daily human life—and his legacy.
  • Vivek Ramaswamy: Fanciful promises and self-salesmanship made billionaire by age 38. That same playbook has fuelled his early rise in presidential politics. Win or lose in 2024, he’ll emerge richer and more powerful than ever—just how he planned it.
  • Peggy Cherng, Panda Express cofounder
  • Phil Knight, Nike cofounder
  • Marc Lasry, investing billionaire

For the complete Forbes 400 ranking, methodology and more, click here.

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