Oprah, Trump And 49 Other Billionaires Who Dropped Out Of The Forbes 400 Ranks
D Dipasupil/getty images, Jordan Strauss/Invision-AP, Jamel Toppin for Forbes
A flock of newcomer entrepreneurs pushed famous faces, including Donald Trump and Oprah Winfrey, off this year’s list of America’s richest people.
It keeps getting harder and harder to make The Forbes 400 list of the richest people in America. The cutoff for this year’s list climbed to a record $2.9 billion (up from $2.1 billion last year), knocking 51 people—including some of the most famous faces in American business—off the list.
Of the 51 moguls to fall out of the ranks, 31 are actually richer than they were in 2020. That includes tobacco billionaire Brad Kelley and Columbia Sportswear CEO Timothy Boyle. Both got hundreds of millions of dollars wealthier over the past year—but were outpaced by newcomers like Brian Armstrong, of cryptocurrency exchange Coinbase, and George Kurtz, of cybersecurity firm CrowdStrike.
Seven drop-offs saw no change in their fortune since last year; 13 are poorer. An additional five members of last year’s list passed away, making the turnover for this year’s list 14%. That’s more than twice what it was last year, as established business behemoths lost spots to up-and-coming entrepreneurs. For the first time in 25 years, Donald Trump doesn’t appear on The Forbes 400. His fortune currently stands at an estimated $2.5 billion, $400 million below the cutoff.
Here’s a closer look at some of the other notable drop offs:
(Photo by Frennie Shivambu/Gallo Images/Getty Images)
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Oprah Winfrey
Net Worth: $2.6 billion
Source of wealth: Media & entertainment
Oprah first appeared on The Forbes 400 in 1995, with a net worth of $340 million. Today she owns $2.6 billion worth of real estate, Weight Watchers stock, the Oprah Winfrey Network and other assets — making her one of the richest American entertainers, but $300 million short of the cutoff for this year’s Forbes 400. She’s still a powerhouse, though: her March sitdown with Prince Harry and Meghan Markle attracted over 70 million viewers and earned her an Emmy nomination.
Ronald Perelman
Net Worth: $2.8 billion
Source of wealth: Leveraged buyouts
Perelman, who has appeared on The Forbes 400 every year since 1987, drops off this year after his fortune took a major nosedive amid the Covid-19 pandemic. In mid 2020, he began selling off assets, including his majority stake in Humvee maker AM General, a $900 million stake in gambling products firm Scientific Games, a flavorings company and possibly hundreds of millions of dollars worth of artwork, raising questions about his debt. The mogul, who made his fortune in the 1980s from leveraged buyouts and investments, has seen his net worth drop nearly $10 billion over the last five years, from $12.2 billion in 2016 to an estimated $2.8 billion this year.
(Photo by Axelle/Bauer-Griffin/FilmMagic)
FilmMagic
John Paul DeJoria
Net Worth: $2.8 billion
Source of wealth: Hair products, tequila
The billionaire who made his fortune in haircare no longer makes the cut. DeJoria founded Paul Mitchell Systems in 1980 and then cofounded Patrón Tequila nine years later. In 2018 he sold his 70% stake in Patrón to Bacardi in a deal that valued the company at $5.1 billion enterprise value, but he still owns a majority stake in Paul Mitchell. Although revenues for the shampoo company were affected by hair salon closures during the pandemic, DeJoria’s net worth is up $100 million from last year to $2.8 billion — but still $100 million short of this year’s Forbes 400 cutoff. He is off the list for the first time since his debut in 2008.
Doris Fisher
Net Worth: $2.8 billion
Source of wealth: Gap
The Gap cofounder first appeared on the list in 1990, but dropped off between 2005 and 2007. Now she’s dropping off again, despite a 99% rise in Gap stock over the past year. She owns approximately 5% of the publicly traded company, helping push up her fortune by $500 million, to $2.8 billion—just shy of making the grade for this year’s list. Her son John still made the cut, at No. 389.
Trevor Milton, founder and CEO of Nikola Motor Co, photographed for Forbes in August 2019 by Tim Pannell.
Tim Pannell/The Forbes Collection
Trevor Milton
Net Worth: $1 billion
Source of wealth: Electric vehicles
The founder of electric truck startup Nikola lost $2.3 billion as company stock plummeted amid allegations that he lied about the capabilities of his trucks to drive up Nikola’s share price. In July, the government charged him with wire and securities fraud, and he subsequently pleaded not guilty. Milton took Nikola public via a SPAC in June 2020. He made his first appearance on The Forbes 400 last year, with a net worth of $3.3 billion. Since then, Nikola stock has plunged 70%.
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