The Forbes 400 is the magazine’s annual wealth competition and it is not easy to climb the ranks of the 400 richest people in America.
While some people fell off the Forbes 400 list completely; notably, Elizabeth Holmes, the founder of the biotech startup Theranos (which is being investigated for fraud) who had Forbes revising her net worth to zero from $4.5bn, some others managed to get on the prestigious list for the first time in 2016.
The minimum net worth needed to join the Forbes 400 ranks for 2016 was $1.7 billion. Twenty-two billionaires managed, however, to join the club. While more than two-thirds of that number were helped along by inheriting at least some of their wealth, seven of the newcomers hit the jackpot on their own.
So here are the 22 newcomers to the Forbes 400 list in 2016 and the industries they came up in;
1. James Cox Chambers
James Chambers clocked in with a net worth of $7.2 billion.
A Bard College trustee and alum, as well as an amateur filmmaker and owner of an organic farm in the Hudson Valley, James Chambers’ wealth really came from the splitting of his family’s fortune. Cox Enterprises, an automotive and media conglomerate, was started by his grandfather, James M. Cox.
James and his siblings, Margaretta Taylor and Katharine Rayner, split a 50% stake in the business, which they received from their 96-year-old mother, Anne Cox Chambers, in an asset shuffling that became public in 2015.
2. Katharine Rayner
Katharine Rayner also with $7.2 billion is one of the Cox siblings mentioned above. Together with her brother James Cox Chambers and her sister Margaretta Taylor, she got her share of a 50% stake of Cox Enterprises.
3. Margaretta Taylor
Margaretta Taylor’s $7.2 billion net worth like that of her siblings came from her share in the 50% stake of Cox Enterprises
4. Allan Goldman
Allan Goldman and the three other heirs of Sol Goldman (once New York City’s biggest landlord) make their debuts on the list with a net worth of $3 billion each. The family’s privately held company owns at least 400 New York City properties, including the Cartier mansion and the Peninsula Hotel.
5. Amy Goldman Fowler
Amy Goldman is one of the Goldman heirs and also has a net worth of $3 billion from the family’s real estate fortune.
6. Jane Goldman
Jane Goldman, another Goldman heir also with a net worth of $3 billion from the family’s real estate fortune, but she is actually America’s only female billionaire to run a real-estate firm.
7. Diane Kemper
Diane Kemper is the last of the Goldman heirs with her own net worth of $3 billion from real estate.
8. Charles Cohen
Charles Cohen acquired his net worth of $2.8 billion through real estate. After joining the Cohen Brothers Realty in New York in 1979, he bought out his father and uncle and quadrupled the business to 12 million square feet. This earned him his fortune and allowed him to pursue his boyhood dream of working in film; he produced the 2008 Oscar-nominated film Frozen River.
9. E. Joe Shoen
Joe Shoen is the son of U-Haul founder Leonard Samuel (L.S.) Shoen. He took control of the business in 1986, pushing out his father and most of his 12 siblings. Currently, he is the president and chairman of U-Haul’s $3.3 billion (sales) parent company, Amerco which has 139,000 trucks and 108,000 trailers on the road. He joins the ranks of Forbes 400 with a $2.3 billion net worth.
10. Jim Davis
Jim Davis is co-founder and chairman of Allegis Group, the world’s largest privately held staffing company. Today the firm has 120,000 contracted workers and offices on four continents and Jim has a tidy $2.2 billion net worth.
11. Rakesh Gangwal
Rakesh Gangwal was born in India and got his M.B.A. at Wharton in the 1970s. He cofounded IndiGo near Delhi with one aircraft a decade ago and now has a net worth of $2.2 billion.