Forbes 400

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Forbes 400
(also known as the 400 Richest Americans)
List of 400 US residents, ranked in order of net worth
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Publication details
Publisher
  • Whale Media Investments
  • Forbes family
Publication Forbes
First published 1982 by Malcolm Forbes
Latest publication November 14, 2017
Published list details (November 2017)[1]
Wealthiest Bill Gates
Net worth (1st) Increase US$89 billion
Entry point (400th) Increase US$2.0 billion
Forbes 400 website

The Forbes 400 or 400 Richest Americans is a list published by Forbes magazine of the wealthiest 400 American residents, ranked by net worth. The 400 was started by Malcolm Forbes in 1982 and the list is published annually around September.[2] Peter W. Bernstein and Annalyn Swan describe the Forbes 400 as capturing "a period of extraordinary individual and entrepreneurial energy, a time unlike the extended postwar years, from 1945 to 1982, when American society emphasized the power of corporations." Bernstein and Swan also describe it as representing "a powerful argument – and sometimes a dream – about the social value of wealth in contemporary America."[3]

Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start".[4][5] In September 2012, according to the Institute for Policy Studies, "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege".[6] The list of members of the Forbes 400 is updated usually in September of each year.

In April 2018, an ex-Forbes reporter alleged that Donald Trump had inflated his actual wealth in order to be included on the Forbes 400 listing.[7][8][9]

Criteria

The Forbes 400 reports who dominates the wealth in United States. They annually create a list of the richest people in America to exhibit the shape of the economy. The magazine displays the story of someone's rise to fame, their company, age, industrial residence, and education. The list portrays the financial shift of trends, leadership positions, and growing philanthropy intentions.[10][11]

First list (1982)

In the first Forbes 400 list,[12] there were only 13 billionaires, and a net worth of US$75 million secured a spot on the list. The 1982 list represented 2.8% of the Gross Domestic Product of the United States. The 1982 Forbes 400 had 22.8% of the list composed of oil fortunes, with 15.3% from manufacturing, 9% from finance and only 3% from technology driven fortunes. The state of New York had the most representation on the list with 77 members followed by California with 48.[13]

2000

In the year 2000, Forbes 400 saw the highest percent of the Gross Domestic Product represented by the list at 12.2% driven by the internet boom.[14]

Donald Trump controversy

In April 2018, ex-Forbes reporter Jonathan Greenberg retrieved and made public original audio recordings of his 1984 exchange with whom has been reported as Donald Trump under the alias of “John Barron”.

In May 1984, under one of the pseudonyms of Donald Trump, Trump lied to Greenberg about his wealth and assets to get himself on the Forbes 400 list. “Barron” stated to Greenberg that “[m]ost of the assets [of Donald’s father Fred Trump] have been consolidated to Mr. [Donald] Trump.” Greenberg stated in April 2018 that “Trump, through this [Barron] sockpuppet, was telling me he owned ‘in excess of 90 percent’” of Fred Trump’s assets.

Ultimately, Greenberg included Trump at the end of the Forbes 400 list at $100 million, one fifth of the $500 million which “Barron” was claiming as Donald Trump’s net worth.[15] According to Greenberg, Donald Trump was only ever worth just under $5 million, which was less than 5% of the net worth which was attributed to him by Forbes at the time and less than 1% of what “Barron” was claiming.

Greenberg has corrected the record by stating that, as revealed in court documents in civil proceedings years later, Donald Trump never owned any of Fred Trump’s assets until 1999 after Fred’s death, and even then, inheriting only his share of Fred’s deceased estate, with Donald Trump’s three siblings and some grandchildren beneficiaries inheriting their corresponding shares.

Trump stopped using that pseudonym after he was compelled to testify in court proceedings that “John Barron” was one of his pseudonyms. The Washington Post suggested that Trump might have used the pseudonym longer if not for the “lawsuit in which he testified, under oath in 1990, that 'I believe on occasion I used that name.'"[16]

As recently as 2011, it was revealed in court proceeding for libel initiated and lost by Trump against Timothy O’Brien for publicly disclosing Trump was not a billionaire, that what wealth Trump may actually have was inherited and is heavily encumbered by debt. The New Jersey judge revealed that of the wealth that Trump did in fact have, "[t]he largest portion of Mr Trump's fortune, according to three people who had had direct knowledge of his holdings, apparently comes from his lucrative inheritance. These people estimated that Mr Trump's wealth, presuming that it is not encumbered by heavy debt, may amount to about $US200 million to $US300 million. That is an enviably large sum of money by most people's standards but far short of the billionaires club."[17]

Demographics

Over the first 25 years of the Forbes 400 list, 1,302 distinct people made the list. In that time period, 97 immigrants (7.5%) and 202 women (15.5%) made the list. Four of the top five richest people in the United States in 2006 were college dropouts: Bill Gates, Sheldon Adelson, Larry Ellison, and Paul Allen.[3]

A few articles draw on data of the Forbes 400 to test an evolutionary hypothesis referred to as the Trivers–Willard hypothesis. This hypothesis predicts that parents of high socioeconomic status produce more male offspring than parents of lower socioeconomic status.[18] Whereas an earlier study using data on the Forbes 400 shows a strong effect for U.S. billionaires that is consistent with the Trivers-Willard hypothesis,[19] a more recent study shows some caveats: First, the result is only consistent for male, but not female, billionaires. Second, it can only be found among heirs and not self-made billionaires.[20]

This has to do with the timing of wealth accumulation: some self-made billionaires had their children before they were rich, but heirs, by definition, were rich before ever becoming parents (see also [21]). Third, the size of the effect was largely overestimated, given that male offspring of billionaires as compared to female offspring is easier to find on the Web: Women sometimes change their last name upon marriage which makes some harder to find. Therefore, earlier reports on the male bias among billionaire offspring were partially an artifact of sample selection.[20]

In 2010, a Business Insider ethnic-demographic breakdown of the Forbes 400 richest Americans found 3 gays, 4 Indians, 6 (non-Indian) Asians, and 34 women on the list.[22] Additionally, American Jews made up as many as 30% of the richest 100,[22] and (at least, in 2009) 139 of the Forbes 400.[23] In 2017, just two African Americans made the Forbes 400: media proprietor Oprah Winfrey and tech investor Robert Smith; only five members of the Forbes 400 have Latino backgrounds.[24]

See also

References

  1. ^ "Forbes 400". Forbes. November 11, 2017. Retrieved November 13, 2017. 
  2. ^ Kroll, Luisa. "The Forbes 400." Forbes Oct. 2010 p.17. Print.
  3. ^ a b Bernstein, Peter W., and Annalyn Swan, eds. All the Money In the World: How the Forbes 400 Make and Spend- Their Fortunes. New York: Alfred A. Knopf, 2007. Print.
  4. ^ Bruenig, Matt (March 24, 2014). "You call this a meritocracy? How rich inheritance is poisoning the American economy". Salon. Retrieved August 24, 2014. 
  5. ^ Staff (March 18, 2014). "Inequality - Inherited wealth". The Economist. Retrieved August 24, 2014. 
  6. ^ Pizzigati, Sam (September 24, 2012). "The 'Self-Made' Hallucination of America's Rich". Institute for Policy Studies. Retrieved August 24, 2014. 
  7. ^ Greenberg, Jonathan (April 20, 2018). "Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes. Posing as 'John Barron,' he claimed he owned most of his father's real estate empire". The Washington Post. Retrieved April 20, 2018. 
  8. ^ Cox, Jeff (April 20, 2018). "That time Trump pretended to be 'John Barron' to lie about his wealth, as told by an ex-Forbes writer". CNBC. Retrieved April 20, 2018. 
  9. ^ Wolf, Byron (April 20, 2018). "A new allegation says Trump lied about his wealth. Here's what we do know". CNN. Retrieved April 20, 2018. 
  10. ^ Kroll, Luisa. "The Forbes 400." Forbes October 2010 p.23. Print.
  11. ^ https://www.bizjournals.com/chicago/news/2016/10/04/groupons-eric-lefkofsky-returns-to-the-forbes-400.html
  12. ^ Forbes, Sept. 20, 2012
  13. ^ Kroll, Luisa. "The Forbes 400." Forbes October 2010 p.20. Print.
  14. ^ Kroll, Luisa. "The Forbes 400." Forbes October 2010 p.19. Print.
  15. ^ Greenberg, Jonathan (April 20, 2018). "Perspective Trump lied to me about his wealth to get onto the Forbes 400. Here are the tapes". The Washington Post. Retrieved 22 July 2018. 
  16. ^ Borchers, Callum (May 13, 2016). "The amazing story of Donald Trump's old spokesman, John Barron – who was actually Donald Trump himself". The Washington Post. Retrieved July 20, 2016. 
  17. ^ https://www.smh.com.au/world/north-america/trump-lied-to-me-about-his-wealth-to-get-onto-the-forbes-400-20180421-p4zava.html
  18. ^ Trivers, Robert L.; Willard, Dan E. (1973). "Natural selection of parental ability to vary the sex ratio of offspring". Science. 179 (4068): 90–92. doi:10.1126/science.179.4068.90. PMID 4682135. 
  19. ^ Cameron, E. Z.; Dalerum, F. (2009). Reby, David, ed. "A Trivers-Willard Effect in Contemporary Humans: Male-Biased Sex Ratios among Billionaires". PLoS ONE. 4 (1): e4195. doi:10.1371/journal.pone.0004195. PMC 2614476Freely accessible. PMID 19142225. 
  20. ^ a b Schnettler, S. (2013). Sorci, Gabriele, ed. "Revisiting a Sample of U.S. Billionaires: How Sample Selection and Timing of Maternal Condition Influence Findings on the Trivers-Willard Effect". PLoS ONE. 8 (2): e57446. doi:10.1371/journal.pone.0057446. PMC 3578789Freely accessible. PMID 23437389. 
  21. ^ Cameron, E. Z. (2004). "Facultative adjustment of mammalian sex ratios in support of the Trivers-Willard hypothesis: Evidence for a mechanism". Proceedings of the Royal Society B: Biological Sciences. 271 (1549): 1723–1728. doi:10.1098/rspb.2004.2773. PMC 1691777Freely accessible. PMID 15306293. 
  22. ^ a b Nolan, Hamilton (September 23, 2010). "The Forbes 400: A Demographic Breakdown". Business Insider. Retrieved December 30, 2017. 
  23. ^ https://www.jta.org/2009/10/05/fundermentalist/at-least-139-of-the-forbes-400-are-jewish#ixzz2XBm3uBTN
  24. ^ Rupert Neate. "Bill Gates, Jeff Bezos and Warren Buffett are wealthier than poorest half of US". The Guardian. Retrieved November 9, 2017. 

External links

  • Official Website (2017)
  • Forbes 400 2016: Top 20
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