Meet The New American Billionaires On The 2024 Forbes 400

Forbes

The latest additions to Forbes’ annual list got rich doing everything from selling sandwiches to founding private equity firms.  The Forbes 400 is our annual ranking of the richest Americans. Our estimates are a snapshot of each members wealth as of September 1, 2024.   Read the full story on Forbes: https://www.forbes.com/sites/johnhyatt/2024/10/01/alex-karp-mike-brown-todd-graves-and-20-other-new-members-of-the-forbes-400/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00It's harder than ever to make the Forbes 400 ranking of America's wealthiest people,

00:06with the minimum net worth reaching a record-breaking $3.3 billion amid soaring markets.

00:12Despite the high threshold, 23 newcomers managed to elbow their way into this elite group this

00:18year, making the list for the first time.

00:21They got rich building brands like Raising Cane's Chicken Fingers, Jersey Mike's Subs,

00:25Dick's Sporting Goods, and OnlyFans.

00:28Combined, these 23 newcomers are worth $163 billion, good for just 3% of the total wealth

00:35of the Forbes 400.

00:37Here are five newcomers to the 2024 Forbes 400.

00:43Marilyn Simmons & Family

00:45Marilyn Simmons was married to hedge fund legend Jim Simmons, the founder of quantitative

00:50trading fund Renaissance Technologies, who died in May at age 86.

00:56The couple have given some $6 billion to philanthropic causes, including being the

01:01primary funders of Math for America.

01:06Justin Ishbia

01:08Ishbia owns a 22% stake in the publicly-traded United Wholesale Mortgage, founded by his

01:14father in 1986 and run by his billionaire brother, Matt.

01:18He also runs Shore Capital Partners, a Chicago-based private equity firm with over $6 billion in

01:25assets.

01:27Alexander Karp

01:29Karp is co-founder and CEO of data mining firm Palantir Technologies, a defense contractor

01:35that does work with government agencies such as the Department of Defense and the FBI.

01:40Shares in the company, which went public in 2020, are up around 170% in the past 12 months.

01:48Peter Cancro

01:50Over the past five years, Jersey Mike's has averaged annual sales growth of 20%, with

01:56revenue jumping from $1.3 billion in 2019 to $3.3 billion in 2023, according to food

02:03service consulting firm Technomic.

02:06Cancro founded the sandwich shop while still in high school, after buying out his boss.

02:11He remains its sole owner and features heavily in the chain's ads.

02:16Todd Graves

02:18Louisiana native Todd Graves is founder and CEO of fried chicken fast food chain Raising

02:24Cane's, a fast-growing $3.7 billion in sales business serving chicken fingers across some

02:30800 locations in more than 40 states.

02:34Graves launched Raising Cane's in 1996 using his savings and an SBA loan.

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