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You’re forgiven if you missed it amid the barrage of news about escalating violence in the Middle East, the vice presidential debate, the widespread devastation caused by Hurricane Helene and a historic dockworker strike that could have had significant economic implications, but this week marked the release of the annual Forbes 400 list, the definitive ranking of the richest of the rich in the U.S.
As my colleagues on the wealth team note, America’s 400 richest individuals are “having a rollicking time in the roaring 2020s; in all, they are worth a record $5.4 trillion, up nearly $1 trillion from last year.” And while the gender wealth gap among this cohort remains wide—there are only 67 women among these 400 people—it is narrowing, at least a little. Women now account for 17% of the list, up from 15% last year, and they hold 15% of the 400’s total wealth, up from 14% in 2023. They are worth a combined $839 billion, up from the $621 billion that the 60 women on last year’s list held.
The richest woman on the 400 is Alice Walton, a spot she’s held for nine out of the last ten years. What IS new and notable about Walton is her charitable giving. According to a recently-released tax return—which showed that her foundation distributed $390 million in the year ending on September 30, 2023—Walton reported her largest known philanthropic gift to date, $249 million in funding for a new medical school to be built in her name. This medical school is still seeking accreditation, but if all goes to plan, the school will open in 2025 and welcome an inaugural class of 48 students.
Cheers!
Maggie McGrath
P.S. I’m pleased to say that the newest episode of “The One Who Changed Everything” came out this week and features author T.J. Newman! T.J. told us about how she went from being a bookseller and flight attendant into a three-time NYT bestselling author—and how it all comes back to a manilla envelope she sent to agent Shane Salerno. I loved this conversation and hope you do, too!
Exclusive Forbes Profile: How Epic’s 81-Year-Old Billionaire Founder Plans To Keep Her Health Data Empire Private Forever
As CEO of the $4.9 billion (revenue) electronic medical records giant Epic Systems, Judy Faulkner is one of the most powerful people in healthcare. With no plans to retire, she tells Forbes about her arrangement to ensure Epic remains independent and employee-owned in perpetuity. “If you retire, you don’t have a purpose in living much anymore,” she says. “[Working] keeps you alive and going. It’s really good when what you do is bigger than yourself.”
ICYMI: News Of The Week
In continued Forbes 400 coverage: Eren Ozmen’s Sierra Nevada Corp. fought for years to land the $13 billion contract to build the next nuclear-ready Doomsday planes. Now the billionaire’s reputation—and her firm’s finances—hinge on whether she can pull off the most difficult maneuver in aerospace: executing a complex, top-secret government project on time and on budget.
Yang Qiumei, the widow of SenseTime cofounder Tang Xiao’ou, has inherited his stake in the Chinese artificial intelligence giant, according to a stock exchange filing. The stake is worth $1.6 billion as of Wednesday’s close, Forbes estimates, and propels Yang, 59, to become the latest woman to join Hong Kong’s three-comma club.
After more than 17 years as a beloved fixture on NBC’s “TODAY” show, co-host Hoda Kotb is stepping down, signaling the end of an era. While fans and colleagues are sad to see her go, Kotb’s departure serves as a critical reminder that it’s never too late to take control of your career, especially if you feel like the time has come for a change—or if you feel burned out, unfulfilled, or like you’ve hit a plateau.
Former First Lady Melania Trump defends abortion rights in her upcoming memoir, “Melania,” according to an excerpt published by The Guardian, revealing an ideological difference between her and her husband, former President Donald Trump, who has largely run on an anti-abortion platform.
The Checklist
1. Take an implicit association test. Studies show that women are subject to more negative stereotypes at work than their male counterparts. I discussed this with Mika Brzezinski and Huma Abedin today for a Know Your Value segment, and I’ll share here what I said on air: To combat stereotypes at work, we should all become aware of our implicit biases, and we can do that by taking ForbesWomen contributor Lindsay Kohler’s advice and doing an implicit association assessment.
2. Handle the responsibilities you never asked for. Whether by curse of competence (IYKYK) or sheer business emergency, you might find yourself managing tasks you never asked for. Here’s how to navigate the unwanted work.
3. Turn to the stars. A new survey of 2,000 Millennials and Gen-Z workers reveals that 63% believe astrology has positively impacted their careers (either through checking colleagues’ zodiac signs and consulting the stars over job offers). Will you align your career moves with the cosmic cycles?
The Quiz
Record-high net worth among those on the 2024 Forbes 400 list meant that the bar for making our 43rd annual ranking was higher than ever. Which of the following billionaires was too poor to make the list?
- Taylor Swift
- Kim Kardashian
- Oprah Winfrey
- All of the above