Forever Young By weaving together tradition and trendiness, LVMH’s Bernard Arnault has created the world’s largest luxury empire and a $100 billion fortune. Now he is ready to scale up. By Susan Adams.

Private Equity’s New Billionaire Machine As calls for taxes on the superrich grow louder, Wall Street’s smartest dealmakers have quietly discovered a new way to unlock value and circumvent taxes. It’s minting buyout billionaires by the dozen. By Nathan Vardi and Antoine Gara.

The Host With the Most With his acquisition of Starwood three years ago, Arne Sorenson created the world’s largest hotel empire. Globally, 20% of new hotel rooms being built are now Marriott properties—and Sorenson still thinks his company isn’t big enough. By Biz Carson.

Investors with Intent Never before has it been more on trend to do good with your dollars. Forbes has put together The Impact 50 to highlight some of the most notable impact investors, from billionaires to pop stars to athletes.

FORBES 4OO BEGINNINGS All great stories—and great fortunes— start someplace. And in our 38th annual ranking of America’s richest people, we focus on how The Forbes 400 got going. Spielberg had Jaws; Murdoch the Daily Mirror; Dell his dorm room PCs. There is no single path to the top.

The Anti-Trump Trumps Since their father became president, Trump’s sons have run the business in a decidedly un-Donald-like way.

Boss of the Bots Daniel Dines created the world’s hottest tech company, $7 billion UIPath, by unleashing virtual robots on office grunt work. He’s become the first bot billionaire in the process. By Alex Konrad.

America’s Top Wealth Advisors Despite turbulent markets and a flood of disruptive technologies, the nation’s best wealth managers are thriving.

The Fall of Overstock’s Mad King Patrick Byrne, the founder and longtime CEO of former e-tailing giant Overstock. com, made headlines recently by resigning, saying his involvement as a federal informant in the investigation of accused Russian spy Maria Butina made performing his duties impossible. That’s not the whole story. This is. By Lauren Debter.

Knitting the Future In three years, Rothy’s founders turned their 3D-knitted flats into the “It” shoe in women’s fashion with sales of more than $140 million. Now Roth Martin must balance expansion with fending off copycats. By Amy Feldman.


Profile: Masters of Disasters Murders, muggings, mayhem! While social media usually shows us a filtered and sanitized reality, Andrew Frame, the founder of Citizen, is harnessing 911 data to deliver a raw, live feed of crime and chaos directly to you. Is it the future of public safety or just a 21st-century police scanner? By Steven Bertoni.

Nature and Nurture Anne Wojcicki raised her genetic-testing company, 23andMe, from a wonky wunderkind through a troubled adolescence. Now her $2.5 billion biotech machine is ready to take the next step, combining big data and big pharma. Decoding the DNA of Silicon Valley’s most personal creation. By Biz Carson and Kathleen Chaykowski.

Serena’s Net Gains The most successful woman athlete ever is now translating her game and name into startup investing and entrepreneurial ventures. And she’s figured out a formula that will make it hard for her to lose. By Kurt Badenhausen.

The Richest Self-Made Women From Rihanna to Stitch Fix’s Katrina Lake, more women are creating new businesses and amassing fortunes than ever before. As a result, Forbes expanded our ranking of the nation’s wealthiest women entrepreneurs to 80 ceiling crashers. Edited by Luisa Kroll and Kerry A. Dolan.

GENTLEMEN AT THE GATE “Barbarians” Henry Kravis and George Roberts were the 1980s poster boys for slash-and-burn leveraged buyout dealmaking. Now, with trillions pouring into private equity, KKR and its peers have little choice but to build up rather than break up. BY ANTOINE GARA.

SPORTSMONEY: MANNY HAPPY RETURNS Baseball salaries are stagnant, but a few bright stars, like the San Diego Padres’ Manny Machado, still command huge paydays. Plus: the Most Valuable MLB Teams.

LANDMARKS AND LARGESSE It’s not just Notre Dame. The Washington Monument, Great Wall of China and Colosseum have all benefited from billionaire backers. Buy, hold, sell: Bring on the bubbly, jettison Koons.

BLOWING UP THE VENTURE CAPITAL MODEL (AGAIN) In just a decade, Andreessen Horowitz has backed a bevy of startup blockbusters—Facebook, Instagram, Twitter, Airbnb, Lyft, Skype, Slack—and made just as many Silicon Valley enemies. To stay ahead, it’s taking the unusual step of renouncing its venture capital status—and making even bigger, riskier bets. BY ALEX KONRAD.

NEW BILLIONAIRE: DOWAGER OF DENIM Levi’s is thriving again—and enriching members of its founding family, including Mimi Haas. Plus: the top-earning hedge fund managers and traders.

RICHEST BY STATE: JOHN OVERDECK New Jersey’s richest man is a prize-winning mathematician and a hedge fund quant. Buy, hold, sell: Snag the Sassen, sack the Pét-Nat.

SOCIAL SPIN DOCTOR Daniel Lubetzky has spun chocolate, nuts and do-gooder rhetoric into a snack company worth billions. Maybe someday he’ll get back to his true passion: changing the world for the better.

CHEAP THRILLS Peter Szulczewski’s Wish was the world’s most downloaded shopping app last year. Its ultra-cheap wares make Walmart look like Bergdorf, but his 90 million users can’t afford to care— and their impulse purchases have added up to a $1.4 billion fortune for Szulczewski.

TRUMP’S SECRET WINDFALL The president’s largest holding is a $900 million stake in two buildings that don’t have his name on them. It’s an arrangement that some of his tenants aren’t even aware of, and one that he tried his best to torpedo.

NEW BILLIONAIRE: MEALS AND MANICURES China has a lot of hot-pot restaurants. Zhang Yong’s chain thrives because of his unconventional customer service. Plus: the richest person in Texas.

SPORTSMONEY: THE NBA’S MOST VALUABLE TEAMS Each team is worth, on average, $1.9 billion. Buy, hold, sell: Heave the hot wine, capture the Chianti.

GOOGLING BLOCKCHAIN Google transformed the Web by creating an easy-to-use search engine. Now it could do the same for the technology underlying cryptocurrencies. BY MICHAEL DEL CASTILLO.

MEET AMERICA’S NEW REGULATOR: ADAM SMITH Nearly a quarter-millennium after publication, The Wealth of Nations has never been more prescient. As Trump deregulates, America’s best corporations, led by the Just 100, are taking the public interest into their own hands—profitably.

MICROSOFT’S NEW GROOVE Once dismissed as a hidebound has been, Microsoft is flying high. CEO Satya Nadella’s secret: a cultural reset that has lowered the gates to the software maker’s fortress—and cloud, cloud, cloud.

30 UNDER 30 An actress shaking up Hollywood with her cellphone, a scientist making milk without cows, an entrepreneur delivering lifesaving drugs to Africa—just 3 of the 600 young revolutionaries featured in our 2019 edition of the Forbes 30 Under 30.

THE TOP-EARNING DEAD CELEBRITIES From Michael Jackson to Marilyn Monroe, these late celebs still haul in millions each year. Plus: Jamie Salter, super-agent to the deceased.

NEW BILLIONAIRE: DAVID C. PAUL The founder of Globus Medical is riding high on a million-dollar robot designed to make spinal surgeons more accurate.

NEWCOMERS: THE CLASS OF 2018 Even with the minimum net worth climbing to a record $2.1 billion, 15 billionaires make their debut on our ranking of the richest Americans. Plus: The Forbes 400 by the numbers.

THE PRICE OF THE (REALLY) GOOD LIFE The Cost of Living Extremely Well Index fails to keep up with inflation, making the luxe life relatively more affordable.

BUYERS’ MARKET From a $31 million Miami penthouse to a prize-winning lamb costing $300,000, eye-wateringly expensive purchases made by The Forbes 400.

BEZOS UNBOUND America’s most innovative—and feared—business leader is coming off a three-year run that has made him the richest person of all time. Now he tells Forbes he’s only begun to grow. Corporate America, you’ve been warned.

REALLY BIG SCORE Andy Dinh made his bones as the Derek Jeter of esports. Now the 26-year-old gaming legend owns one of the world’s most successful teams. But can he continue to dominate as billionaire moguls enter the arena?

MASTER BUILDER Tooey Courtemanche has crafted one of tech’s biggest secrets in Procore, a multibillion-dollar app bringing the world’s construction projects onto the cloud.

NEW BILLIONAIRE: MISTER MONEYBAGS No one thought South Korea was the place to manufacture luxury accessories—until Kenny Park came along. 

VINYL VISIONARY A dealmaker resuscitates the Victrola brand and makes a killing in, yes, record players.

TRICkS OF A CRYPTO TRADER How did an IT salesman and his buddies turn a bitcoin-trading sideline into the hottest crypto-asset management firm in Asia?

SEAT OF POWER: KEN LANGONE The billionaire dealmaker is in a reflective mood at 84, and his office is full of items to spark his memory.

FROM THE VAULT: JUNE 15, 1969 Polaroid’s founder scored a massive fortune by slowly developing his camera business. 

THE OLIGARCHS SCORE BIG It was inevitable: The usual cast of Russian cronies are getting rich off the World Cup. Plus: a way to buy Robin Hood’s hideout.

NEW BILLIONAIRE: FOUNDER’S REFRAIN Spotify may be public now, but that doesn’t mean cofounder Daniel Ek plans to let anyone else set the company’s rhythm. 

WALL STREET’S RICHEST: HEDGEMONY Our annual ranking of the top-earning hedge funders shows even the kings of Wall Street suffer from income disparity. 

FROM THE VAULT: THE FIRST RED SCARE— MARCH 22, 1919 Decades before McCarthyism, anticommunist paranoia gripped America.

30 UNDER 30 ASIA: PETAL PUSHER Su Chunzi ditched her VC job to grow Flowerplus, a bouquetsubscription service, into a startup with $100 million in sales. 

FINTECH’S HAPPY PLUMBERS Plaid is approaching a billion-dollar valuation by building the pipes that connect apps to checking accounts. Will the big banks try to snuff it?

THE MAESTRO OF MERGERS Billionaire roll-up artist Bradley Jacobs has spent more than $7 billion assembling a sprawling logistics company. Now he’s tuning it up to deliver big profits.  

PIZZA UNCHAINED The success of Domino’s, Papa John’s and the rest of Big Pizza has devastated mom-and-pop pie shops. Slice is helping the little guys unite, get online—and fight back.

PERFECT TIMING On his 55-year journey from penniless Italian immigrant to multibillionaire cable magnate, Rocco Commisso has shown an uncanny knack for being at the right place at the right moment— and taking full advantage of it. 

BILLION-DOLLAR CHECKOUT After a corruption crackdown in Saudi Arabia and the asset handover that ensued, Forbes ejects the country’s formerly super-rich.

THE WORLD’S 20 RICHEST The list’s first $100 billion man (spoiler: not Bill Gates), a fresh L’Oréal heir and a new wealthiest man in Asia.

SUNNIER DAYS ON SESAME STREET After a merger knocked him from his CEO’s perch, Jeffrey Dunn considered globe-hopping. Instead, he headed to Harvard and then on to retool an iconic not-for-profit. 

FAMILY TREE Jonathan Saperstein began his efforts to professionalize and dominate the nursery industry with a hostile takeover of a grower—from his dad. 

BEST-IN-STATE WEALTH ADVISORS In the age of robo-advice, meeting clients face-to-face can be a real competitive advantage. Here are the top-ranked advisors in all 50 states.

THE HAIL MARY RETIREMENT PLAN Looking to turbocharge your retirement account? Put some crypto in your IRA, but only if you can stomach extreme risk and high fees.

NEW BILLIONAIRE: RAZOR’S EDGE A November IPO lifts this entrepreneur from Singapore into the three-comma club. Plus: Billionaires remember the best holiday gifts they’ve ever gotten.  

DREAMING OF A POLYETHYLENE CHRISTMAS Not your typical Silicon Valley company, Balsam Brands sells fake Christmas trees and makes real profits.  

BLACKROCK’S EDGE How do you stay on top when your core business is a commodity and you measure profits in hundredths of a percentage point? You build the best risk-management software on Wall Street.

30 Under 30 - Ambition and impatience is on full display in our 2018 edition of the Forbes 30 Under 30, an encyclopedia of creative disruption featuring 600 young stars in 20 different industries.

Star Power - Our annual list of America's top young innovators always includes famous faces and more...

The Forbes 400 - A record $2 billion net worth is now required to be counted among the very richest Americans.

The $150 Billion Moment - A 12 - figure snapshot.

Deceased, Declined Or Left Behind - Who dropped off The Forbes 400 this year?

THE 10-Q: STANLEY MCCHRYSTAL The ex-general on arguing with your team and getting to the gym every day. Plus: Charles Koch—the richest person in Kansas. 

THE RIGHT CHEMISTRY Incyte has one cancer blockbuster, and it’s got Wall Street banking on another. Its secret: embracing an older age of pharma.

BRICKS AND CLICKS Model turned entrepreneur Yael Aflalo is betting physical “tech stores” and data can turn her eco-friendly It-girl brand Reformation into a fast-fashion empire.

AMAZON WOMAN From her Seattle perch, Nancy Zevenbergen has beaten the market for three decades by spotting disruptors early and sticking with them. Now she’s inviting public investors along for the sometimes wild ride.

SURVIVORS’ GILT What would’ve happened to $1,000 invested in the top 100 companies of 1917? PLUS: A Century of Stocks, 

THE POETRY OF JOURNALISM What makes our magazine work? The Bard of Business explains.

THE FEMINIST MYSTIQUE A history of women in Forbes, from mansplaining sexism in the workplace to leaning in.

THE MIDDLEMAN OF MIDDLE AMERICA David Zalik never graduated from high school, much less college. But the numbers whiz could do the math: Making money from both sides of a home-renovation loan, without the risk of defaults, can make you a billionaire.  

EYES ON THE ROAD How Velodyne’s vision sensors are ushering in the self-driving-car revolution.

THE PRICE OF INSPIRATION Vertex Pharmaceuticals’ new $200,000-a-year cystic fibrosis drug could help 90% of patients breathe. It’s an amazing—and profitable—innovation. But will that windfall spur the 28-yearold startup to do it again?

Meet The Neighbors: Preston Hollow A Low-key Lone Star Hideaway Is Home To Five Billionaires, A Sprinkling Of Pro Athletes—and A Former President.

30 Under 30: Well Beings Organic Condoms, Eating-disorder Treatments, A Mattress That Brews Your Morning Coffee: Young Entrepreneurs Are Looking To Make You Healthier.

The 10-Q: The New Face Of Flight Cirrus CEO Dale Klapmeier Talks Personal Single-engine Jets. Plus: Idaho’s Richest Man Wants To Sell You Some Antacid.

New Billionaire: Gonzo Gold Rush For Vice Media’s Shane Smith, Sex, Drugs And Warfare Were The Path To A Three-comma Fortune.

DEAL TOY: THE BEST DEFENSE The Cold War’s end forced consolidation on the military-industrial complex. Northrop pressed its advantage—and won the battle.

SPORTSMONEY: SOCCER’S MOST VALUABLE TEAMS No sports franchise leverages its brand as effectively as England’s Manchester United. Plus: the Beautiful Game’s highest-paid players.

FLOWCHART: WHAT’S YOUR SUMMER BOOK? Whether you’re looking for true crime, business advice or the sordid history of Van Halen, we’ve got your beach reads covered. 

CONVERSATION Readers Debate the Canadian who will be a big player in any U.S. infrastructure boom. Plus: Donald Trump, fabulist? Say it ain’t so!

AMERICA’S RICHEST SELF-MADE WOMEN These 60 entrepreneurs, innovators and entertainers made their money in everything from makeup to finance. Altogether they are worth a record $61.5 billion, 17% more than a year ago. 

THE LOOMING RETAIL BAILOUT Think America’s retail industry is hurting now? It’s about to get way, way worse—and these nine charts prove it. 

THE SECOND TIME AROUND When watch collector Pascal Raffy bought the venerable Swiss brand Bovet, he reinvented the company—and himself.

ON THE BLOCK: THE BIG BOOK AUCTION
Now up for bid: the manuscript, first published in 1939, that became a 12-step guide to life and recovery for those in Alcoholics Anonymous. 

LUXURY WATCH: THE BAO DAI ROLEX
A watch owned by the last emperor of Vietnam, at one time the  priciest Rolex ever sold at auction, is poised to repeat the trick. 

THE 10-Q: TECH’S RESILIENT FORCE
Intuit CEO Brad Smith sits down to talk market disruption, forming alliances with old rivals, the best advice he ever got and more.

In this issue:

THE OTHER BROTHER At a very young age, Josh Kushner has built one of America’s ascendant venture fi rms and a $2.7 billion business off Obamacare. Now his brother, Jared, sits at the center of a Trump White House that’s endangering the whole operation. BY STEVEN BERTONI

THE TOP SOCIAL-MEDIA INFLUENCERS Entrepreneurs who are making major money off their online followings. One hundred fifty grand per Instagram post, anyone?

CONVERSATION: THE WORLD’S BILLIONAIRES Readers react to our annual tally of the richest people on the planet.

POWER PLAYER The VC firm Founders Fund is known for a contrarian approach, embodied by its polarizing founding partner Peter Thiel. Now Brian Singerman is taking it to new heights—as long as Thiel’s controversial politics don’t get in the way. BY ALEX KONRAD PLUS: THE 2017 MIDAS LIST and much more...

October 31, 2019

September 30, 2019

August 31, 2019

June 30, 2019

May 31, 2019

April 30, 2019

March 31, 2019

February 28, 2019

December 31, 2018

November 30, 2018

October 31, 2018

September 30, 2018

August 31, 2018

June 30, 2018

May 31, 2018

Beyond its famed lists, Forbes has a unique voice in its coverage of global business stories. Whether it’s reporting on the “next facebook” or scrutinizing a new tax law, Forbes covers stories with uncanny insight and conciseness that hurried business folks appreciate. Read Forbes today for rigorous, to-the-point business analysis

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Forbes - November 30, 2019

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