A BILLIONAIRE A DAY
Forbes Indonesia|May 2021
THIS YEAR, FORBES TRACKED DOWN A RECORD 493 NEW BILLIONAIRES— ROUGHLY ONE EVERY 17 HOURS. JUST OVER 40% HAIL FROM CHINA; 20% FROM THE U.S. PROMINENT ROUTES TO NEW RICHES: IPOS, SPACS, CRYPTOCURRENCIES AND COVID-RELATED HEALTH CARE.

IPOS

Since mid-March 2020, 1,489 IPOs (including SPACs) raised $314 billion globally. More than half went public in the U.S., where they raised $277 billion. These 10 billionaires land on the list as a result of such public offerings.

Pan Dong

$8.3 billion • Consumer goods • Canada

The richest woman new to this year’s list, she chairs laundry detergent maker Blue Moon Group Holdings, which listed in Hong Kong in December. Her husband, Luo Qiuping, is the company’s CEO.

Vyacheslav

Kim $3.3 billion • Fintech • Kazakhstan

Mikhail Lomtadze

$3.2 billion • Fintech • Georgia

CEO Lomtadze and chairman Kim have steered Kaspi—a payments, e-commerce and mobile-banking app used in Kazakhstan— from a small-time retail bank to a London public listing. Half of Kazakhstan’s 18 million people use the service.

Pablo Legorreta

$2.9 billion • Investments • U.S.

The former investment banker founded private equity firm Royalty Pharma in 1996 to buy future revenue streams of pharmaceuticals. He took it public on the Nasdaq in June.

Matt Moulding

$2.9 billion • E-commerce • U.K.

His e-commerce empire, The Hut Group, went public in London in September. Two months later he got a $1 billion share bonus that the board had approved.

Tony Xu

$2.8 billion • Food delivery service • U.S.

Xu is cofounder and CEO of food delivery company DoorDash, which listed on the NYSE in December. It delivers meals from 390,000 restaurants in the United States, Canada and Australia.

Jared Isaacman

$2.3 billion • Payment processing • U.S.

Isaacman, 38, founded payment processing firm Shift4 Payments in his parents’ basement at age 19 and took it public on the NYSE in June. He flies fighter jets for fun, including a Soviet-era MiG-29.

Bang Shi-hyuk

$2.3 billion • Entertainment • South Korea

Founder of music label and agency Big Hit Entertainment, which represents the wildly popular K-pop band BTS, he took the company public on the Korea Exchange in October.

Gong Yingying

$2.1 billion • Health IT • China

She is CEO, chair and founder of health-care analytics firm Yidu Tech, which listed its shares in Hong Kong in January.

David Helgason

$1 billion • Software • Iceland

Helgason cofounded video-game software developer Unity Software in Denmark in 2004 and served as CEO until 2014; the company listed on the NYSE in September.

WHITNEY WOLFE HERD

$1.3 billion • Dating app • U.S.

Wolfe Herd, 31, took her woman-centric dating app, Bumble, public in February—becoming the world’s youngest self-made female billionaire. The $582 million (revenue) company has 42 million customers in 150 countries. She cofounded dating app Tinder in 2012. That relationship turned sour, and she settled a sexual-harassment lawsuit with Tinder in 2014. Andrey Andreev, the Russian founder of dating site Badoo, offered Wolfe Herd a $10 million investment and Badoo’s infrastructure, and the duo launched Bumble in 2014. In late 2019, Andreev sold his majority stake to investment firm Blackstone, four months after a Forbes investigation revealed a toxic work culture at its London offices. Badoo denied the allegations.

Special purpose acquisition companies, or SPACs, have become all the rage. More than 500 of these “blank-check” companies have gone public in the U.S. in the past year, nearly seven times the number in the previous year. But only a handful minted new billionaires.

AUSTIN RUSSELL

$2.4 billion • Sensors • U.S.

Russell, 26, spent his teens doing research at the University of California at Irvine’s Beckman Laser Institute. The lanky 6-foot-4 entrepreneur dropped out of Stanford in 2012 to found laser lidar (an acronym for light, detection and ranging) startup Luminar Technologies after getting a $100,000 fellowship from billionaire tech investor Peter Thiel. Its sensors now help self-driving cars of customers such as Volvo, Toyota and Intel’s Mobileye see in 3D by bouncing laser beams off nearby objects and vehicles’ surroundings. The company listed on the Nasdaq via a SPAC merger with Gores Metropoulos in December 2020. Russell, who owns about one-third of it, became the world’s youngest self-made billionaire overnight.

Mat Ishbia

$9.7 billion • Mortgage lending • U.S.

Justin Ishbia

$3 billion • Mortgage lending • U.S.

The Ishbias’ father, Jeff, launched a mortgage firm in 1986. Mat joined the mom-andpop outfit in 2003. He and his brother Justin, a private equity investor, eventually bought most of their dad’s stake in United Wholesale Mortgage. Now the nation’s second-largest mortgage lender, UWM merged with the Gores Holdings IV SPAC in January; Mat is CEO and Justin is a board member.

Andrew Paradise

$2.3 billion • Mobile games • U.S.

Skillz, the e-sports company Paradise cofounded in 2012, provides a mobile platform for developers to host daily tournaments of games like solitaire and bingo. Its $230 million in revenue comes from its cut of users’ entry fees.

William Foley

$1.9 billion • Financial services • U.S.

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