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.
$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.
Kim $3.3 billion • Fintech • Kazakhstan
$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.
$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.
$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.
$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.
$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.
$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.
$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.
$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.
$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.
$9.7 billion • Mortgage lending • U.S.
$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.
$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.
$1.9 billion • Financial services • U.S.
Continue reading your story on the app
Continue reading your story in the magazine
The Giant Awakens
HERY GUNARDI LEADS BANK SYARIAH INDONESIA TO TAKE ON THE GLOBAL ISLAMIC BANKING INDUSTRY.
Everwhite aims to provide high quality yet affordable skin care product, making it accessible to all.
THIS YEAR, renowned Swiss luxury watchmaker, Rolex presented its new-generation Oyster Perpetual Explorer. The legendary timepiece now comes in a 36 mm case, a return to the size of the original model launched in 1953 following the first ascent to the summit of Mount Everest by Sir Edmund Hillary and Tenzing Norgay on 29 May that year.
The Gold Keeper
DCI leads the data center market vital to carry Indonesia’s digital economy
Emerging Signs of Inflationary Risks Driving Gold's Rally
In February’s issue, I highlighted that one of the big drivers for gold this year could be the fear of returning inflation in global economies which have been used to low inflation, low-interest-rate period of extended stability. Since then, signs of increasing inflationary pressures have emerged including in April’s reported increase in US non-farm payroll earnings and that the same month’s inflation measure reached 4.2% on an annualized basis.
Staying the Course
After a tough year at his property-focused private equity firm, Gaw Capital, GOODWIN GAW is keeping his powder dry for deals in the year ahead.
Forbes 30 UNDER 30 ASIA 2021
As Asia sees the light at the end of the Covid-19 tunnel, activists, entrepreneurs, scientists and young leaders on the Forbes 30 Under 30 Asia 2021 list are hard at work realizing the new normal. After the toughest year in their generation, these 300 Millennials and Gen Zs have persevered to survive and even thrive despite long lockdowns, restricted travel and uncertainties on all fronts. Most continued to grow their businesses and adapt to the changes brought about by the pandemic, while a few have even dared to start their ventures in the middle of crisis, spotting opportunities where others see obstacles. Selected from over 2,500 nominations and vetted by our team of reporters and a panel of A-list judges, these trailblazers are unparalleled examples of determination, hard work and innovation.
CUTTING THE CORD
HORST AND STEPHAN PUDWILL are growing Techtronic Industries to take on the global giants of the power tools industry with a relentless focus on cordless innovation.
DEAN SOLON built a multibillion-dollar fortune in solar energy by manufacturing precisely the sort of commodity gear that can be made more cheaply in China. His secret: higher prices for higher quality.
From its clear aligners, Rata takes the lead in improving dental health awareness in Indonesia.
The Next Course
Nearly two decades after influential pastry chef Claudia Fleming left Gramercy Tavern, she returns to Danny Meyer’s restaurant group in a new role.
The Group Portrait: Back on the Decks
The crew of DJs behind the best parties in Brooklyn this summer.
The National Interest: Jonathan Chait
Save the Union by Enlarging It. Hoping to win by coupproof margins is not a strategy.
Rachel Lindsay Has No Roses Left to Burn
When I became The Bachelor’s first Black lead, I thought I could change it from within. Until I realized I was just their token.
Up Where the People Are
A coming-of-age tale that takes the phrase “fish out of water” literally.
SINGING MORMONS (NO, NOT THOSE SINGING MORMONS)
Schmigadoon!’s send-up of musical theater is both wholesome and really, really funny.
Extremely Online: Emilia Petrarca
Occupy the Dating App In today’s marketplace for love, everybody wants to eat the rich.
Caviar, lobster, and New York’s last remaining cheese cart.
71 minutes with … Andrew Giuliani
A failson sets his sights on Albany.
Catch Her If You Can
Doja Cat refuses to be dragged down to earth.