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.

The Bitcoin Alchemist: Most people dismiss billionaire Michael Saylor’s publicly traded MicroStrategy as a giant, risky bet on bitcoin. A closer look reveals
a masterwork that is a blueprint for manipulating traditional finance to harness the pixie dust fueling cryptomania. By Nina Bambysheva.
Killer Instinct: To outmaneuver his rivals, Dick’s Sporting Goods owner Ed Stack decided to take the axe to his own stores. It has made him billions. By Jemima McEvoy

30 Under 30 - This year’s crop of young world-beaters are inventing new tech to treat tumors, expanding access to electric vehicle charging, making credit cards more secure—even dreaming of reflective satellites that could bring the sun out at night.

Rock Star - What if the revolutionary techniques developed to frack rocks for oil could be modified to unlock limitless clean energy from the heat of Earth’s crust?
Tim Latimer has raised more than $400 million to make his green dream come true—but President-elect Trump might be standing in the way.

Turning Politics Into Profits - Lots of rich people pour a fortune into their political careers. But no American has used politics to create as much personal wealth as Donald J. Trump. With throngs of people now willing to buy almost anything from him, including stock, regardless of the cost, he has turned his political fame into billions.

The Forbes 400 - The 400 richest people in America are having a rollicking time in the roaring 2020s. In all, they’re worth a record $5.4 trillion, up nearly $1 trillion from last year. A dozen have $100 billion–plus fortunes, also a record. And admission to this elite club is pricier than ever: A minimum net worth of $3.3 billion is required, up $400 million since 2023.

The Art of the Spiel
Billionaire Christian Angermayer has backed seemingly every flashy investment of the last decade: crypto, psychedelics, brain implants, longevity. With boundless bravado and a roster of famous friends, he’s getting ready to launch an Olympiad for athletes on steroids.
By Will Yakowicz and Brandon Kochkodin

Hometown Hero
After borrowing $125,000 to buy his local sub shop at 17, Peter Cancro has grown Jersey Mike’s into one of America’s fastest-growing restaurant chains, with nearly $4 billion in sales. Now the multibillionaire faces a big decision: Cash out or stay hungry?
By Jemima McEvoy

Boom or Doom
Billionaire investors of the internet era are now locked in a war of words and influence to determine whether AI’s future will be one of concentrated safety, or of unfettered advancement. The stakes couldn’t be higher.
By Alex Konrad

The Spirit of 1856
In honoring Jack Daniel’s original distiller, formerly enslaved Nearest Green, Fawn Weaver has quickly built the fastest-growing American whiskey in history and a $1 billion empire for which she has ambitious— and unusual—plans.
By Chloe Sorvino

THE WORLD’S BILLIONAIRES

FROM THE $100 BILLION CLUB TO A NEW GENERATION OF SPORTS TEAM OWNERS, THE ULTRAWEALTHY HAVE NEVER BEEN RICHER. HERE’S WHO’S UP, WHO’S DOWN, WHO’S NEW AND WHO’S OUT.

PLUS: THE TRUTH BEHIND TRUMP’S NET WORTH

RISE OF THE CRYPTO ZOMBIES

50 HOTTEST AI COMPANIES

MIND OF A THRILLIONAIRE

MESSI’S MIAMI MAGIC

The World Is Not Enough
With $1 trillion in assets and unrivaled returns, Blackstone has conquered Wall Street, but its 77-year-old founder, Steve Schwarzman (right), wants more. He’s seeking total global domination—and the firm’s crown prince, Jonathan Gray, has built an ingenious weapon with $80 trillion in overseas assets in its sights.
By Sergei Klebnikov and Matt Schifrin

Why Cornel West Is Broke
Divorce filings reveal allegations of a “secret life” and help explain why the presidential candidate, who has earned millions of dollars over the years, has hardly anything left.
By Zach Everson and Jemima Denham

A Fighter’s Chance
Canelo Álvarez rose from poverty and amassed a $275 million fortune as one of the best pound-for-pound boxers in the world. As he builds his business empire—a patchwork of Mexican gas stations, convenience stores, a bus company and a cocktail brand—the 33-year-old champion is once again punching above his weight in pursuit of becoming a billionaire.
By Brett Knight

Solar Burst
Clean home electricity from the sun has grown into a $30 billion industry. But it is built on a shaky foundation of cheap money, questionable accounting and aggressive claims for billions in federal tax credits. With money no longer cheap, subsidies a matter of politics and swirling allegations of fraud, a collapse could be coming soon.
By Chris Helman and Nikhil Hutheesing

Zuck Grows Up
As social media’s poster boy approaches 40, he’s having his Bill Gates moment: mellowing (a bit), maturing (a bit) and upending his company with staggering confidence. It’s a big bet on the future of daily human life—and his legacy.
By Kerry A. Dolan

Vivek’s Political ROI
Fanciful promises and self-salesmanship made Vivek Ramaswamy a billionaire by age 38. That same playbook has fueled his early rise in presidential politics. Win or lose in 2024, he’ll emerge richer and more powerful than ever—just how he planned it.
By John Hyatt

The Forbes 400
America’s superrich are riding high again. After losing a collective $500 billion last year, the nation’s 400 wealthiest people have gained it all back and are now worth $4.5 trillion in aggregate.
Edited by Rob LaFranco and Chase Peterson-Withorn

Wiz Kid
Cloud security standout Wiz is one of software’s fastest-growing startups ever, with $200 million in sales and a $10 billion valuation in just three years. But CEO Assaf Rappaport, a new billionaire, is leaving singed eyebrows with his ultra-aggressive approach. 
By Alex Konrad
Plus: The 100 Hottest Cloud Startups

Better Call Wes
Naked short selling is a huge problem. Actually, it isn’t. But that hasn’t stopped a group of hucksters, led by a cynical lawyer, from conjuring it as an excuse for meme-stock collapses—and as fuel for unhinged anti–Wall Street conspiracy theories.
By Brandon Kochkodin

Overclocking AMD
Lisa Su orchestrated one of the great turnarounds in Silicon Valley history, driving the dying semiconductor maker’s stock price up nearly 30-fold in less than a decade. Now she’s preparing for battle in the coming AI revolution—and she expects to keep winning.
By Iain Martin and Richard Nieva

The Sweet Spot
Nancy Whiteman built Wana Brands into a cannabis-edibles giant and then sold it for $350 million— right before pot stocks crashed.
By Will Yakowicz

Some Like It Hot
As bank runs rattle investors and test regulators, it’s time to rethink America’s financial system. One old solution, once considered a cancer on financial institutions, might be just what the doctor ordered.
By Matt Schifrin

The World’s Billionaires
Falling stocks, wounded unicorns and rising interest rates meant a tough year for the planet’s wealthiest people.
Edited by Rob LaFranco and Chase Peterson-Withorn

The Man Who Gave Too Much
When Zappos CEO Tony Hsieh died at 46 in 2020 after a mysterious re, it was revealed by Forbes to be drug-related. In this exclusive excerpt from Wonder Boy, Hsieh pays millions of dollars to a sycophantic circle of acolytes in a desperate attempt to deliver him happiness during the nal weeks of his life.
By Angel Au-Yeung and David Jeans

A New Hope
To boost more talented Black executives into the stratosphere of American business, Ariel Investments’ Mellody Hobson plans to install them at the top of existing businesses—and connect them with the customers and capital to succeed.
By Maneet Ahuja and Hank Tucker

Fintech’s Judgment Day
The funding frenzy is over. Dozens of once-promising financial startups are now chasing too few customers and starving for cash. For most, it’s either merge or perish.
By Jeff Kauflin and Emily Mason

Megan Thee Invincible
It seems that nothing can stop hip-hop superstar Megan Thee Stallion from building an empire worthy of her role model, Beyoncé. The music business is a killer—but she has already survived the death of her mother, an army of haters and, most recently, a Bling Ring–style robbery.
By Jabari Young

30 Under 30
These 600 entrepreneurs, innovators and disruptors provide plenty of reason to believe that tomorrow will be brighter than today.
Edited by Kristin Stoller and Steven Bertoni with Olivia Peluso

THE FORBES 400 RICHEST PEOPLE IN AMERICA
FOR THE FIRST TIME SINCE THE GREAT RECESSION, THE RICH GOT POORERTO THE TUNE OF $500 BILLION. THAT’S OPENED THE DOOR FOR 42 FRESH FACES IN THE COUNTRY’S MOST EXCLUSIVE CLUB.

The Trump Files
The former president’s legal troubles aren’t conned to Mar-a-Lago. At 40 Wall Street,
New York’s attorney general is zeroing in on potential fraud. Donald Trump was worried
enough last month that hepled the Fifth. Forbes might know why: We have additional
information that puts him at the center of what seems to be driving the investigation.

American Made
Diane Hendricks had a child at age 17, worked as a Playboy Bunny to pay the bills, beat
cancer twice and survived the tragic death of her husband before transforming herself
into the nation’s most successful businesswoman. She has tripled her net worth in the
last five years. Next:fixing the country’s schools and infrastructure before we red, white and blow it.

Weed vs. Greed
Overregulation. Overtaxation. Contradictions. America’s politicians have completely blown the easiest revenue opportunity ever: legalized drugs. But it’s not too late to save the $72 billion marijuana industry.
By Will Yakowicz

The Crude Clairvoyant
Tim Dunn’s CrownRock kept the pedal to the metal throughout the pandemic and doubled its output in time for oil’s spike to $100. Now the new billionaire is pumping his opportunistic windfall into his church and his state—but not his government.
By Chris Helman

Surfer Chic
Paige Mycoskie’s Aviator Nation took off during the pandemic as TikTok teens embraced the Venice Beach vibe by snapping up $160 sweatpants and $190 zip-up hoodies. Its founder is newly one of the richest self-made women in America.
By Jemima McEvoy

America’s Richest Self-Made Women
These 100 entrepreneurs and executives have created or run some of the nation’s most successful businesses, ranging from almonds to aerospace.
Edited by Kerry A. Dolan and Chase Peterson-Withorn

Man in the Middle
When Vladimir Putin invaded Ukraine, Igor Bukhman, the Russia-born billionaire founder of gaming company Playrix, found himself with thousands of employees divided by the frontlines. His internal battlefield offers lessons for us all.
By Iain Martin and Jemima McEvoy

The Ultimate Insider’s Guide To Russian Oligarchs
For a quarter-century, Forbes has been investigating billionaire oligarchs, digging into their political connections, murky holdings and maze of offshore assets. Here’s everything you need to know about the wealthy elite who have profited under Vladimir Putin’s rule.
By Giacomo Tognini and John Hyatt

Freight Expectations
Flexport CEO Ryan Petersen became the self-appointed face of supply-chain solutions in 2021 by thinking outside the container. Now his $8 billion startup needs to prove it’s more than just Silicon Valley hype.
By Alex Konrad

Bubble Surfer
Olaf Carlson-Wee rode 2017’s “initial coin offering” craze to become one of crypto’s top venture investors. Now he’s pulling the strings, and raking in hundreds of millions, from a blockchain rage called DeFi, which promotes the fantasy of democratized financial services.
By Steven Ehrlich

30 Under 30
The 600 entrepreneurs, innovators and disruptors inventing tomorrow today. The future has never looked so bright.
Edited by Alexandra Wilson with Alexandra Sternlicht

California Scheming
Nowhere is the affordable-housing crisis more acute than in the Golden State. To the rescue come the most notorious junk municipal-bond peddlers in the nation, and a promise to turn luxury apartment buildings into “workforce housing.”
By Matt Schifrin with Isabel Contreras and Rachel Sandler

The Croesus Of Crypto
FTX cofounder Sam Bankman-Fried built a $22.5 billion fortune before his 30th birthday by profiting off the cryptocurrency frenzy—but he’s not a true believer. He just wants his wealth to survive long enough to give it all away.
By Steven Ehrlich and Chase Peterson-Withorn

The Forbes 400
It has been a terrible year for many, but the good times keep rolling for America’s richest. The 400 wealthiest Americans saw their collective fortune increase 40% over the last year, to $4.5 trillion, and a record net worth of $2.9 billion is required to make the cut.

The Last Computer Tycoon
After years battling Silicon Valley skeptics and Wall Street adversaries, Michael Dell has pulled off the deal of the century, borrowing and flipping his way to a $50 billion fortune. His biggest ambitions lie ahead— and they have nothing to do with space.
By Antoine Gara

Curing Crypto’s Climate Crisis
Bitcoin mining wastes enough power annually to power Belgium, unnecessarily adding 40 million tons of carbon dioxide to the atmosphere each year. As countries from China to Indonesia clamp down on the practice, some American entrepreneurs are cashing in—and, paradoxically, making the planet a little greener along the way.
By Chris Helman

The List: 50 Over 50
For these dynamic women, growing older is about getting wiser—and bolder. Meet the inaugural class of entrepreneurs, leaders and creators who are part of an exhilarating movement redefining life’s second half and proving that success has no age limit. 
Edited by Maggie McGrath Intro by Mika Brzezinski

Unwelcoming Shores
From Google to Tesla, immigrants have built some of America’s biggest and most valuable companies. So why do we make it so difficult for foreign-born entrepreneurs to start businesses here?
By Amy Feldman

A Billionaire a Day
This year Forbes tracked down a record 493 new billionaires—roughly one every 17 hours. Just over 40% hail from China; 20% are from the U.S. Prominent routes to new riches: IPOs, SPACs, cryptocurrencies and Covid-related health care.
Edited by Kerry A. Dolan with Chase Peterson-Withorn and Jennifer Wang

The Road Less Traveled
Most tech unicorns are the product of Silicon Valley VCs. Not Cloudinary. The marketing-software maker has gone its own route since day one. By Martin Giles

The Outsider
Frank Slootman doesn’t start companies. But no one in business history has a better track record of turning the ideas of others into jackpots. With $80 billion Snowflake, the biggest software IPO ever, he has rewritten the playbook. And now he’s sharing it.
By Alex Konrad

Cheat for Profit
Students have always cheated, but the Covid-19-driven shift to online learning has turned a nagging problem into an epidemic. Meet superspreader Chegg, which has become the most valuable ed-tech company in America by connecting college students to test answers on demand.
By Susan Adams

Travis Scott’s Corporate Shadow
Three years ago, the hip-hop superstar made the Forbes 30 Under 30 based on his music credentials. Now he’s helping major companies rethink their brands—and changing how celebrities and corporations interact.
By Abram Brown

Making Millions From Bezos’ Billions
Deep-pocketed investors are rushing to bet on Amazon’s third-party sellers. The stampede will change retail forever.
By Lauren Debter

Tory Burch’s Survival Sketchbook
Amid a luxury fashion apocalypse, one of the century’s greatest entrepreneurial retailers (and one of America’s richest self-made women) brought us deep inside the battle to save her brand.
By Deniz Çam

America’s Most Successful Women Entrepreneurs
Forbes has expanded our annual ranking of the nation’s wealthiest self-made women to 100, up from 80 last year. The pandemic has been kind to some, including an executive of work-from-home staple Zoom Video Communications, but less rosy for others.

Reed Hastings Rewrites the Hollywood Script
Netflix had already upended Hollywood when the pandemic hit. But by making use of a highly unusual management style, its billionaire founder has positioned his juggernaut to prosper like few companies in the world right now.
By Dawn Chmielewski

The Forbes 400
Pandemic be damned: America’s 400 richest people are wealthier than ever, up a collective 8%. Last year’s threshold for entry ($2.1 billion) holds, and even in these trying times, new mega-fortunes are still being minted.

Greater Capitalism
Our economic system suffered from a number of preexisting conditions—inequality, education gaps, cronyism—before Covid-19 arrived. But it’s already busy reinventing itself into something better, fairer and smarter.

Dukes of Moral Hazard
Thanks to the Federal Reserve’s low-rate religion, big companies have spent the last decade gorging on debt. Instead of heading into bankruptcy, though, they’re now being propped up by the government.
By Antoine Gara and Nathan Vardi

AGENTS OF CHANGE 
AS THE CORONAVIRUS UPENDS THE ECONOMY, HEALTH-CARE SYSTEMS AND GLOBAL ORDER, ENTREPRENEURS MUST REINVENT THEMSELVES, THEIR INDUSTRIES—AND THE WORLD AT LARGE.

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We request that any complaint related to objectionable content be sent to the Grievance Officer through email to the above-mentioned email address. We also request that you provide the following details when making a complaint:

and the App that provides you the capability to order, subscribe to and receive the delivery of various magazines, books, news and magazine and publication related content (collectively known as 'Publications') and to have these digital versions of the Publications delivered to you

c. We also collect information associated with your use of the application in order to make personalized recommendations. If you provide your third-party account credentials to us, you understand some content and/or information in those accounts (“Third Party Account Information”) may be transmitted into your account with us if you authorize such transmissions, and that Third Party Account Information transmitted to the Service is covered by this Policy.

f. The Personal Information we collect allows us to respond to your requests, improve our products and services, customize the advertising and content you see, and communicate with you about new products.

is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 9,000+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

Forbes US Magazine - May 31, 2019

Forbes US Magazine - May 31, 2019

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