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Rihanna, Celine Dion, Safra Catz: Here Are The Most Successful Immigrant Women In The US

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Each year, tens of thousands of people immigrate to the U.S., hoping for a better future. Robyn Rihanna Fenty’s story started the same way. Over a decade ago, Rihanna left her home country, Barbados, and her abusive addict father behind to launch her music career.

Her journey kicked off with the help of fellow musician (and now billionaire) Jay-Z, who heard a demo of one of her songs. Since then, Rihanna has not only rocked the music industry, she’s also become a force in the beauty and fashion industries.

Building on her fame and her experiences as a woman of color, Rihanna launched makeup brand Fenty in partnership with luxury goods group LVMH in late 2017.  

READ MORE | How Rihanna Created A $600 Million Fortune—And Became The World’s Richest Female Musician

The Fenty line, which includes shades of makeup for a wide range of skin colors and tones, pulled in an estimated $570 million in sales last year. In 2018, she started the Savage X Fenty lingerie line with Los Angeles-based online fashion firm TechStyle Fashion Group.

That was just the first of her forays into clothing design. Last month Rihanna and LVMH announced a new luxury fashion house, Fenty, which will be based in Paris. She becomes the first black woman to lead a major fashion maison.

Primarily thanks to her ventures outside of music, Rihanna is worth an estimated $600 million, according to Forbes. She debuts as one of 19 immigrants on Forbes’ 2019 list of America’s Richest Self-Made Women, which altogether features 80 women.

Two other newcomers to the list were born outside the U.S. as well: Ashley Chen of Taiwan and Neha Narkhede of India. The women immigrants hail from around the globe, from Canada to South Korea, from 14 different countries on four continents; nine moved here from an Asian country. Together this cohort of immigrants, which make up nearly one- fourth of the women in the self-made ranks, is worth an estimated $18.4 billion—23% of the total.

READ MORE | From Beyoncé Knowles-Carter to Kim Kardashian West, America’s Richest Self-Made Women Under 40

This is the fifth year that Forbes has celebrated the nation’s most successful women. The U.S. continues to serve as a beacon for ambitious women who want to transform industries, be it in retail, defense or other industries. In spite of the federal government’s crackdown on immigration, the nation’s most successful immigrant women continue to embody the power of the American Dream.

Thai Lee, who is the most successful woman immigrant in the country, has lived that dream, working very hard along the way. Lee, who was born in Bangkok, grew up in South Korea but moved to the U.S., where she and her older sister lived with a family friend and attended high school in Amherst, Massachusetts. Lee later attended Amherst College to study economics and biology, and received her M.B.A. from Harvard Business School in 1985.

She went on to work at U.S. companies like Procter & Gamble and American Express for four years, but in 1989 she and her then husband bought a software reseller for less than $1 million. They renamed it SHI International, which now works with customers like Boeing and Johnson & Johnson and reported $10 billion in sales in 2018.

China native Weili Dai, Panda Express cofounder Peggy Cherng and Turkish-American billionaire Eren Ozmen, who grew up in Diyarbakir—a city in Turkey close to the Syrian border—all similarly moved to the U.S. in pursuit of a better education. Ozmen sold baklava and worked as a janitor at aerospace and defense company Sierra Nevada to support herself while attending business school at the University of Nevada, Reno.

READ MORE | The Richest Woman In The World

Today she is the president and majority owner of Sierra Nevada, which racked up $1.9 billion in sales in 2018 and counts NASA as one of its clients. “Look at the United States and what women can do here, compared to the rest of the world. That is why we feel we have a legacy to leave behind,” Ozmen told Forbes in 2018.   

Other women moved here in search of a better life and more opportunities. Makeup mogul Anastasia Soare immigrated from Romania to Los Angeles in 1989 and took a job in a beauty salon. Three years later she quit to start her own business and in 2000 launched her eyebrow products line, Anastasia Beverly Hills, now valued at over $3 billion.

Forever 21 cofounder Jin Sook Chang pursued a similar path: She and her husband came to the U.S. from South Korea in 1981. Chang worked as a hairdresser for three years, while her husband worked three jobs. The couple used $11,000 they had saved to open a 900-square-foot clothing store in Los Angeles. Now Forever 21 has over 815 stores and an estimated $3.4 billion in annual revenue.

Another industry where women immigrants make their mark is technology. Twenty women entrepreneurs on Forbes’ list built a fortune in tech, including seven immigrants. One of those is Oracle co-CEO Safra Catz. Originally from Israel, Catz joined the software giant Oracle in 1999. Although Catz is not a founder, she has overseen more than 130 acquisitions worth a total of $60 billion and has become one of the top-paid CEOs in the country. Just in 2017, Oracle paid her $135 million in cash and stock, which helped her join the billionaire ranks in 2019.

Here’s the complete list of immigrants on this year’s list of America’s Richest Self-Made Women:

Thai Lee

Net worth: $3 billion

Country of origin: South Korea

Source of wealth: IT provider

Peggy Cherng

Net worth: $1.7 billion

Country of origin: Burma (Myanmar)

Source of wealth: fast food

Jin Sook Chang

Net worth: $1.5 billion

Country of origin: South Korea

Source of wealth: fashion

Eren Ozmen

Net worth: $1.4 billion

Country of origin: Turkey

Source of wealth: aerospace

Jayshree Ullal

Net worth: $1.4 billion

Country of origin: United Kingdom

Source of wealth: computer networking

Anastasia Soare

Net worth: $1.2 billion

Country of origin: Romania

Source of wealth: cosmetics

Safra Catz

Net worth: $1.1 billion

Country of origin: Israel

Source of wealth: software

Neerja Sethi

Net worth: $1 billion

Country of origin: India

Source of wealth: IT consulting

Weili Dai

Net worth: $960 million

Country of origin: China

Source of wealth: semiconductors

Christel DeHaan

Net worth: $950 million

Country of origin: Germany

Source of wealth: timeshares

Kit Crawford

Net worth: $890 million

Country of origin: Canada

Source of wealth: Clif Bar

Rihanna

Net worth: $600 million

Country of origin: Barbados

Source of wealth: cosmetics, music

Theresia Gouw

Net worth: $580 million

Country of origin: Indonesia

Source of wealth: venture capital

Celine Dion

Net worth: $450 million

Country of origin: Canada

Source of wealth: music

Adi Tatarko

Net worth: $430 million

Country of origin: Israel

Source of wealth: home design

Neha Narkhede

Net worth: $360 million

Country of origin: India

Source of wealth: software

Sonia Gardner

Net worth: $310 million

Country of origin: Morocco

Source of wealth: finance

Ashley Chen

Net worth: $300 million

Country of origin: Taiwan

Source of wealth: IT provider

Toni Ko

Net worth: $270 million

Country of origin: South Korea

Source of wealth: cosmetics

-Deniz Cam; Forbes Staff

Billionaires

Meet The World’s 10 Youngest Billionaires In 2020

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PHOTO: JAMEL TOPPIN FOR FORBES, DESIGN BY FORBES

From makeup mogul Kylie Jenner to Hong Kong real estate heir Jonathan Kwok, these 10 billionaires are worth $15.9 billion combined.

Of the 2,095 billionaires in the world, only ten are 30 or younger. Together, this precocious bunch is worth $15.9 billion. They span the globe, hailing from the U.S., Brazil, Germany, Hong Kong, Ireland and Norway.

Despite the global markets falling in response to the COVID-19 pandemic, three people under 30 made the list for the first time this year. Pedro de Godoy Bueno, age 29, inherited assets from his billionaire father, Edson de Godoy Bueno, who died in 2017. Pedro’s fortune rose in the past year to an estimated $1.1 billion as stock of Brazilian laboratory services firm Diagnósticos da América SA tripled. The second new entrant is Lisa Draexlmaier, age 29, who owns and is co-CEO (with her father Fritz) of the holding company for German auto parts maker Fritz Draexlmaier Co & KG. Elizabeth Furtwaenger, 28, is now worth $1.2 billion after her father Hubert Burda gave her a 37.4% stake in the family’s media empire.

Just three of this elite cohort are self-made billionaires: Snap cofounder CEO Evan SpiegelJohn Collison of payments startup Stripe and, yes, makeup mogul Kylie Jenner. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million. Jenner recently donated $1 million to Cedars-Sinai Medical Center in Los Angeles, the hospital where she gave birth to daughter Stormi in 2018, to buy personal protective equipment such as masks and face shields.

Collison, born and raised in Limerick, Ireland, but now living in San Francisco, is the richest billionaire under 30, with a fortune of $3.2 billion. The value of his stake in privately held Stripe has nearly tripled in the past two years thanks to three nine-figure funding rounds. The most recent, a $250 million Series G in September, put Stripe’s valuation at $35 billion.

The seven others under 30 all inherited their wealth. Jonathan Kwok, 28, first became a billionaire in his own right after his father, Hong Kong property mogul Walter Kwok, passed away in 2018. Alexandra Andresen, now 23, has been a billionaire since she was 19 thanks to her stake in Ferd, the Norwegian investment company her father still runs.

Here are the 10 youngest members of the 2020 Billionaires list, starting with the youngest. Net worths were calculated using stock prices and exchange rates from March 18, 2020:

1-LeftNumber960

KYLIE JENNER

AGE: 22

NET WORTH: $1 BILLION

SOURCE OF WEALTH: COSMETICS

Image by JAMEL TOPPIN FOR FORBES

The celebrity-turned-makeup-mogul is the world’s youngest self-made billionaire ever. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million.

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ALEXANDRA ANDRESEN

AGE: 23

NET WORTH: $1.1 BILLION

SOURCE OF WEALTH: INVESTMENT FIRM

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KATHARINA ANDRESEN

AGE: 24

NET WORTH: $1.1 BILLION

SOURCE OF WEALTH: INVESTMENT FIRM

The Norwegian sisters each inherited 42% of the family-owned investment company Ferd in 2007. Their father Johan still runs Ferd and controls 70% of the voting rights via a dual-class share structure.

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GUSTAV MAGNAR WITZOE

AGE: 26

NET WORTH: $2.3 BILLION

SOURCE OF WEALTH: FISH FARMING

Witzoe owns nearly half of Salmar ASA, one of the world’s largest salmon producers, which is still run by his father. The Norwegian heir has dabbled in modeling as well as tech and real estate investing.

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ELIZABETH FURTWAENGER

AGE: 28

NET WORTH: $1.2 BILLION

SOURCE OF WEALTH: PUBLISHING

Furtwaenger and her older brother Jacob were each given a 37.4% stake in the family’s German media company by their father, Hubert Burda, who is no longer a billionaire. Burda Media’s titles include the German editions of Elle and Playboy. Furtwaenger and her brother Jacob serve on the board of directors.

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JONATHAN KWOK

AGE: 28

NET WORTH: $2 BILLION

SOURCE OF WEALTH: REAL ESTATE

Kwok, along with his older brother Geoffrey, inherited their late father Walter Kwok’s stake in Sun Hung Kai Properties, Hong Kong’s largest developer, in 2018. Shares of Hong Kong-listed SHKP have declined nearly 18% since the coronavirus outbreak at the start of the year.

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JOHN COLLISON

AGE: 29

NET WORTH: $3.2 BILLION

SOURCE OF WEALTH: STRIPE

Stripe, the payments company founded by John and his older brother Patrick, raised $250 million from investors at a $35 billion valuation in September 2019. John, born and raised near Limerick, Ireland, now lives in San Francisco, where Stripe is headquartered.

Image by JAMEL TOPPIN FOR FORBES
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EVAN SPIEGEL

AGE: 29

NET WORTH: $1.9 BILLION

SOURCE OF WEALTH: SNAP

The Snapchat cofounder is one of the youngest CEOs of a publicly-traded company in the world. After rallying in 2019, Snap stock is down 50% since the start of the year. Spiegel, who was born in the U.S., quietly became a dual American-French citizen in 2018, according to reports in the French press.

Evan Spiegel
Image by MICHAEL GRECO
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PEDRO DE GODOY BUENO

AGE: 29

NET WORTH: $1.1 BILLION

SOURCE OF WEALTH: DIAGNOSTIC SERVICES

A newcomer to the billionaire ranks, Pedro is the son of the late Edson de Godoy Bueno (d. 2017), once Brazil’s richest healthcare billionaire. Bueno is the CEO and largest shareholder of laboratory services firm Diagnósticos da América SA, which has seen its shares nearly triple over the past year.

10-LeftNumber960

LISA DRAEXLMAIER

AGE: 29

NET WORTH: $1 BILLION

SOURCE OF WEALTH: AUTO PARTS

Draexlmaier and her father, Fritz, are co-CEOs of Fritz Draexlmaier Holdings GmbH, the holding company of the autoparts maker of the same name. Lisa, now the sole owner, joins the billionaires’ list for the first time.

Editor’s note: This post has been updated to include Elizabeth Furtwaenger.

Hayley C. Cuccinello, Forbes Staff, Billionaires

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Jeff Bezos Is No Longer The Richest Person In The World After Amazon Stock Plunges

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Amazon founder and chief executive Jeff Bezos lost his title as the richest man in the world during after-hours trading on Thursday, after his ecommerce behemoth reported lackluster third-quarter earnings. 

Amazon shares fell 7% in after-hours trading, knocking Bezos’ fortune down to $103.9 billion. That puts him at number two among the world’s richest. The new number one: Microsoft cofounder and fellow Washington state resident Bill Gates, who is worth $105.7 billion. 

Bezos became the richest man in the world in 2018 and the first centibillionaire to ever appear on the The Forbes 400 that year with a net worth of $160 billion, ending Gates’ 24-year run as number one. 

READ MORE | Jeff Bezos Unloads Another $990 Million Worth Of Amazon Shares In Early August

But the Amazon chief executive’s net worth drop isn’t entirely due to the decline in Amazon shares. Bezos transferred a quarter of his Amazon stake to his ex-wife MacKenzie Bezos as part of their divorce settlement, which was finalized earlier this year. MacKenzie Bezos is worth $32.7 billion, and among the top twenty wealthiest people in the world. 

On Thursday afternoon, Amazon reported a 26% drop in net income in its third quarter, its first profit decline since 2017.  In after-hours trading, Amazon dropped nearly 9% to $1,624 per share in the 20 minutes after the market closed. It has since rebounded slightly, hovering at $1,657 per share at 7:30 p.m. ET

The company said it is investing heavily in logistics and delivery infrastructure, with the goal of making one-day shipping the norm for Amazon Prime members.

READ MORE | Jeff Bezos Sells About $1.8 Billion Worth Of Amazon Shares In Three Days

The company disclosed during its second quarter earnings call in July that it had spent “a little bit” more than the estimated $800 million that it has previously said it would invest in one-day shipping infrastructure.

The company declined to disclose how much it had spent on one-day shipping in the third quarter. But chief financial officer Brian Olsavsky did disclose Thursday that the company plans to spend $1.5 billion in the fourth quarter, presumably to finance the one-day shipping initiative. 

Gates, meanwhile, has been out of Microsoft since 2014 when he stepped down as chairman of the storied company, though he remains a board member. He has sold or given away the majority of his Microsoft stake and diversified his wealth over time. He is now the co-chairman of the Bill & Melinda Gates Foundation, the largest private charitable foundation in the world. 

Bill Gates debuted on Forbes’ first ever billionaire list in 1987 with a net worth of $1.25 billion. Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion. 

-Angel Au-Yeung; Forbes

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These Are The Biggest Givers On The Forbes 400

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This has been a year of record-setting in billionaire philanthropy. In September, Stewart and Lynda Resnick, owners of POM Wonderful and Fiji Water, pledged $750 million to the California Institute of Technology for environmental sustainability research.

In June, Blackstone cofounder Stephen Schwarzman donated $189 million to the University of Oxford—the largest single gift to the school since the Renaissance—to fund its work on humanities. The same month, Broadcom billionaire Henry Samueli pledged $100 million to UCLA’s engineering school, the largest gift ever to the department. 

Forbes tracks gifts and pledges like these as part of our ongoing coverage of charitable giving by the country’s richest people.

READ MORE | The World’s Most Generous Billionaires Outside Of The US

For the second year in a row, Forbes tracked the philanthropic giving of the richest 400 individuals in the U.S. and gave each member of The Forbes 400 list a philanthropy score. The score ranged from 1 to 5,  with 5 being the most philanthropic. List members for whom we could find no charitable giving information received an N.A. (not available).

Philanthropy Forbes 400
FORBES

Though the number of the biggest givers—those who scored a 5—stayed flat in 2019, those who received scores of 4 and 3 increased compared with a year ago.

The changes reflect two things: The country’s richest have gotten somewhat more generous, and Forbes had more information to work with this year. Some billionaires were willing to share information on charitable giving for the 2019 list who didn’t in 2018. As a result, four dozen people got higher scores this year than a year ago. 

This year, Warren Buffett led the list of top givers with $38.8 billion in lifetime giving, which is 32% of his net worth, and earned the top score of 5.

He was followed by last year’s biggest giver, Bill Gates, who has donated $38.5 billion so far. Two people who scored a 5 last year—Paul Allen and David Koch—passed away.

READ MORE: Forbes Africa | 8 Years And Growing

Billionaires like DreamWorks Pictures founder David Geffen and WhatsApp cofounder Brian Acton moved up to the top score after each scored a 4 last year. According to the latest tax filings, Geffen gave $38 million to his foundation in 2017, which brought his lifetime giving to about $1 billion.

Acton and his wife Tegan, on the other hand, have been expanding their philanthropic network, Wildcard Giving, which they founded in 2014 after Acton sold WhatsApp to Facebook. The couple has given away more than $1 billion to charitable causes.

2019 Forbes 400 Giving
FORBES

Forty-one billionaires, including Netflix cofounder Reed Hastings and software billionaire Philip “Terry” Ragon, got higher scores this year than last year. Some, like Stephen Schwarzman, earned a higher score thanks to giving in the past year.

Others scored higher because we were able to find more information about their lifetime giving, through new public documents or details provided to us by Forbes 400 members or their spokespeople. In September, a Los Angeles Times report revealed that B.

Wayne Hughes, cofounder of self-storage behemoth Public Storage, had anonymously donated about $400 million to the University of Southern California in his lifetime. Hughes, who scored a 2 last year, jumped up to a 4.

Private equity tycoon Robert F. Smith’s pledge in May to wipe out the student debt of the entire 2019 graduating class of Morehouse College generated lots of headlines but did not end up changing his score because the gift wasn’t big enough to move him up a notch. In many cases, fortunes grew faster than lifetime philanthropic giving. 

READ MORE | Noëlla Coursaris Musunka The Trailblazer In The Congo

To come up with the information on which we based our score, Forbes reporters looked at tax filings for charitable foundations, annual statements, SEC filings and news about new gifts. When possible, we interviewed Forbes 400 members and executives from their foundations. Some Forbes 400 members said they have chosen to donate anonymously, citing religious or privacy concerns. 

Our score is based on total lifetime giving and what percent of their fortune members had given away. We weighted these two factors equally. Some individuals were then bumped up or down based on several other factors, including whether they had signed the Giving Pledge, whether they had pledged significant donations, how personally involved they were in their charitable giving, and how quickly and effectively their private foundations distributed dollars. We didn’t count pledges or announced gifts that have yet to be paid out, but we took commitment to philanthropy—or lack thereof—into account.

Forbes has been tracking the wealth of the richest Americans since 1982. “Some of [the members] told us to drop dead,” James Michaels, veteran editor of Forbes, told the New York Times in a 1982 story about the list’s debut. “They said they wanted no part of it, that they’d sue us.

This happens in reporting.” At times, our reporting on philanthropic giving received a similar response. “The new philanthropy ranking is fundamentally flawed, in that it is biased in favor of those who make their gifts widely known, and against donors who choose to make their charitable contributions anonymously,” one current Forbes 400 member (who did not wish to be named) wrote to us last year.

-Deniz Çam; Forbes

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