New York — Forbes has released the 44th edition of its flagship Forbes 400 list, ranking the wealthiest individuals in the United States. Behind the headlines of billion-dollar fortunes lies a meticulous process of investigation, valuation, and verification that reflects the evolving complexity of global wealth.
The methodology begins with extensive reporting. Journalists meet directly with billionaires when possible, or consult virtually with their representatives, asset managers, attorneys, and even rivals. Thousands of documents are scrutinized, including Securities and Exchange Commission filings, court records, probate documents, and media reports. This investigative approach ensures that every figure is grounded in verifiable data.
Forbes accounts for a wide spectrum of assets: equity in public and private companies, real estate, art collections, yachts, aircraft, ranches, vineyards, jewelry, and even car collections. Debts are deducted, while funds already donated to charitable foundations or donor-advised funds are excluded from net worth calculations.
Valuing private companies presents unique challenges. Forbes applies revenue or profit estimates against prevailing market multiples, then discounts valuations by 10 percent to reflect liquidity constraints. For venture-backed firms without recent funding rounds, adjustments are made using secondary market data, institutional investor marks, and sector performance indicators.
The 2025 list reflects net worths as of September 1, 2025. While some billionaires provided documentation, others remained opaque, requiring Forbes to triangulate values through indirect sources. Partnerships with firms like Caplight, Notice.co, and PM Insights provided additional insight into private market valuations.
Beyond wealth, Forbes also ranks individuals by their lifetime charitable giving and the extent to which fortunes are self-made or inherited. This dual lens highlights not only financial power but also the broader social and philanthropic impact of America’s richest citizens.
The 2025 edition underscores a striking reality: while the number of billionaires continues to grow, their philanthropic contributions have not kept pace. This imbalance raises questions about the role of extreme wealth in addressing social challenges, both in the United States and globally.
As the global economy becomes increasingly interconnected, the Forbes 400 remains more than a ranking. It is a mirror of shifting industries, investment strategies, and the enduring debate over wealth, responsibility, and influence in the modern era.
