America’s wealth is more concentrated than ever.
This morning, Forbes released its annual Forbes 400 list ranking the 400 richest Americans—who are worth a record $6.6 trillion. But nearly half of that wealth is held by the 20 richest people.
Elon Musk remained on top, as he became the first person on the list to surpass $400 billion, placing him $152 billion ahead of second-place Larry Ellison—a difference that’s more than Warren Buffett’s entire net worth.
And the barrier to entry for the ranking is higher than ever: $3.8 billion. Despite such a steep threshold, 14 newcomers earned their spots, all of whom are self-made.
FIRST UP
Lachlan Murdoch and Rupert Murdoch attend the U.S. Open in 2018.
Photo by Adrian Edwards/GC Images
Lachlan Murdoch, the eldest son of billionaire News Corp. and Fox Corp. owner Rupert Murdoch, will gain control of his family’s media business, according to a statement, ending a years-long succession saga with a multibillion-dollar deal. Lachlan’s siblings Prudence, Elisabeth and James will no longer be beneficiaries of the family trust, and will receive about $1.4 billion each, according to Bloomberg.
Anthropic is the latest AI firm to have user conversations with its chatbot appear in Google search results, similar to recent instances with OpenAI’s ChatGPT and xAI’s Grok. While the company says the conversations with its Claude chatbot were only visible because users had posted links to the conversations online or on social media, Forbes spoke with one of the users identifiable from their public prompt who denied this claim.
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WEALTH + ENTREPRENEURSHIP
Dan and Jennifer Gilbert at the Allen & Company Sun Valley Conference in Sun Valley, Idaho in July 2015.
Photo by Scott Olson/Getty Images
Dan Gilbert, founder of America’s second-largest mortgage lender Rocket Mortgage, is splitting from his wife Jennifer, and thanks to a recent corporate restructuring, she is now a billionaire. The reorganization divided up the Gilberts’ Rocket shares, with Dan keeping 54% of the company and Jennifer holding roughly 15%—and thanks to a surge in its stock, she’s now worth at least $6.4 billion.
TECH + INNOVATION
Controversial facial recognition firm Clearview AI has scored its biggest federal contract yet, worth $9.2 million, in a deal with ICE to help identify people who have assaulted its agents. The company’s technology compares images of people to a massive database of face images, but it has been fined by regulators in the U.K. and Europe for breaching privacy rules.
MONEY + POLITICS
The House Oversight Committee on Monday night publicly released records shared by Jeffrey Epstein’s estate, including a copy of a birthday message to Epstein that was allegedly signed by President Donald Trump. The president previously denied the message’s existence and sued the Wall Street Journal and its parent company News Corp for libel over its report on the letter. Scans of Epstein’s 50th Birthday Book also feature a handwritten note allegedly signed by former President Bill Clinton.
Trump is on the hook for more than $83 million after a federal appeals court upheld a jury verdict finding that he defamed writer E. Jean Carroll. But a separate case she brought against the president is likely heading to the Supreme Court, and if the justices find Trump didn’t defame or abuse Carroll, it could threaten the $83 million ruling as well.
The Supreme Court issued a temporary order Monday that greenlit Trump’s ouster of Democratic Federal Trade Commission member Rebecca Slaughter, though her challenge to the firing will continue to play out in court. Trump appointed Slaughter in 2018 and was reappointed by former President Joe Biden in 2024.
SPORTS + ENTERTAINMENT
Clippers owner Steve Ballmer
Meg Oliphant/Getty Images
America’s 20 richest sports team owners are worth an estimated $607 billion, up 20% from last year with holdings including controlling stakes in teams in the NBA, NFL and Major League Soccer. The Los Angeles Clippers’ Steve Ballmer, former CEO of Microsoft, tops the list for the 11th year in a row, widening his lead as the tech giant’s shares jumped 21% year-over-year.
DAILY COVER STORY
Presidency Boosts Trump’s Net Worth By $3 Billion In A Year
Tom Brenner for The Washington Post/Getty Images
Donald Trump just had the most lucrative year of his life.
The president is now worth a record $7.3 billion, up from $4.3 billion in 2024, when he was still running for office. The $3 billion gain vaulted him 118 spots on The Forbes 400, where he lands at No. 201 this year.
No president in U.S. history has used his position of power to profit as immensely as Trump. His primary vehicle for enrichment: cryptocurrency, an asset class full of hype and vulnerable to regulators. Teaming up with his three sons, Trump announced a crypto venture in September 2024 named World Liberty Financial, which initially struggled to gain traction. Then he won the White House.
Crypto entrepreneur Justin Sun, whom the SEC had accused of fraud, invested $75 million, routing an estimated $40 million to the president-elect and millions more to his family members, kickstarting a bonanza that has since snowballed. In office, Trump rolled back regulatory enforcement of crypto and signed legislation favorable to the industry, ensuring he would personally benefit from conflicts of interest.
Almost everything in his portfolio is doing well. Appellate judges in New York threw out a roughly $500 million fraud penalty in August. Trump’s real-estate licensing business, stalled out for years, has come roaring back to life, with new deals in Saudi Arabia, Vietnam, Romania, India, Qatar and the United Arab Emirates. In the United States, the president’s golf-and-club portfolio continues to thrive.
WHY IT MATTERS “Donald Trump has long endeavored to boost himself higher on the Forbes 400 list,” says Forbes senior editor Dan Alexander. “Now he has a new tool at his disposal—the presidency, which has helped increase his net worth by billions.”
MORE The 10 Youngest Billionaires On The 2025 Forbes 400 List
FACTS + COMMENTS
Apple is expected to roll out a new iPhone model today at its annual product release event. The reveal is rumored to include a slimmer version of the device and an improved camera and battery capacity:
6.6%: The reported additional battery capacity in the iPhone 17 Pro
$799: The anticipated cost of the iPhone 17, based on leaked price rumors
$44.5 billion: Apple’s iPhone revenue in its latest quarterly earnings
STRATEGY + SUCCESS
The latest viral personal growth trend is the “Great Lock In,” which is all about using the last few months of the year to focus on self-improvement and career goals. Start by thinking about your professional priorities, and build consistency through daily habits. It’s important to give yourself the structure of accountability—post regular updates on LinkedIn or in Slack groups, or find a trusted peer to help keep you on track.
VIDEO
QUIZ
SpaceX will buy wireless spectrum licenses from EchoStar for about $17 billion in cash and stock. Which cell provider does the telecom company own?
A. T-Mobile
B. Boost Mobile
C. Mint Mobile
D. Straight Talk
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.