Only One RIer on the Forbes 400, But a Number of Summer Residents Make List
Only One RIer on the Forbes 400, But a Number of Summer Residents Make List
The Forbes 400 list is out — the ranking of the richest Americans.The only Rhode Islander on the list is Jonathan Nelson, who is #388. Nelson is the founder of Providence Equity Partners and is now a player in the sports world.
In 2022, Nelson announced the launch of Dynasty Equity, a sports-focused private equity fund. Nelson teamed up with Don Cornwell, who was then a partner at PJT Partners.
Now, Nelson and Cornwell's Dynasty are on the select list of firms getting the green light to invest in NFL franchises.
"NFL owners passed a new policy that will allow them to sell up to 10% of their teams to a select group of preapproved firms. It removes the last major hurdle to the flood of private capital sweeping through the sports landscape, which now has firms circling the college game and others amassing portfolios of pro franchises," reported the Wall Street Journal.
According to Forbes list this year, Nelson has an estimated net worth of $3.4 billion.
Part-Time Rhode Islanders
- Joe Gebbia, a RISD grad and part-time Providence resident, is ranked #158 and has an estimated net worth of $7.5 billion. He is a co-founder of Airbnb.
- Newport part-timer Larry Ellison ranks #4 on the list. He reportedly spent more than $100 million rehabbing his Bellevue Avenue home in Newport. He has an estimated worth of $175 billion.
- Another Newport summer resident is Stephen Schwarzman, who ranks #21. He has an estimated wealth of $43.6 billion. The CEO of Blackstone Group, Schwarzman is the head of the investment group that recently laid off 200 Rhode Islanders. His firm owns Ennovi Advanced Mobility Solutions Rhode Island Inc. which announced this summer the closure of its East Providence facility and the layoff of 205 employees. Schwarzman owns the Newport mansion - Miramar.
Other Out-of-State Notables:
- Donald Trump is ranked #319, with an estimated net worth of $4.3 billion.
- John Henry, the owner of the Red Sox, is ranked #216 at $6.8 billion.
- Robert Kraft is ranked #81. The Patriots owner has an estimated net worth of $11.8 billion.
- Elon Musk is ranked #1. He is the CEO of Tesla, the owner of X, and a mega-donor to pro-Trump PACs. He has a reported net worth of $244 billion.
"Let me tell you about the rich," F. Scott Fitzgerald wrote in 1926. "They are different from you and me."
