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Forbes released its annual Forbes 400 list this week. The definitive ranking of the richest Americans in 2022. The list is headlined by astronomically wealthy individuals like Elon Musk, Jeff Bezos, and Bill Gates, but one Rhode Islander and another of him has close ties to Newport.
Forbes wrote that for the first time since the Great Recession, the total wealth of the Forbes 400 and the minimum net worth required to make the list have fallen.
The only Rhode Islander on the list is Providence resident Jonathan Nelson (No. 351), 66, executive chairman of Providence Equity Partners, whose net worth exceeded $3.1 billion this year.
Forbes reports that Nelson’s net worth has grown from $2 billion in 2021. Nelson is the only Rhode Island-based billionaire.
Nelson founded Providence Equity Partners in 1989 and served as CEO until January 2021, according to Forbes. This private his equity firm has invested in over 170 companies, many of them in the media, telecommunications, education and information industries.
In 2017, the company sold scuba diving certification company PADI for more than $700 million, tripling its initial investment, according to Forbes. In 2021, Providence Equity Partners will 6x his $300 million investment in 2007 in ZeniMax Media, the video game developer Microsoft acquired for his $7.5 billion.
another familiar face
Larry Ellison, who owns multiple properties along Bellevue Avenue in Newport, ranks fourth on the list. His net worth has exceeded $101 billion this year. Ellison is the chairman, chief technology officer and co-founder of software giant Oracle.
shortly
Seven Massachusetts residents made the list, with No. 29 Abigail Johnson ($20.5 billion) and No. 59 Robert Kraft ($10.6 billion) being the richest.
In Connecticut, six residents made the list, including 32nd Ray Dalio ($19.1 billion).
See full text and list.
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