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FORBES WORLD’S BILLIONAIRES 2020: USA

These Americans made it onto the Forbes World’s Billionaires 2020 list.

Note: The list is an excerpt from the total of 614 billionaires in the United States.

Eric Yuan
$ 10.4 billion, Zoom Video Communications

Born in China, Eric Yuan moved to the United States, more precisely to Silicon Valley, in 1997 after eight failed attempts to obtain a visa. 23 years later he is one of the newcomers on the Forbes Billionaires list.

Because Yuan is one of the big winners of the current crisis. The 50-year-old is the founder and CEO of Zoom Video Communications, a cloud-based service platform that enables video conferencing, online meetings, chats and mobile collaboration. At the end of April, Zoom reported that 300 million people attend Zoom meetings each day; in December 2019 there were only ten million participants per day. In order to cope with the onslaught, Yuan took various measures: For example, the time limit for video chats on the free version of the service was lifted for China and other countries such as Italy and the USA.

As for the future of Zoom, while analysts are optimistic, they are unsure to what extent Zoom will actually benefit from the upswing caused by the crisis. Most users use Zoom on a free basis - whether these users will continue to use the service after the crisis and become paying customers remains uncertain. At the time of the IPO, Yuan owned 22% of the shares in Zoom, whose market capitalization was most recently $ 47 billion.

 

 

The oldest:
George Joseph

1st place 1,513
(98 years old)
$ 1.4 billion, Mercury General

George Joseph is the founder of Mercury General, an insurance company with $ 3.5 billion annual sales. After raising $ 2 million in capital, he founded Mercury General in 1962 and offered above-average safe motorists special rates on their insurance premiums.

Joseph today still owns 34% of the shares in the insurance company that offers car, home and fire insurance. Raised in the middle of the Great Depression, Joseph worked as an air navigator during World War II. He graduated from Harvard with a degree in mathematics and physics in 1949.

 

 

The richest woman:
Alice Walton

9th place
$ 54.4 billion, Walmart

Alice Walton is the only daughter of Walmart founder Sam Walton. She has focused on curating art rather than working for Walmart like her siblings Rob and Jim.

In 2011 she opened the Crystal Bridges Museum of American Art in her hometown of Bentonville, Arkansas. Crystal Bridges shows works by artists such as Andy Warhol, Norman Rockwell and Mark Rothko.

 

The youngest:
Evan Spiegel

1,135 place
(30 years old)
$ 1.9 billion, Snap

After Kylie Jenner's title was stripped of her youngest self-made billionaire, Evan Spiegel is now America's youngest billionaire. He is the CEO of Snap, the company behind the Snapchat app. Spiegel co-founded Snap in 2011 with Bobby Murphy, a fellow student at Stanford University.

The two each own about 18% of Snap, but have voting rights that give them control. Snapchat is used by around 200 million people every day to send photos and videos that disappear after a few seconds; the app faces growing competition from Instagram, which is part of Facebook.