As the ravages of the Covid-19 pandemic continues, many millennials have benefited from their obsession with meme stocks and cryptomania, birthing a new group of young billionaires.
The youngest person on the newly released Forbes 400 list of richest Americans, 29-year-old Sam Bankman-Fried, has amassed an astonishing $22.5 billion fortune thanks to the rapid growth of FTX, the cryptocurrency exchange he founded two years ago in Hong Kong, and his own crypto investments, Forbes writes.
As Forbes writes, save for Facebook’s Mark Zuckerberg, no one has ever gotten this rich this young.
Bankman-Fried not only makes the exclusive list, he gets the extra perk of knocking off former US president Donald Trump from the list.
Also, Rival exchange Coinbase Global’s millennial cofounders Brian Armstrong (age 38) and Fred Ehrsam (age 33) debut on The Forbes 400 list this year as well, after Coinbase went public in a direct listing in April. Popular investing app Robinhood Markets’ July IPO made 37-year-old cofounder Baiju Bhatt also a newcomer to the ranks, barely making the $2.9 billion cutoff.
In all, 15 members of The Forbes 400 are under 40, up from 12 last year, with six of them appearing on the list for the first time.
Check out the new 15 under 40 on the power list.
Net worth: $22.5 billion
Source of wealth: Cryptocurrency