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Tuesday, May 21, 2024

Pakistan-born billionaire Shahid Khan is 66th richest man in US: Forbes

Amazon founder Jeff Bezos is the richest man in the US for the third consecutive year, ahead of Microsoft founder Bill Gates and Facebook founder Mark Zuckerberg.

Pakistan-born American businessman Shahid Khan was earlier this week featured as the 66th richest man in the United States (US), according to American publication Forbes. The total net worth of Khan was estimated to be $7.8 billion.

The 39th Forbes list of 400 richest Americans, published on Tuesday, ranked CEO and founder of Amazon, Jeff Bezos, as the richest man of the US for the third consecutive year. Bezos’ fortune of $179 billion, as of July 24, 2020, is up 57% from last year as his e-commerce platform boomed during COVID-19.

Bill Gates has about $111bn and Facebook CEO Mark Zuckerberg has $85bn. Gates is the third on the list. According to the Forbes report, there were 25 drop-offs who made the 2019 list but fell off this year’s ranking; ten of those were due in part to setbacks related to the COVID-19 outbreak.

Read more: Rich Pakistani businessmen around the world

An engineer by trade, Shahid Khan is the only Pakistani featured on the list. He had immigrated to the US at age 16 with $500 and a plane ticket. He made his fortune in the car parts business, Geo News reported.

Famously known as Shad Khan, the Pakistani billionaire is also the owner of the Jacksonville Jaguars of the National Football League (NFL), the English Football League Championship team Fulham F.C., and automobile parts manufacturer Flex-N-Gate in Urbana, Illinois which he bought on 1980. Khan was also featured on the front cover of Forbes magazine in 2012 as the face of the American Dream.

“There are 18 newcomers on this year’s list including Eric Yuan, CEO of Zoom Video Communications, with a net worth of $11 billion; Jim Koch, co-founder and chairman of the Boston Beer Company, producer of Samuel Adams Beer, with a net worth of $2.6 billion; and at age 38 the youngest newcomer, Trevor Milton, founder of electric and hydrogen-electric truck maker Nikola,” the report highlighted.

Read more: Pakistan’s Elites: Top 10 Richest Men Of Pakistan

Moreover, US President Donald Trump’s ranking dropped to number 352 from 275 in 2019, and his net worth dropped to $2.5 billion from last year’s $3.1 billion, as the value of office buildings, hotels, and resorts have taken a huge toll amid the ongoing coronavirus pandemic.

GVS News Desk with additional input by other sources