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Pakistani American listed 66th Richest Person

Shahid Khan, a Pakistani-American is now the 66th richest man in the United States as per Forbes list of 400 richest Americans, by 2020. His total worth stands at $7.8 billion.

The founder and CEO Amazon Jeff Bezos is number one for the third consecutive year with an estimated total worth of $179bn. The second slot is achieved by Microsoft founder Bill Gates with $111bn total worth and CEO Mark Zuckerberg is the third on the list and has $85bn.

Elon Musk, Tesla founder is considered this year’s biggest gainer as he has jumped from 23rd number from 2019 to 7th number this year, worth $19.9bn to $68bn, respectively. In percentage terms, this makes him 242% richer than last year.

The only Pakistani on the list; Mr. Khan immigrated to the US at the age of 16 with $500 in the pocket and a plane ticket. He is an engineer by profession and started this astounding journey by buying an auto parts supplier Flex-N-Gate from his former employer where he made his first billion. The same company now has 64 plants all over the world with over 24,000 employees. His success journey essentially started from his design for a one-piece truck bumper.

Khan launched All Elite Wrestling with his son in 2019 which aired its first weekly show in October and signed a four-year contract extension with Warner Media in the next year January.

He is the owner of NFL’s Jacksonville Jaguars since 2012 and UK’s Fulham football club since 2013. Mr. Khan is also a major financial backer of a recently launched news channel; Black News Channel.

Source USA Today Sports

US President Donald Trump has plunged 119 ranks lower than his rank before becoming president and is now the 275th richest person in America According to Forbes, Trump’s branding businesses are facing a downturn as the real estate developers no longer feel the need to be associated with Trump’s name. Trump’s real estate licensing business was worth $170m a year ago that has declined to $80m now after Trump’s oath to not do foreign deals while in office.

Forbes suggests that America’s 400 richest people are now 8% wealthier than last year and the COVID-19 pandemic did not affect their industries. Collectively, now they stand with a record net worth of $3.2 trillion and added $240bn to their riches,

“aided by a stock market that has defied the virus”,

Forbes notes.

This year’s $2.1bn threshold troubled 25 billionaires who were on the 2019 list, tumbled down this year.

Profile by: Palwasha Khattak

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