CEO of Zoom Communications makes it to prestigious Forbes list of American billionaires for the first time
The coronavirus crisis may have destroyed the income sources of millions of Americans, but not Eric Yuan’s. The Founder and CEO of Zoom Video Communications is today amongst a tall list of 18 who made it to the Forbes list of American billionaires for the very first time. The 50-year-old Chinese-American with a net worth of $11 billion ranks 43 on the 2020 Forbes list . Eric Yuan, has made nearly $4 billion in 3 months as usage of his video conferencing software skyrockets amid the coronavirus pandemic
Others include 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 Trevor Milton, founder of electric and hydrogen-electric truck maker Nikola who is the youngest newcomer at age 38.
The video chat service experienced massive growth during covid 19 quarantines, hitting 300 million daily meeting participants by April and outpacing Google Meet and Microsoft Teams. While it initially was for professional video conferencing it soon gained popularity for chats with family and friends also.
Forbes on Tuesday released the 39th annual Forbes 400 list, the definitive ranking of the wealthiest Americans—including a comprehensive report of not only what these billionaires are worth, but how they are using their money to drive change and make an impact.
Despite the Covid-19 pandemic, America’s super-rich are doing better than ever. The aggregate wealth of the list is $3.2 trillion, up 8% from a year ago and a record in the four decades Forbes has tracked the richest Americans’ fortunes. A record 233 U.S billionaires did not make the cut this year, falling short of the $2.1 billion minimum needed to make the list. Jeff Bezos, CEO and founder of Amazon, remains in the top spot on the 2020 Forbes 400 list for the third consecutive year. Bezos’ fortune of $179 billion, as of July 2020, is up 57% from last year.
“The remarkable growth in fortunes of The Forbes 400 stands out at a time of pandemic-induced economic upheaval,” said Kerry A. Dolan, Assistant Managing Editor, Wealth at Forbes. “Much of the wealth is highly concentrated. The top 21 richest on the list (there is a tie at No. 20) account for 42% of the total wealth.”
The Forbes 400 list is a snapshot in time of wealth using stock prices and exchange rates from July 24, 2020. Since then Forbes reported in late August that Bezos’ net worth reached a record-breaking $200 billion, with Bezos the first person in history to cross this milestone.
Each year as part of The Forbes 400 package, Forbes scores each billionaire based on their respective philanthropic contributions. To shine a light on those putting their philanthropic dollars to work, we’ve refined the methodology for The Forbes 400 philanthropy score. Instead of counting the dollars that list members have put into their foundations over a lifetime, we tallied the grants made by those foundations to estimate how much The Forbes 400 members have actually given to nonprofit and charitable organizations. For this year’s philanthropy ranking, Forbes collaborated with Global Citizen and its Give While You Live initiative.
This year’s package includes the second annual Impact 50 List, spotlighting the most influential impact investors working to make a social or environmental impact with their dollars. The list is designed to inspire conversations around the importance of investing with impact.