Trump didn't make cut for new Forbes 400; more than 30 other Palm Beach billionaires did

Former President Donald Trump is no longer among the Palm Beach billionaires whose fortunes have earned them a spot on the latest Forbes list of the country’s 400 richest people, according to an analysis of Forbes data by the Palm Beach Daily News.

But at least 32 of Trump's Palm Beach ultra-wealthy neighbors were ranked on the list released last week. All own homes in Palm Beach or have other strong residential ties to the island, the Daily News has confirmed.

(See the complete list at the end of this article.)

Trump’s fortune — estimated by Forbes at $2.6 billion — wasn't enough to usher him this year across the threshold into the Forbes 400, which demanded an estimated net worth of at least $2.9 billion. Last year, Trump had returned to the list, after a year’s hiatus, with an estimated net worth of $3.3 billion.

In helping explain Trump’s decline in wealth, an article accompanying the list said the former president’s “social media platform and commercial real estate holdings are sputtering.”

Early last week, Trump was in a New York courtroom for the start of a civil trial in which a judge has already determined that the former president and his companies committed fraud over many years by consistently overvaluing real estate assets, including his Mar-a-Lago Club in Palm Beach. New York Attorney General Letitia James is seeking $250 million in damages in the penalty phase of the proceedings now underway. Trump also has been charged, in four separate criminal cases, with 91 felony counts in three states and Washington, D.C.

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Other Palm Beach billionaires dropped off Forbes 400 list

Trump was among three other Palm Beach billionaires on the Forbes 400 last year who did not make the latest rankings, including two scions of the Estée Lauder cosmetics fortune.

Aerin Lauder’s wealth dropped from $3.3 billion to $2.1 billion, while William Lauder’s fortune dropped from $3.5 billion to $2.2 billion. Private equity specialist Scott Shleifer also dropped off the list after seeing his estimated net worth drop from $3.5 billion to $2.5 billion.

One other billionaire dropped off the Palm Beach list but not because his $6.9-billion fortune wasn't robust enough. In December, investments executive Josh Harris sold, through a limited liability company, a beachfront house at 6 Via Los Incas for a recorded $66 million. The Palm Beach Daily News has been unable to confirm if Harris has bought another home in town.

But Palm Beach gained at least two Forbes 400 billionaires over the past year. In December, a company controlled by private-equity specialist Robert F. Smith, whose net worth is $9.2 billion, paid a recorded $23 million for an investment home at 150 El Vedado Road. That Estate Section house is being offered for rent at $200,000 a month, according to Realtor.com.

Then in February, Dr. Herbert Wertheim, an optometrist and investor with a net worth estimated at $4.6 billion, bought a Midtown condominium at 219 Brazilian Ave. for a recorded $17.9 million.

There likely are other billionaires who own real estate in Palm Beach. But their identities have so far remained cloaked behind the entities they used to buy their properties.

Palm Beach has more billionaires than the ones who made the cut for the Forbes 400, the Palm Beach Daily News has determined. In April, when Forbes released its annual rankings of the world’s billionaires, the newspaper identified at least 57 who own houses and other property in Palm Beach. Among them was the late singer Jimmy Buffett, who died Sept. 1.

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Fortunes of most Palm Beach billionaires on Forbes 400 increased

Added together, the wealth of the Palm Beach billionaires on the latest Forbes 400 list totals $402 billion.

Of those Palm Beach billionaires, just 11 saw their wealth decrease over the past year. The others saw their fortunes increase. That was the overall trend nationally, Forbes said.

“After losing a collective $500 billion last year, the nation’s 400 wealthiest people have gained it all back. This elite set is now worth $4.5 trillion in aggregate, tying a record set in 2021,” the Forbes story said.

Once again leading the Palm Beach list was Julia Koch and her family with a net worth of nearly $60 billion. She is the widow of industrialist David Koch and is among six Palm Beach women who earned a spot on the Forbes 400.

Tesla and SpaceX mogul Elon Musk topped the national list with a fortune of $251 billion, unchanged from last year. In the second spot was Amazon’s Jeff Bezos, with $161 billion, up from $151 billion a year ago.

Ranked third nationally was Oracle software mogul Larry Ellison, who set a Florida residential real estate record in 2022 when he bought — for a recorded $173 million — more than 20 acres in Manalapan, south of Palm Beach. Forbes estimated Ellison’s wealth at $158 billion, up from $101 billion in 2022.

Among the celebrities on the new Forbes 400, former NBA star, businessman and Palm Beach County homeowner Michael Jordan's estimated net worth hit $3 billion, landing him on the list for the first time, with a rank of No. 379.

The Forbes 400 rankings reflect estimates of net worth using stock prices and other criteria, according to Forbes. Forbes.com continually updates the rankings in real time to reflect changes as the value of the billionaires’ stock holdings, investments and other assets change.

PALM BEACHERS ON THE 2023 FORBES 400 

Here are the billionaires with strong residential ties to Palm Beach on the latest Forbes 400. The names are ranked in order of their appearance on the national list, with their national numerical rankings also included. Their reported net worth is based, in part, on stock prices recorded Sept. 8, according to Forbes. Some of these billionaires have primary homes in Palm Beach, while others are seasonal residents, own investment properties or have families with homes on the island.

Industrial heiress Julia Koch (and family), 61, $59.8 billion (up from $56 billion last year), tied in 15th place.

Hedge fund manager Ken Griffin, 54, $35.4 billion (up from $30.8 billion), in 22nd place.

Financier Stephen Schwarzman, 76, $34.5 billion (up from $29.1 billion), in 23rd place.

Discount broker Thomas Peterffy, 79, $29.7 billion (up from $20.3 billion), in 27th place.

Money manager Abigail Johnson, 61, $25.5 billion (up from $20.5 billion), in 29th place.

Quicken Loans mogul and Cleveland Cavaliers owner Daniel Gilbert, 61, $21.3 billion (up from $17.3 billion), in 34th place.

Hedge fund manager David Tepper, 66, $20.6 billion (up from $18.5 billion), in 35th place.

Cosmetics mogul Leonard Lauder, 86, $15.4 billion (down from $21.9 billion), in 42nd place.

Businessman and New England Patriots owner Robert Kraft, 82, $11.1 billion (up from $10.6 billion), in 62nd place.

Real estate mogul and Miami Dolphins owner Stephen Ross, 83, $10.1 billion (down from $11.6 billion), tied in 70th place.

Private-equity specialist Robert F. Smith, 60, $9.2 billion (up from $8 billion), tied in 89th place (new to Palm Beach list for 2023).

Food and beverage distributor Jude Reyes, 68, $9 billion (up from $7 billion), tied in 92nd place.

Discount brokerage pioneer Charles Schwab, 86, $9 billion (down from $10.5 billion), tied in 92nd place.

Private equity specialist Henry Kravis, 79, $8.9 billion (up from $7.4 billion), tied in 96th place.

Hedge fund manager Paul Tudor Jones II, 69, $8.1 billion (up from $7.5 billion), tied in 108th place.

Real estate and energy investor Jeff Greene, 68, $7.5 billion (up from $7.2 billion), tied in 123rd place.

Medical equipment heir Ronda Stryker, 69, $7.4 billion (up from $5.6 billion), tied in 128th place.

Real estate magnate Neil Bluhm, 85, $6.3 billion (up from $6.2 billion), tied in 167th place.

Investments specialist Chase Coleman III, 48, $5.7 billion (down from $8.5 billion), tied in 184^th place.

Money manager Charles B. Johnson, 90, $5.1 billion (up from $5 billion), tied in 215^th place.

Money manager Ron Baron, 80, $5.1 billion (up from $4.9 billion), tied in 215th place.

Cosmetics executive Ronald Lauder, 79, $4.7 billion (up from $4.6 billion), tied in 244th place.

Philadelphia Eagles owner Jeffrey Lurie and family, 72, $4.6 billion (up from $4.4 billion), tied in 249th place.

Investor Dr. Herbert “Herbie” Wertheim, 84, $4.6 billion (up from $4.2 billion), tied in 249th place.

Media heiress Katharine Rayner, 79, $4.5 billion (down from $5.5 billion), tied in 258th place.  Inve

Media heiress Margaretta Taylor, 80, $4.5 billion (down from $5.5 billion), tied in 258th place.

Marvel Entertainment chairman Isaac Perlmutter, 80, $4 billion (down from $4.3 billion), tied in 285th place.

Logistics businessman Bradley Jacobs, 67, $3.7 billion (down from $3.8 billion), tied in 304th place.

Tobacco heir and Philadelphia Phillies owner John Middleton, 68, $3.7 billion (up from $3.4 billion), tied in 304th place.

Netscape founder James Clark, 79, $3.6 billion (up from $3 billion), tied in 314th place.

Hedge-fund manager John Paulson, 67, $3.5 billion (up from $3 billion), tied in 326th place.

Cosmetics executive Jane Lauder, 51, $3.4 billion (down from $5.2 billion), tied in 338th place.

Resort and casino mogul Steve Wynn, 81, $3.4 billion (up from $3.2 billion), tied in 338th place.

Johnson & Johnson heir and New York Jets owner Robert “Woody” Johnson, 76, $3.2 billion (down from $3.4 billion), tied in 356th place.

Real estate investor Charles Cohen, 71, $3 billion (down from $3.7 billion), tied in 379th place.

Investor C. Dean Metropoulos, 77, $2.9 billion (up from $2.7 billion), tied in 395th place.

SOURCE: 2023 Forbes 400, Forbes.com.

Did we miss a billionaire? If you think we missed a billionaire who who has strong residential ties to the town of Palm Beach and is on the 2023 Forbes 400 list, please email dhofheinz@pbdailynews.com.

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This story was updated from a previous version. This a developing story. Check back for updates. 

This article originally appeared on Palm Beach Daily News: Trump drops off Forbes 400, while 32 Palm Beach billionaires make list