Jim Koch, the founder of Boston Beer Company, debuted on the Forbes 400 list in 2020, thanks to the soaring value of shares in his company. Moderna’s Stéphane Bancel, for instance, was reported last autumn to be worth more than $12 billion this spring, the figure cited was $4 billion. That’s because the recent wild fluctuations of the stock market, real estate, and even cryptocurrency quickly render any dollar figure placed on assets obsolete. Wealth-X did not provide them, and it’s worth using caution when considering figures from Forbes, Bloomberg, and others. Just a word about wealth estimates: They fluctuate. In fact, Fidelity CEO Abigail Johnson, with some $20 billion, and Patriots CEO Robert Kraft, with $10.6 billion, are the only Bostonians to top $10 billion, or to even come close to that 11th digit. Consider that Boston ranks among the top 10 cities for income inequality in the nation, with our highest-earning households earning a whopping 15 times more than the lowest-earning households in 2016.Īt least the city isn’t yet home to any “super billionaires”: the 20 individuals who have a net worth of at least $50 billion and collectively hold a stunning 17 percent of all billionaire wealth. But the ever-increasing concentration of money-roughly $85 billion at press time-among the Hub’s wealthiest is a striking trend, particularly as the skyrocketing cost of living shines a spotlight on our ever-widening wealth gap. Twenty-four billionaires in a city of nearly 700,000 might not seem like that many. To come up with the roster of 24 names you’ll find on this list, we partnered with Wealth-X to identify those they consider billionaires and we consider Bostonians. alone closing in on 1,000 of them, according to Wealth-X, an Altrata company, which maintains a proprietary collection of research on the well-to-do.
And the number of members in the city’s most exclusive club has only increased over the past few years, in lockstep with global trends: The world’s population of three-comma-net-worth individuals expanded during the pandemic, with the U.S. Several are immigrants or first-generation Americans. Most didn’t have the benefit of family wealth. Today’s local billionaires, in fact, are the farthest thing from your Brahmin ancestor’s merchant magnates. What is new is the growth of individual riches in this city, and how the folks who have money got it. The Cabots and the Lowells preceded Fidelity’s Johnson clan, and the Patriots-owning Kraft dynasty has nothing on surnames such as Saltonstall, Forbes, Gardner, Wigglesworth, Amory, and Perkins. In fact, it’s been part of the city’s fabric for centuries. Stunning wealth is nothing new to Boston.
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