These PA Billionaires Are Among The World's Richest

PENNSYLVANIA — A total of 17 Pennsylvania residents are worth at least one billion, according to the latest Forbes World's Billionaires List, which includes a smattering of the state's entreprenuers, professional sports teams owners, and other leading businessmen and women.

The list includes many returners from last year's list, and a few billionaires who saw their worth parachute. Michael Rubin, the CEO of Fanatics sportswear and owner of the 76ers and New Jersey Devils, saw the biggest increase, as his net worth grew by $4.5 billion.

The United States still leads the world with 735 billionaires worth a collective $4.7 trillion. This includes Tesla CEO Elon Musk, who tops the World’s Billionaires List for the first time.

The number of billionaires on this year’s list slipped to 2,668 — 87 fewer than last year.

Pennsylvania billionaires on the list include:

184. Jeff Yass, $12 billion

288. Victoria Mars, $7.9 billion

665. Thomas Hagen, $3.2 billion

851. Jeffrey Lurie, $3.5 billion

851. Mary Alice Dorrance Malone, $3.5 billion

859. Michael Rubin, $7.9 billion

883. John Middleton, $3.4 billion

1341. Thomas Tull, $2.4 billion

1645. David Paul, $1.8 billion

1729. Edward Stack, $1.7 billion

1818. Jared Isaacman, $1.6 billion

1818. Brian Roberts, $1.6 billion

1929. Alan Miller, $1.25 billion

2076. Maggie Hardy Knox, $1.4 billion

2190. Alfred West Jr., $1.3 billion

2324. Richard Hayne, $1.2 billion

2578. Richard Yuengling $1 billion

All told, the billionaires of the world are worth a whopping $12.7 trillion— even though their fortunes fell by more than $400 billion as sanctions target Russian oligarchs following Vladimir Putin’s invasion of Ukraine and the pandemic continues to cause economic difficulties, according to the recently released Forbes World's Billionaires List.

More than 1,000 billionaires are richer than they were a year ago. And more than 200 people became billionaires over the past year as ordinary Americans grapple with record gas prices and rising food costs at the grocery store.

To compile this year’s list, Forbes used a snapshot of its real-time billionaires rankings by analyzing stock prices and exchange rates for March 11.

Former Amazon CEO Jeff Bezos fell to the second spot on this year’s list. Bezos, who founded the e-commerce giant out of his garage in Seattle, Washington, stepped down as CEO in 2021 and is now executive chairman of the company.

Meanwhile, France’s Bernard Arnault of LVMH remains at No. 3, followed by Bill Gates of Microsoft at No. 4. Rounding out this year’s top five is Warren Buffett of Berkshire Hathaway.

U.S. billionaires could surrender more wealth should Congress pass a “Billionaire Minimum Tax” proposed in President Joe Biden’s fiscal year 2023 budget proposal. (link to previous localized billionaire tax story)

Under the proposal, households worth more than $100 million would pay at least 20 percent in taxes on both income and “unrealized gains,” or the increase in an unsold investment’s value. Many wealthy people hold onto these investments for decades, meaning they’re never taxed, the administration said.

However, the bill’s prospects seem grim after Democrat Sen. Joe Manchin spoke out against it.

“You can’t tax something that’s not earned. Earned income is what we’re based on,” Manchin told The Hill. “There’s other ways to do it. Everybody has to pay their fair share.”

See the full 2022 Forbes Billionaires List.