This RI Billionaire Is Among The World's Richest: Forbes 2022 List

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

In Rhode Island, Jonathan Nelson, the one billionaire from the Ocean State to make the list, saw his fortune grow richer since 2021. Nelson, the founder and executive chairman of Providence Equity Partners, saw his net worth grow from $2 billion in 2021 to $2.2 billion in 2022.

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.

Nelson, one of the billionaires who saw their fortune grow, ranked No. 1397 on the Forbes list of the world's richest people. In 2021, he ranked No. 1580.

The number of billionaires on this year’s list slipped to 2,668 — 87 fewer than last year. Still, there's a massive wealth divide in Rhode Island and across the U.S. between billionaires and working class people.

Across Rhode Island, the average income among the top 20 percent of households by earnings stands at $228,951, according to U.S. Federal Reserve data. That cohort makes up almost half of all income earned in Rhode Island.

Meanwhile, the average income among the bottom 20 percent of households by earnings is $14,829, making up just 3.2 percent of all earnings statewide.

More On The Forbes List

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.

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.

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.