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The Youngest Billionaires In America 2022 | Forbes
Posted
October 19, 2022
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October 19, 2022
17,449
388
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2.32%
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2:00Now PlayingIt’s not as easy as it was to be young and rich. After their fortunes surged last year thanks to a pandemic-fueled burst of momentum in the markets, many young billionaires tumbled down the wealth rankings in 2022 as rising inflation and fears of recession roiled industries ranging from technology to used car sales.
There are 10 billionaires under the age of 40 on this year’s Forbes 400 list of the richest Americans, down from 15 last year. One billionaire simply aged out of the youngest group: In-N-Out Burger heir Lynsi Snyder (worth an estimated $4.2 billion) turned 40 in May. The others all fell below the list’s $2.7 billion cutoff—or out of the billionaire rankings altogether—amid the market’s wild swings.
The plummeting value of cryptocurrencies wiped tens of billions of dollars of wealth from crypto billionaires, including Fred Ehrsam, the 34-year-old cofounder of cryptocurrency exchange Coinbase, whose net worth fell from an estimated $3.5 billion last year to $1 billion. Baiju Bhatt, the 37-year-old cofounder of investing app Robinhood, lost his billionaire status after Robinhood’s stock plunged 60% below its 2021 IPO price in January; Bhatt debuted on The Forbes 400 last year with an estimated net worth of $2.9 billion. RJ Scaringe, the founder and CEO Rivian Automotive who was worth an estimated $3.4 billion last year, also dropped out of the three comma club in March after a hefty price hike by the electric vehicle maker sparked a stock selloff. Shares are down nearly 60% since its November IPO. (Two others who were under 40 last year, Pinterest cofounder and CEO Ben Silbermann and Ernest Garcia III, the cofounder and CEO of embattled online auto retailer Carvana, fell off The Forbes 400 this year but would have aged out of this group anyway, having both turned 40 over the past year.)
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