Forbes released its annual World’s Billionaires list on April 1, and the names include 37 people in the U.S. who are in the healthcare industry.
This year’s ranking marked a milestone, with 3,028 entrepreneurs, investors and heirs on the list — 247 more than a year ago and up from 2,000 in 2017, Forbes reported. The combined wealth of the world’s billionaires reached $16.1 trillion — nearly $2 trillion more than in 2024. While some U.S. healthcare billionaires saw their net worths rise or fall over the past year, others remained flat or are new to the list.
Elon Musk, co-founder of seven companies, including electric car maker Tesla, rocket producer SpaceX and artificial intelligence startup xAI, holds the No. 1 spot as the wealthiest person in the world. The net worth for Mr. Musk for 2025 is $342 billion, up from $195 billion for 2024.
Below are billionaires from the Forbes list of 3,028 organized by the healthcare industry and who are based in the U.S. (Find the complete listing here.)
Note: The list is based on stock prices and exchange rates from March 7.
Thomas Frist Jr., MD, and family
Overall rank: 73
Net worth in 2025: $27 billion
Net worth in 2024: $26.2 billion
Dr. Frist co-founded Nashville, Tenn.-based HCA Healthcare with his father.
Robert Duggan
Overall rank: 199
Net worth in 2025: $12 billion
Net worth in 2024: $3.9 billion
Mr. Duggan is an entrepreneur who led the 2015 sale of biotech firm Pharmacyclics to AbbVie.
Carl Cook
Overall rank: 248
Net worth in 2025: $10.6 billion
Net worth in 2024: $10.6 billion
Mr. Cook is owner and CEO of Cook Group, a Bloomington, Ind.-based medical device manufacturer co-founded by his parents in the 1960s.
Ronda Stryker
Overall rank: 347
Net worth in 2025: $8.6 billion
Net worth in 2024: $8.2 billion
Ms. Stryker is a director of Stryker Corp., a medical equipment company founded by her grandfather, Homer Stryker, MD.
John Brown
Overall rank: 369
Net worth in 2025: $8.2 billion
Net worth in 2024: $7.7 billion
Mr. Brown ran Stryker Corp. for more than three decades before he retired as chair emeritus.
Reinhold Schmieding
Overall rank: 487
Net worth in 2025: $6.9 billion
Net worth in 2024: $7.3 billion
Mr. Schmieding founded Arthrex, a surgical devicemaker based in Naples, Fla.
Patrick Soon-Shiong, MD
Overall rank: 597
Net worth in 2025: $5.9 billion
Net worth in 2024: $6.2 billion
Dr. Soon-Shiong invented the cancer drug Abraxane.
Jon Stryker
Overall rank: 634
Net worth in 2025: $5.6 billion
Net worth in 2024: $5.4 billion
Mr. Stryker founded Arcus Foundation and is the grandson of Homer Stryker, MD, who founded Stryker Corp.
Li Ge, PhD
Overall rank: 650
Net worth in 2025: $5.4 billion
Net worth in 2024: $5.6 billion
Dr. Ge co-founded WuXi AppTec, a global research and development and manufacturing services company.
Pat Stryker
Overall rank: 887
Net worth in 2025: $4.1 billion
Net worth in 2024: $3.9 billion
Ms. Stryker founded the Bohemian Foundation, which supports music, community, global and civic programs.
Stewart Rahr
Overall rank: 948
Net worth in 2025: $3.8 billion
Net worth in 2024: $3.4 billion
Mr. Rahr expanded Kinray, a pharmaceutical distributor his father founded, and sold it to Cardinal Health.
Jeff Tangney
Overall rank: 1,045
Net worth in 2025: $3.5 billion
Net worth in 2024: $1.5 billion
Jeff Tangney is co-founder of Doximity.
Wayne Rothbaum
Overall rank: 1,362 (tied)
Net worth in 2025: $2.7 billion
Net worth in 2024: $3.1 billion
Mr. Rothbaum founded investment firm Quogue Capital and is an investor in biotech.
August Troendle, MD
Overall rank: 1,362 (tied)
Net worth in 2025: $2.7 billion
Net worth in 2023: $3.3 billion
Dr. Troendle is president and CEO of Medpace, a clinical research company he founded in the 1990s.
Leonard Schleifer, MD, PhD
Overall rank: 1,408
Net worth in 2025: $2.6 billion
Net worth in 2024: $3.5 billion
Dr. Schleifer is co-founder and CEO of biotechnology company Regeneron Pharmaceuticals.
Phillip Frost, MD
Overall rank: 1,688
Net worth in 2025: $2.1 billion
Net worth in 2024: $1.8 billion
Dr. Frost is CEO of Opko Health, a medical test and medication company.
John Abele and family
Overall rank: 1,763 (tied)
Net worth in 2025: $2 billion
Net worth in 2024: $1.9 billion
Mr. Abele is co-founder of medical device developer Boston Scientific.
David Paul
Overall rank: 1,763 (tied)
Net worth in 2025: $2 billion
Net worth in 2024: $1.4 billion
Mr. Paul founded Globus Medical, a medical device manufacturer.
Amy Wyss
Overall rank: 1,763 (tied)
Net worth in 2025: $2 billion
Net worth in 2024: $2 billion
Ms. Wyss’ father, Swiss billionaire Hansjörg Wyss, founded medical equipment firm Synthes USA in the 1970s. The company was sold in 2021 to Johnson & Johnson.
Keith Dunleavy, MD, and family
Overall rank: 1,850 (tied)
Net worth in 2025: $1.9 billion
Net worth in 2024: $1.9 billion
Dr. Dunleavy is founder and CEO of Inovalon, a cloud-based healthcare data analytics company.
James Leininger, MD
Overall rank: 1,850 (tied)
Net worth in 2025: $1.9 billion
Net worth in 2024: $1.9 billion
Dr. Leininger founded medical device company Kinetic Concepts.
Alice Schwartz
Overall rank: 1,850 (tied)
Net worth in 2025: $1.9 billion
Net worth in 2024: $2.5 billion
Ms. Schwartz and her husband founded life sciences research company Bio-Rad Laboratories.
Gary Michelson, MD
Overall rank: 1,947
Net worth in 2025: $1.8 billion
Net worth in 2024: $1.8 billion
Dr. Michelson, a retired orthopedic and spinal surgeon, has hundreds of U.S. patents for orthopedic and spinal surgery instruments.
Alan Miller and family
Overall rank: 2,029
Net worth in 2025: $1.7 billion
Net worth in 2024: $1.7 billion
Mr. Miller founded King of Prussia, Pa.-based Universal Health Services.
George Yancopoulos, MD, PhD
Overall rank: 2,110
Net worth in 2025: $1.6 billion
Net worth in 2024: $2.1 billion
Dr. Yancopoulos is co-founder, president and chief scientific officer of Regeneron Pharmaceuticals.
Randal Kirk
Overall rank: 2,233 (tied)
Net worth in 2025: $1.5 billion
Net worth in 2024: $1.5 billion
Mr. Kirk is former CEO of biotech company Intrexon, now named Precigen.
John Oyler
Overall rank: 2,233 (tied)
Net worth in 2025: $1.5 billion
Net worth in 2024: $1 billion
Mr. Oyler is the co-founder and CEO of BeiGene, a biotech company.
Hao Hong, PhD
Overall rank: 2,479 (tied)
Net worth in 2025: $1.3 billion
Net worth in 2024: $1.6 billion
Dr. Hong is chairman of Asymchem Laboratories.
Joe Kiani
Overall rank: 2,479 (tied)
Net worth in 2025: $1.3 billion
Net worth in 2024: $1.1 billion
Mr. Kiani is CEO of Masimo, a global medical technology company.
Noubar Afeyan, PhD
Overall rank: 2,623 (tied)
Net worth in 2025: $1.2 billion
Net worth in 2024: $1.4 billion
Dr. Afeyan is CEO of life sciences innovation firm Flagship Pioneering.
Forrest Preston
Overall rank: 2,623 (tied)
Net worth in 2025: $1.2 billion
Net worth in 2024: $1.1 billion
Mr. Preston is CEO of Life Care Centers of America.
Martine Rothblatt
Overall rank: 2,790 (tied)
Net worth in 2025: $1.1 billion
Net worth in 2024: N/A (not on 2024 billionaires list)
Ms. Rothblatt is founder and CEO of United Therapeutics.
Timothy Springer, PhD
Overall rank: 2,790 (tied)
Net worth in 2025: $1.1 billion
Net worth in 2024: $1.5 billion
Dr. Springer is an investor in biotech and pharmaceutical companies.
Herriot Tabuteau
Overall rank: 2,790 (tied)
Net worth in 2025: $1.1 billion
Net worth in 2024: N/A (not on 2024 billionaires list)
Mr. Tabuteau founded Axsome Therapeutics.
Mark Hancock
Overall rank: 2,933 (tied)
Net worth in 2025: $1 billion
Net worth in 2024: N/A (not on 2024 billionaires list)
Mr. Hancock co-founded and serves as executive vice chairman of Utah-based PACS Group.
Vivek Ramaswamy
Overall rank: 2,933 (tied)
Net worth in 2025: $1 billion
Net worth in 2024: N/A (not on 2024 billionaires list)
Mr. Ramaswamy is a biotech entrepreneur.
Jason Murray
Overall rank: 2,933 (tied)
Net worth in 2025: $1 billion
Net worth in 2024: N/A (not on 2024 billionaires list)
Mr. Murray co-founded PACS Group and is chairman and CEO.
