What is Forbes?
Forbes is an American business magazine originated by B.C. Forbes in 1917 and owned by Hong Kong-based investment group United Whale Media Investments since 2014. Its president and editor-in-chief is Steve Forbes, and its CEO is Mike Federle. It is based in Jersey City, New Jersey. Participants in the national business magazine category include Fortune and Bloomberg Businessweek.
Published eight times a year, Forbes features articles on money, industry, investing, and marketing topics. It also reports on related subjects such as skills, roads, science, politics, and law. It has a global edition in Asia as well as editions produced under license in 27 countries and regions universally.
The magazine is known for its lists and positions, including the richest Americans (the Forbes 400), the 30 most famous young people under the age of 30 (Forbes 30 under 30), America’s Richest Celebrities, the world’s top corporations (the Forbes Global 2000), Forbes list of the World’s Most Powerful People, and The World’s Billionaires. The maxim of Forbes magazine is “Change the World”.
The Forbes 400 is a report of who has the most means in the United States. They per annum create a list of the richest people in America to exhibit the shape of the economy. The magazine shows the story of someone’s rise to fame, their company, age, industrial house, and education. The list portrays the financial shift of trends, leadership positions, and growing charity intentions.
First list (1982)
In the first Forbes 400 list, there were only 13 millionaires, and a net worth of US$75 million secured a spot on the list. The 1982 list characterized 2.8% of the Gross Local Product of the United States. The 1982 Forbes 400 had 22.8% of the list composed of oil fortunes, with 15.3% from trade, 9% from finance, and only 3% from technology-driven fortunes. The state of New York had the most representation on the list with 77 associates, followed by Golden State with 48.
In April 2018, an ex-Forbes reporter Jonathan Greenberg alleged that Donald Trump had inflated his actual wealth to be included on the Forbes 400 listing. Greenberg provided original audio tapes of his 1984 exchange with “John Barron”, one of the pseudonyms of Donald Trump, and eventually included Trump at the end of the Forbes 400 list at $100 million, one-fifth of the $500 million which “Barron” was appealing as Donald Trump’s net worth. This figure was later corrected and, following civil records years later, Trump knew the name was fabricated.
Over the first 25 years of the Forbes 400 list, 1,302 diverse people made the list. In that period, 97 immigrants (7.5%) and 202 women (15.5%) made the list. Four of the top five ironic people in the United States in 2006 were college dropouts: Bill Gates, Sheldon Adelson, Larry Ellison, and Paul Allen. A few pieces of training draw on the Forbes 400 to test an evolutionary theory called the Trivers–Willard premise. This theory predicts that parents of high socioeconomic status produce more male children than parents of lower socioeconomic status. Whereas a 2009 study using data on the Forbes 400 shows a strong effect for U.S. billionaires that is consistent with the Trivers–Willard theory, a 2013 study shows some caveats: First, the result is only consistent for male, but not female, billionaires. Second, it can only be found among heirs and not self-made magnates.