Forbes came out with its annual ‘Forbes’ Wealthiest Entrepreneurs under 40′ list for 2016 and it acknowledged the success of two entrepreneurs of Indian origin.
Broadly, the eligibility requirements to be considered for this list are threefold.
Entrepreneurs need to be under the age of 40 as of December 12. They should also be residents of the United States of America. Another vital deciding factor is that the individuals on the ‘Forbes’ Wealthiest Entrepreneurs under 40′ list have made a significant portion of their own wealth in the United States of America.
Vivek Ramaswamy, has been positioned 24th on the list with a net worth of $600 million and his source of income being “investments”. Apoorva Mehta, on the other hand, has been ranked 31st on the list with a net worth of $360 million and his source of income being “Instacart”.
Forbes described Ramaswamy as “making waves in the biotech business with his deals and drug development plans”.
The thirty one year old has education from Harvard University and Yale School of Management under his belt.
It is not a very well known fact that he was responsible for the largest initial public offering in biotechnology of 2016. “Myovant Sciences raised $218 million, listing its shares on Nasdaq in October,” Forbes said.
He runs Roivant Sciences, a biotech holding company with an innovative financial strategy to develop drugs, often by purchasing drugs that have been forgotten or abandoned by the pharmaceutical industry.
Meanwhile, Forbes called Apoorva Mehta as one of “Silicon Valley’s youngest immigrant success stories”. Mehta and his family moved to Canada in 2000, where he studied engineering at the University of Waterloo before working at Blackberry, Qualcomm, and then Amazon.
“In 2012, he cofounded Instacart, a grocery delivery service that partners with grocery chains. Customers can order groceries through a mobile app, and pay fees of typically under $10 to get deliveries in an hour or two from Instacart contractors. The company is valued at an estimated $2 billion, and most recently raised funding from Whole Foods Market in March 2016,” Forbes remarked.
Some new names that have joined the bandwagon of the young and rich of America include Basket ball stars Kobe Bryant and LeBron James and boxer Floyd Mayweather. The pop sensation Beyonce and the well known actress-turned-consumer products marketer Jessica Alba, were the only two women on the list.
The first on this list was the much famed founder of Facebook, Mark Zuckerberg. His net worth was quoted at $50 billion, a significant leap from last year.