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Forbes this week unveiled its annual list of The Forbes 400: The Definitive Ranking of The Wealthiest Americans in 2022 and while the list is headlined by the astronomically wealthy likes of Elon Musk, Jeff Bezos, and Bill Gates, it also features one Rhode Islander and another with close ties to Newport.

Forbes writes that for the first time since the Great Recession, the total wealth of The Forbes 400, and the minimum required net worth to make the list, have dropped.

The sole Rhode Islander on the list was Jonathan Nelson (ranked 351), a 66-year-old resident of Providence and executive chairman of Providence Equity Partners, whose net worth topped $3.1 billion this year.

Forbes reports that Nelson’s net worth is up from $2 Billion in 2021. Nelson is the only billionaire that calls Rhode Island home full-time.

Nelson founded Providence Equity Partners in 1989 and was CEO until January 2021, according to Forbes. The private equity firm has invested in more than 170 companies, many in the media, communications, education and information industries.

The firm sold scuba-diving certification company PADI in 2017 for over $700 million, three times its initial investment, according to Forbes. In 2021, Providence Equity Partners sextupled its 2007 investment of $300 million in video game developer ZeniMax Media, which Microsoft acquired for $7.5 billion.

Another Familiar Face

Larry Ellison, who owns several properties along Newport’s Bellevue Avenue, is ranked 4th on the list. His net work topped $101 billion this year. Ellison is the chairman, chief technology officer and cofounder of software giant Oracle


Seven Massachusetts residents made the list, Abigail Johnson at #29 ($20.5 billion) and Robert Kraft at #59 (1$10.6 billion) were among the wealthiest.

In Connecticut, six residents made the list – including Ray Dalio at #32 ($19.1 billion).

See the full story and list.

Ryan Belmore is the Owner and Publisher of What'sUpNewp.  Belmore has been involved with What’sUpNewp since shortly after its launch in 2012, proudly leading it to be named Best Local News Blog in...