Pa. is home to a dozen of the wealthiest Americans, including two new additions to Forbes’ richest list
Jeff Yass, the richest Pennsylvanian, saw his wealth grow by 72% since 2023.
Twelve Pennsylvania billionaires, including eight from the Philadelphia area, made the Forbes list of the wealthiest Americans this year.
The annual list, which came out this week, ranks the 400 Americans with the highest net worths. That ranged from Elon Musk’s $244 billion in first place to $3.3 billion — the cut off to make the ranking.
Collectively, the group is worth $5.4 trillion, an increase of almost $1 trillion compared to 2023.
Newcomers include Mitchell Morgan and Edward Stack
The list includes 23 new names in 2024, two of which hail from Pennsylvania: Mitchell Morgan, CEO and owner of Conshohocken-based real estate company Morgan Properties, and Edward Stack, the executive chairman and largest individual shareholder of Pittsburgh-based Dick’s Sporting Goods.
Morgan, who has a residence in Bryn Mawr, cofounded Morgan Properties in 1985, and today the real estate company owns over 350 properties in 19 states.
Morgan and his family have a net worth of $5.5 billion, according to Forbes, coming in at No. 240 on the list. Earlier this year, Morgan and his family donated $50 million to the Children’s Hospital of Philadelphia for a new research building.
Stack is the son of Dick’s Sporting Goods founder Dick Stack, who launched the company in 1948.
Stack and his family have a net worth of $5.8 billion, according to Forbes, coming in at No. 225.
Jeff Yass’ net worth grows
Jeff Yass, who cofounded trading firm Susquehanna International Group, was the wealthiest Pennsylvanian again this year — and his wealth has grown considerably.
Yass was valued at $28.9 billion in the Forbes listing in 2023, and this year came in at $49.6 billion, a 72% increase. He also jumped from No. 28 on the list in 2023 to No. 18 in 2024. Yass has donated to political campaigns, both local and national, and in recent years often to Republicans.
Only two people on the list from Pennsylvania saw their net worth decrease in the last year: Michael Rubin, founder and CEO of Fanatics, and Maggie Hardy, CEO and owner of building material supplier 84 Lumber.
Rubin went from No. 61 to No. 91 in the richest Americans ranking, with his net worth going from $11.5 billion to $10.6 billion. Hardy dropped from No. 278 to No. 374, with her net worth going from $4.1 billion to $3.6 billion.
Women made some gains on the richest Americans list this year but remain underrepresented. The list included 67 women in 2024 — 17% of the list compared to 15% last year. Women account for 15% of the total wealth on the list.