Forbes' Billionaire Newcomers: Here Are The Top 10 Newest Industry Entrants
Every year more people break into the ranks of Forbes' Billionaires List, and 2016 is no exception. Here's a breakdown of 10 of these billionaire newcomers who are making a splash in the real estate industry, from Qatari sheikhs to two co-working moguls. (Because those exist now—it's 2016!)
Net worth: $3.5B
Rick started his career in real estate law, but quickly decided to ditch the courtroom to focus on developing retail and residential properties. The mogul's talents aren't limited to the property arena, though—he's served as president of the LA Board of Police Commissioners and commissioner for the LA Department of Water and Power.
Net worth: $3.2B
Citizenship: United Arab Emirates
Hussain is the founder and chairman of the Dubai-based international luxury developer DAMAC Properties—and nowhere knows luxury like Dubai. After getting his undergrad degree at the University of Washington, Hussain worked in the gas sector for a bit before launching that company that made him his billions.
Faisal Bin Qassim Al Thani
Net worth: $2B
The sheikh's business success is tied to that of his country, which has the world's third-largest natural gas reserves and the highest per-capita income. Faisal also owns a large museum collection with more than 15,000 artifacts near the Qatari capital.
Net worth: $1.6B
This Russian businessman has holdings in oil as well as real estate, and is also the co-owner of leading Russian development companies and a large pension fund, SAFMAR.
Net worth: $1.5B
Adam Neumann has built up his fortunes as the CEO of the rapidly expanding WeWork. His enthusiasm for WeWork's community philosophy started when he was much younger, as he grew up on a kibbutz in Israel.
Net worth: $1.4B
David Lichtenstein is the CEO and founder of The Lightstone Group, one of the largest privately held real estate companies in the US. The company's holdings are spread across 24 states, in office, retail, industrial, lodging and multifamily properties.
Net worth: $1.2B
Conrad Prebys is a property developer and philanthropist, who founded Progress Construction in 1965, but gradually shifted his focus from construction to property ownership. Now the billionaire has 81 properties in the San Diego area, and donates much of his funds to medical research and higher education.
Net worth: $1.1B
Martin Selig has been putting up high-end high-rises for nearly 60 years around the Seattle area. His company, Martin Selig Real Estate, holds over 4M SF and is developing an additional 1.5M SF, thanks to Amazon's recent boom years.
Net worth: $1B
Silicon Valley real estate icon George Marcus (pictured, left) founded property powerhouse Marcus & Millichap Real Estate Investment Services in Palo Alto in 1971. Since then the mogul has founded Essex Property Trust, now a publicly traded apartment company, and SummerHill Homes, one of the region's most respected for-sale homebuilders.
Net worth: $1B
Miguel is the chief creative officer and other co-founder of WeWork, the rapidly expanding co-working enterprise. Like co-founder Adam, he was raised in a community-focused place, in a commune-like environment in the Pacific Northwest. The two have just recently expanded beyond shared office space, unveiling WeLive, their "co-living" concept.