Real Estate’s Richest Moguls Revealed—and Beloit Billionaire Diane Hendricks Soars to Top of the List, Eclipsing President Donald Trump

A list of America's wealthiest people has shone a bright spotlight on the real estate industry's richest men and women—revealing a small group of savvy property moguls who have achieved billionaire status.

The annual Forbes 400 List is described as a "definitive ranking of the top 400 richest people in America," with Tesla billionaire Elon Musk seizing the No. 1 spot with a net worth of $428 billion—nearly double the $244 fortune he held in 2024.

Oracle founder Larry Ellison ($276 billion), Facebook creator Mark Zuckerberg ($253 billion), Amazon CEO Jeff Bezos ($241 billion), and former Alphabet CEO Larry Page ($179 billion) complete the top five.

Yet the list also shines a light on the many industry leaders who have amassed an astonishing wealth through their various areas of interest—from fashion and retail to real estate and construction.

Of the real estate and construction tycoons featured on the list, ABC Supply co-founder Diane Hendricks, from Beloit, WI, takes the top spot—and the 44th place overall—with a net worth of $22.3 billion, more than triple the $7.3 billion fortune held by President Donald Trump, who is 201st overall.

Real estate and construction moguls represent $168.7 billion of the collective $6.6 trillion net worth of everyone on the overall list.

According to Forbes, that $6.6 trillion fortune marks a significant $1.2 trillion increase from the shared wealth of the 400 people featured on the 2024 list—while the benchmark for entry into the top 400 increased from $3.3 billion to $3.8 billion.

"It’s been a year unlike any we’ve seen in the four decades we’ve tracked America’s billionaire class," Forbes senior editor Chase Peterson-Withorn said in a statement.

"The super-rich at the very top are richer than ever—and between the White House and the booming stock market, they’re as powerful as they’ve ever been."

Entry into the Forbes 400 club was, in fact, so hard to achieve that even the world's wealthiest celebrities failed to secure a place on the list, with the outlet noting that the likes of Oprah Winfrey, Taylor Swift, and LeBron James were all left out.

Still, there are many familiar names, faces, and fortunes to pour over, particularly in the real estate sector.

Speaking to Realtor.com®, a spokesperson for Forbes confirmed that there are 18 billionaires who fall under its real estate section—a fall from last year's 19 names—along with two others who are categorized in "construction and engineering."

Among those industry tycoons ranked on the list, President Trump made the biggest gains over the last 12 months, increasing his net worth by $3 billion. However the outlet largely attributes that bump to his "now substantial non-real estate assets."

Here, Realtor.com highlights the top construction and real estate mega moguls who have landed on the Forbes 400 List—and how they amassed their astonishing fortunes.

1. Diane Hendricks, owner of ABC Supply: $22.3 billion

Hendricks, 78, who is America's richest self-made woman billionaire, reigns supreme for another year as far as real estate's wealthiest men and women are concerned.

Her position at the top of the real estate rich list comes just months after Hendricks became the subject of a reality TV series that documented her family's attempts to revive the town of Beloit, where she and her late husband, Ken, launched their business, ABC Supply, which remains one of the largest wholesale distributors of roofing, siding, and windows in the U.S.

Hendricks and her spouse launched ABC Supply in Beloit in 1982, having relocated to the area in the 1970s.

At the time, Beloit was home to several large companies, but some of those employers began moving overseas in the 1990s in a bid to lower costs, forcing many of the city's residents to move elsewhere to find work.

The movement pushed Beloit to the brink of "crisis," leaving multiple buildings abandoned, the local economy in shambles, and employment numbers in dire straits—while crime soared.

Over the last 10 years, Hendricks has taken major strides toward a bigger and better Beloit, buying up all manner of properties—from abandoned country clubs and golf courses to derelict residential dwellings—restoring them before putting them back on the market.

In 2017, Hendricks opened up about her hometown revitalization in an interview with The New York Times, explaining that—while many of the property renovations she was carrying out might have seemed like they were purely aesthetic, she knew that in transforming Beloit's buildings, she'd ultimately be able to boost its economy.

"It looks like we’re beautifying the city, but we’re really beautifying the economy," she shared.

The outlet reported that Hendricks had already managed to "woo several startups" to Beloit, luring them in to "set up shop" in the city's old foundry building, one of the many properties she had helped to restore.

At the time of the interview, the Times reported that Hendricks had invested tens of millions of dollars into her Beloit project, spending $40 million on the old foundry transformation alone.

2. Donald Bren, chairman of Irvine Company: $19.2 billion

Donald Bren, 93, is described by Forbes as "America's wealthiest real estate baron," having built his fortune through the real estate company Irvine, which is headquartered in Southern California—where the majority of its developments are located.

The billionaire began his career in real estate at the age of 25 when he began building his first home in Newport Beach after spending three years serving in the U.S. Marine Corps.

Not long after, Bren founded his eponymous Bren Company, through which he vowed to continue building more homes in California—largely focusing on master-planned communities, including places like Westlake Village and Foster City.

However, it was not until 1973 that Bren became involved with the Irvine Company, which was founded by the Irvine family in 1864, joining a group of investors who purchased the business from its founders.

Eventually, the businessman became the majority owner of the company—and by 1996 had bought out all of the remaining shares to become its sole owner.

Today, per Forbes, Irvine owns "more than 590 office buildings and 125 apartment complexes," as well as the MetLife Building in Manhattan, which the company took over in July 2024.

3. Stephen Ross, chairman of Related Companies: $17 billion

Stephen Ross, 85, from Detroit is perhaps best known for his prominent position as the part owner of several of the country's biggest sports franchises and events, including the Miami Dolphins and the Formula 1 Miami Grand Prix.

However, Ross' extraordinary wealth was amassed through real estate development—beginning with the creation of his company, Related, which he founded in 1972, focusing the business's efforts on the development of affordable housing.

Today, Related is behind some of the country's most recognizable developments, including the extensive redevelopment of Hudson Yards in New York, as well as the creation of the city's Deutsche Bank Center, which was previously known as One Columbus Circle.

The company's developments spread far beyond the U.S., however, with projects in London and Abu Dhabi.

Related has also expanded its remit from affordable housing, adding luxury condo buildings, city centers and hotels to its impressive list of properties, which are worth more than $60 billion, according to Forbes.

Unlike many people featured on the list, Ross' fortune has held steady over the last 12 months—sitting at the same $17 billion valuation as it did in 2024, having shot up by nearly $7 billion from the previous year.

4. Riley Bechtel and Family, founders of Bechtel: $10.8 billion

Riley Bechtel, 73, spent 24 years as the head of his family's eponymous company, which specializes in engineering, construction, procurement, and project management, according to its website.

The company was founded in California in 1989 by Bechtel's great-grandfather, Warren Bechtel, a cattle farmer who got his start constructing railroads, a role that prompted him to start his own business.

In the decades since the company was founded, it has passed down through the Bechtel family, all the while expanding its operations to include the construction of some of the world's most iconic structures, including the Hoover Dam.

Bechtel served as the CEO of his family's business from 1990 to 2014, when he was forced to step down from the role after being diagnosed with Parkinson's disease—handing the reins to his son, Brendan, who now holds the roles of chairman and CEO.

Per Forbes, the Bechtel family—which includes Riley, his siblings, and their children—own a 40% stake in Bechtel, which is the country's second-largest construction company.

5. Jeff Greene, developer: $9 billion

Unlike many of his fellow real estate rich list members, Jeff Greene, 70, did not amass his fortune through a large company—but rather through savvy financial moves, specifically "by buying credit default swaps on subprime mortgage-backed bonds as the housing market crashed," Forbes notes.

However, he started his real estate career when he was still an MBA student, buying his first house while studying at Harvard Business School and then renting out the rooms to finance his degree.

By the time he graduated, the outlet states, he had a total of 18 properties to his name.

After finishing his education, Greene relocated to Los Angeles, where he launched himself into much larger construction projects, focusing his efforts largely on commercial properties, like office spaces and condo buildings.

Today, much of his wealth is tied up in real estate, mostly located in Los Angeles and Southern Florida, where he launched an unsuccessful campaign to become the Democratic candidate for governor in 2018.

Per Forbes, the failed campaign cost Greene more than $30 million.

Still, his wealth has seen steady increases over the last few years, shooting up from $3.9 billion in 2021 to $7.2 billion in 2023—before rising again to $7.5 billion last year and now to $7.9 billion.

6. Neil Bluhm, real estate tycoon: $8.6 billion

7. Leonard Stern, CEO of Hartz Mountain Industries: $8.3 billion

8. Igor Olenicoff, founder of Olen Properties: $8 billion

9. Edward Roski, president of Majestic Realty: $7.4 billion

10. Donald Trump, former president of the Trump Organization: $7.3 billion