It’s a sign of the times: to be counted among America’s richest, it takes more money than ever before. On September 11, 2025, both the Memphis Business Journal and Forbes Australia reported on the latest Forbes 400 list, highlighting not just who made the cut, but also those who, despite growing fortunes, fell short of the ever-rising bar for entry. The minimum net worth required to secure a spot on the 2025 Forbes 400 soared to a record $3.8 billion, up $500 million from the previous year. For some, that threshold proved insurmountable.
The annual Forbes 400 list is a closely watched barometer of wealth and economic trends in the United States. This year, it delivered a mix of celebration and surprise, as a total of 26 billionaires who appeared in 2024 were left off the 2025 ranking. Perhaps most striking: eight of those who dropped off are actually richer than they were a year ago. The reason? Others simply got wealthier, faster. Meanwhile, some fortunes shrank due to industry headwinds, market corrections, or changes in consumer behavior. And for ten former listees, death brought their run to a close.
One of the most notable absences on this year’s Tennessee list is Fred Smith, the founder of FedEx Corp. According to the Memphis Business Journal, Smith’s omission is a stark reminder of how volatile and competitive the world of ultra-high net worth can be. Smith, who passed away in the last year, leaves behind a legacy that transformed the logistics and delivery industry, but no longer claims a spot among the nation’s richest individuals in 2025.
Forbes Australia provided further detail on those who fell off the list, including a roster of business titans whose fortunes once seemed unassailable. Truck stop tycoon Judy Love, cosmetics magnate Leonard Lauder, Home Depot cofounder Bernard Marcus, private equity giant David Bonderman, Cablevision and HBO founder Charles Dolan, Indianapolis Colts owner James Irsay, Campbell’s Soup heir Mary Alice Dorrance Malone, valve manufacturing heir Catherine Lozick, and Dole Foods billionaire David Murdock all died since last year’s ranking, ending their runs on the Forbes 400.
But it’s not only mortality that thinned the ranks. Some billionaires simply couldn’t keep up with the pace of wealth creation, even as their own fortunes grew. Take Frank VanderSloot, for example. The founder of health and wellness company Melaleuca remains the wealthiest person in Idaho, with a net worth of $3.3 billion—unchanged from last year. Yet, that wasn’t enough to keep him on the list. With markets booming and other fortunes rising faster, VanderSloot found himself edged out.
Others saw their wealth shrink as industries faltered. Robert Sands, whose family controls Constellation Brands—the company behind Robert Mondavi Winery and the U.S. rights to Modelo and Corona beer—watched his net worth dip from $3.4 billion to $2.9 billion. The company recently slashed its full fiscal-year outlook, citing less demand for beer, especially from Hispanic consumers. Shares dropped a staggering 31%, according to Forbes Australia.
Bennett Dorrance, an heir to the Campbell’s Soup fortune, experienced a similar setback. His net worth fell from $3.6 billion to $3 billion as shares of the company cooled off by 36% over the past year. While soup sales are reportedly on the rise as more Americans cook at home, Campbell’s snack division—which owns brands like Goldfish, Pepperidge Farm, and Snyder’s—saw a 2% decline in 2024. That dip in snack sales, coupled with broader market pressures, proved costly.
The Chao siblings—Albert, James, and Dorothy—each saw their net worths plummet from $5.1 billion to $3.3 billion. Their fortunes are tied to Westlake Corporation, a petrochemicals and plastics manufacturer founded by their father, T.T. Chao. A 40% drop in Westlake’s stock price, driven by weak earnings and a slowdown in the global construction sector, left the trio a collective $5.4 billion poorer compared to 2024. It’s a reminder that even diversified, family-controlled empires aren’t immune to the vagaries of the market.
Jeff T. Green, co-founder, CEO, and chairman of The Trade Desk, also found himself on the outside looking in. His net worth tumbled from $5.7 billion to $3.3 billion after the company reported slowing revenue growth and higher operating expenses in its second quarter. The Trade Desk, which helps advertisers find open ad space, saw its shares take a steep dip from which they have yet to recover. Since the beginning of the year, Green has unloaded more than one million shares of the company, worth nearly $200 million (pretax), but even that wasn’t enough to keep him above the Forbes 400 threshold.
E. Joe Shoen, chairman and CEO of U-Haul, experienced a similarly tough year. Shrinking profitability drove U-Haul shares down 24% over the past year, wiping a billion dollars off Shoen’s fortune. His net worth now sits at $3.5 billion, down from $4.5 billion—a steep drop for the head of a family business that’s been a staple of American moving for decades.
What’s behind the rising bar for entry? According to Forbes Australia, the answer lies in soaring markets and the rapid accumulation of wealth among the very richest. While some billionaires lost ground due to industry-specific challenges—tariffs, decreased consumer spending, or sector slowdowns—many others simply saw their fortunes outpaced by tech titans and financial moguls riding the wave of a bullish stock market. The result: even as some billionaires got richer, they were leapfrogged by others who amassed wealth at an unprecedented clip.
The stories of those who fell off the list underscore the dynamic, sometimes unforgiving nature of American capitalism. It’s not just about making money—it’s about making more, faster, and staying ahead of the pack. For those like Fred Smith, whose absence from the Tennessee list was noted by the Memphis Business Journal, the lesson is clear: past achievements, no matter how transformative, don’t guarantee a permanent spot among the nation’s financial elite.
For the public, these shifts offer a window into broader economic trends and the evolving landscape of American wealth. The rise and fall of fortunes reflect not only personal successes and failures but also the health of entire industries and the shifting preferences of consumers. As the bar for entry continues to rise, the Forbes 400 remains both a celebration of achievement and a stark reminder of just how competitive—and fleeting—great wealth can be.
As the dust settles on the 2025 Forbes 400, one thing is certain: the competition for a place among America’s richest is fiercer than ever, and even billionaires can find themselves left behind.
