💰 Dissecting the 9 Wealthiest Physicians Alive

Forbes just dropped the 37th annual World's richest people list - 2023 edition. I didn’t make it this year, smh.

But, nine physicians did. Let me tell you more about that.

The Hospital Helper 🤝

At number 89, is Thomas Frist Jr. MD ($20.2 Billion). Dr. Frist founded Hospital Corp. of America (aka HCA Healthcare) in 1968 with his father. And, in 2011, took the company public. He owned 20% at the time.

According to Forbes, “HCA Healthcare owns and operates 187 hospitals and around 2,000 sites of care in 20 states in the U.S. and [the] U.K..” Basically, for the last 50 years, Dr. Frist and his family have been making and acquiring hospitals and private practices. I think It’s safe to say it was a successful business model.

The Playmaker 🏀

Coming in at 442, we have Patrick Soon-Shiong, MD ($5.8 Billion). Dr. Soon-Shiong invented a cancer-fighting drug, Abraxane, and sold it and the parent company (Abraxis) to American Pharmaceutical Partners in 2008 for $91. Billion.

Since then, Dr, Soon-Shiong started NantWorks - a network of various healthcare companies. He also owns the Los Angeles Times and San Diego Tribune; and has stakes in Tribune Publishing and the Los Angeles Lakers. Pop off, Dr. Soon-Shiong.

The Drug Guy 💊

At 1,164, we have Leonard Schleifer, MD, PhD ($2.6 Billion). Dr. Schleifer cofounded Regeneron Pharmaceuicals in 1988 and at 70 years old, is still the CEO. He owns 4% of the common stock and they have developed 6 FDA-approved medicines. He was a practicing Neurologist before founding Regeneron.

The Handyman 🧱

Tied for 1,647, there is Phillip Frost, MD ($1.8 Billion). Dr. Frost has his hands in a lot of things. Currently, at 87 years old, he is the CEO and Chairman of Opko Health (NASDAQ: OPK). He has also played a big part in Key Pharmaceuticals (sold for $836M in 1986) and founded Ivax (sold for $7.6 B in 2005).

The Horder 🧾

Tied for 1,647, is Gary Michelson, MD ($1.8 Billion). Dr. Michelson took a very different path to billionaire status than the rest of this list. He actually practiced as an orthopedic and spinal surgeon for most of his career. You’re probably thinking, well that’s nice, but, how did he make all that moolah? Great question.

Dr. Michelson owns over 340 U.S. patents for orthopedic and spinal surgery instruments. In 2005, he reached a settlement with Medtronic which cemented him as a billionaire. It was for $1.35 billion. He is widely regarded as a self-made billionaire and has pledged all of his wealth to science.

The Young Buck 🦌

Sitting in a tie at 1,725, there is Keith Dunlevy, MD ($1.7 Billion). In 1998, he started Inovalon, a cloud-based data analytics company in the healthcare space. As of 2023, Invovalon employ’s over 3,100 people. He is among the youngest in this cohort at a mere 53 years old (April, 2023).

The Texan 🤠

Also tied for 1,725 is James Leininger, MD aka Doctor Jim ($1.7 Billion). Doctor Jim founded two companies. Kinetic Concepts (KCI) (sold for $6.8 Billion in 2021), and, the Texas Public Policy Foundation which supports free market policy and research. He also has a minority ownership in the San Anotino Spurs.

The Researcher 🧪

In a tie for 1,805, we have August Troendle, MD ($1.6 Billion). Dr. Troendle is the president and CEO of clinical research company Medspace, per Becker’s Physician Leadership.

The Copilot 🛩

Lastly, and also in a tie for 1,805 is George Yancopoulos, MD, PhD ($1.6 Billion). We finally have a double dipper! Dr. Yancopoulos is the cofounder of Regeneron Pharmaceuticals. Yes, the same company as Dr. Schleifer! How neat.