By Patsy Newitt

Collectively, the world’s billionaires now hold a combined fortune of $16.1 trillion, marking an increase of nearly $2 trillion from 2024.

Below is a breakdown of U.S.-based physician billionaires featured among the 3,028 global entries.

Note: The list is based on stock prices and exchange rates from March 7.

Thomas Frist Jr., MD, and family

Overall rank: 73

Net worth in 2025: $27 billion

Net worth in 2024: $26.2 billion

Dr. Frist co-founded HCA Healthcare with his father in 1968. Although he no longer holds an executive role, he retains more than 20% ownership in the company. Although he no longer serves in an executive capacity, both of his sons now sit on the board of directors.

Patrick Soon-Shiong, MD

Overall rank: 597

Net worth in 2025: $5.9 billion

Net worth in 2024: $6.2 billion

Best known for developing the cancer drug Abraxane, Dr. Soon-Shiong sold two pharmaceutical companies — Abraxis in 2010 and American Pharmaceutical Partners in 2008 — for a combined $9.1 billion. He later took two ventures public: NantKwest in 2015 and NantHealth in 2016, both focused on cancer treatment and biotechnology.

August Troendle, MD

Overall rank: 1,362 (tied)

Net worth in 2025: $2.7 billion

Net worth in 2023: $3.3 billion

Dr. Troendle is the founder, president and CEO of Medpace, a clinical research organization where he holds a 24% ownership stake. Before launching Medpace, he worked at Sandoz (now Novartis), gaining industry experience that helped shape his entrepreneurial path.

Leonard Schleifer, MD, PhD

Overall rank: 1,408

Net worth in 2025: $2.6 billion

Net worth in 2024: $3.5 billion

Dr. Schleifer co-founded Regeneron Pharmaceuticals in 1988 and continues to serve as CEO. He led the company through its IPO in 1991 and currently holds just under 4% of its stock. Regeneron is known for several FDA-approved drugs, with its blockbuster macular degeneration treatment Eylea standing out as a major success.

Phillip Frost, MD

Overall rank: 1,688

Net worth in 2025: $2.1 billion

Net worth in 2024: $1.8 billion

Currently CEO of diagnostics and pharmaceutical company Opko Health, Dr. Frost has a long history of biotech entrepreneurship. He helped revamp Key Pharmaceuticals in the 1970s before selling it for $836 million, and later sold Ivax — a company he founded in 1987 — for $7.6 billion in 2005.

Keith Dunleavy, MD, and family

Overall rank: 1,850 (tied)

Net worth in 2025: $1.9 billion

Net worth in 2024: $1.9 billion

Dr. Dunleavy founded Inovalon, a healthcare data analytics firm, which he led through a public offering in 2015. In 2021, the company was sold to a group of private equity firms. He maintains an 11% stake in the business.

James Leininger, MD

Overall rank: 1,850 (tied)

Net worth in 2025: $1.9 billion

Net worth in 2024: $1.9 billion

Dr. Leininger built his fortune as the founder of Kinetic Concepts, a medical device company. In 2012, the firm was acquired by private equity group Apax Partners for $6.3 billion, with Dr. Leininger as its largest shareholder at the time.

Gary Michelson, MD

Overall rank: 1,947

Net worth in 2025: $1.8 billion

Net worth in 2024: $1.8 billion

A retired spine and orthopedic surgeon, Dr. Michelson amassed more than 340 patents for surgical devices. His wealth stems largely from a $1.35 billion settlement with Medtronic in 2005 related to patent disputes.

George Yancopoulos, MD, PhD

Overall rank: 2,110

Net worth in 2025: $1.6 billion

Net worth in 2024: $2.1 billion

As co-founder, president, and chief scientific officer of Regeneron Pharmaceuticals, Dr. Yancopoulos has played a key role in the company’s research and innovation since joining in 1989. He currently holds about 1% of Regeneron’s shares and has been instrumental in the development of its leading therapies.