The U.S. health care industry is massive, with spending existent on a scale difficult to comprehend. According to Insider Intelligence, U.S. health care expenditure is expected to reach $6.2 trillion by 2028 and $12 trillion by 2040.
The U.S. spent nearly 16.% of its gross domestic product (GDP) on health care in 2019 alone, more than any other country. By 2040, that total is projected to reach 26%. Through all of that spending, the U.S. health care industry has sprouted some of the wealthiest CEOs and business magnates in the world. In total, the top five account for $54.96 billion in wealth — roughly 2.1% of last year’s total GDP.
As of Feb. 26, according to Bloomberg’s Billionaires Index, the richest billionaire with ties to the U.S. health care industry is HCA Healthcare co-founder Thomas Frist. Currently valued at $22.1 billion, Frist has garnered an additional $886 million in wealth over the past 12 months. As of Feb. 27, Forbes reported HCA Healthcare’s market cap at $69 billion — $9.3 billion more than the company’s estimated 2022 revenue.
In second place, Cook Group owner and chief executive officer Cark Cook is valued at $10.5 billion. The leader of the medical product manufacturer has grown by $381 million in value over the past year, while his Bloomington, Indiana-based business is currently ranked within the largest 250 American companies.
Patrick Soon-Shiong, seller of APP Pharmaceuticals and Abraxis BioScience, earned the third top spot with a value of $8.5 billion. Bloomberg’s 247 wealthiest person sold APP Pharmaceuticals to Fresenius Medical Care for $4.6 billion in 2008, and Abraxis BioScience to Celgene for $2.8 billion in 2010. Now Soon-Shiong is the owner of the Los Angeles Times and holds a significant stake in the Los Angeles Lakers.
In fourth place, Ronda Stryker — the largest individual shareholder in Stryker Corp — is valued at $7.83 billion after earning a cool $519 million in the past 12 months. Bloomberg reported that the medical equipment manufacturer’s 2021 revenue was a whopping $17.1 billion.
Rounding out the top five richest people within the U.S. health care industry, Bloomberg values Pat Stryker at $6.03 billion. Stryker owns an estimated 3% of medical device manufacturer Stryker Corp., which had a 2021 revenue of $17.1 billion.
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