The 20 richest people in Massachusetts right now

With over 20 members of the three comma club in 2022, the Bay State is one of the American states with the most billionaires. California (with 186) New York (with 135), Florida (78), and Texas (with 67) lead the list of the states with the most billionaire residents.

Below is a list of the 20 richest people in Massachusetts and how they made their fortune. Abigail Johnson, America’s 6th wealthiest woman is the state’s richest person. Other billionaires featured on this list include Moderna co-founder Robert Langer and Wayfair CEO Niraj Shah.

1. Abigail Johnson

Net worth$21.2 billion
Source of wealthMoney management
Global rank#75
ResidenceMilton, Massachusetts
Age60

Abigail Johnson is the richest person in the Bay State. She’s the CEO, chair, and president of Fidelity Investments, a Boston-based financial services corporation. It was founded by her grandfather, Edward C. Johnson II. Abigail owns a 24.5% in the financial services firm. Her family holds a 49% stake in the company while 51% is owned by current and former employees.

According to the balance, Fidelity Investments is the world’s fourth-largest asset manager with about $4.23 trillion worth of assets under management. Last year, Johnson was ranked the world’s 6th most powerful woman by Forbes. She has been the richest individual in Massachusetts since 2019.

2. Robert Kraft

robert-kraft
Net worth$8.3 billion
Source of wealthNew England Patriots
Global rank#263
ResidenceBrookline, Massachusetts
Age80

Robert Kraft is the founder, chairman, and CEO of Kraft Group, the holding firm for his group of companies that have interests in the sports and entertainment, paper and packaging, private equity, and real estate sectors.

The billionaire owns the New England Patriots of the NFL which he bought back in 1994 for $172 million. The pats are one of the world’s most valuable sports teams with a valuation of about $4.4 billion. They have won the super bowl six times. Kraft also owns the New England Revolution of the MLS.

3. Edward Johnson, IV

Net worth$6.3 billion
Source of wealthMoney management
Global rank#403
ResidenceBoston, Massachusetts
Age57

With a fortune of $6.3 billion, Edward Johnson, IV is one of the richest people in Massachusetts. He’s a member of the Johnson family, which holds a 49% stake in Fidelity Investments, one of the planet’s largest asset managers. According to Forbes, Edward holds a 5.56% personal stake of the $24-billion-revenue financial services company. He serves as the president of Pembroke Real Estate, which is owned by the Johnson family. Edward is the brother of Abigail Johnson, the state’s wealthiest person.

4. Jim Davis & family

jim-davis
Net worth$5.4 billion
Source of wealthNew Balance
Global rank#490
ResidenceNewton, Massachusetts
Age79

Jim is the owner and chairman of New Balance, a maker of footwear. He bought the company back in 1972 as a small shoemaker in Boston. The company is known for making athletic shoes, sportswear, apparel, and sports equipment. It’s one of the largest manufacturers of sports shoes and clothing.

Together with his family, the billionaire owns about 95% of the company which had an estimated $4.4 billion in revenues last year. He’s also a co-founder of Major League Lacrosse. His wife is the company’s vice-chairman.

5. Elizabeth Johnson

Net worth$5.1 billion
Source of wealthMoney management
Global rank#536
ResidenceBoston, Massachusetts
Age59

She’s the second-richest woman in Massachusetts after her sister Abigail Johnson. She holds a 5.56% stake in the financial services firm Fidelity Investments which was founded by their grandfather Edward C. Johnson II in 1946. The Johnson family owns about 49% of the company.

Some of the products and services offered by Fidelity include life insurance, financial planning, electronic trading platform, financial planning, and stockbroker among others. The company has more than $4.2 trillion in assets under management and is one of the largest asset managers globally.

Related: The richest people in New York

6. Amos Hostetter, Jr

amos-and-barbara-hostetter
Amos Hostetter with his wife Barbara Walsh
Net worth$3.7 billion
Source of wealthCable television
Global rank#801
ResidenceBoston, Massachusetts
Age85

Amos Hostetter has a net worth of $3.7 billion and is one of the richest people in Massachusetts. He was the chairman and CEO of Continental Cablevision, a cable television company that he co-founded in 1963 with a $1,500 investment. He sold the company to US West in 1996 for $11 billion. Continental Cablevision was the biggest private cable corporation at the time.

The billionaire now runs the Barr Foundation — a charitable organization he co-founded with his wife Barbara Walsh — as well as the venture capital firm Pilot House Associates. Amos has donated more than $500 million through his foundation towards the fight against climate change, arts, and education.

7. Robert Hale, Jr

Net worth$3.2 billion
Source of wealthTelecom
Global rank#951
ResidenceBoston, Massachusetts
Age55

He’s the founder and CEO of Granite Telecommunications. Granite provides one-stop solutions for data, voice, internet, wireless, video, and secure network options to companies in the United States and Canada. He founded the company in 2002 just months after his previous company, Network Plus went bankrupt.

Granite has more than $1.65 billion in annual revenues and has provided services to more than 80 of America’s 100 largest corporations. Robert is the 345th wealthiest person in the United States. He joined the three-comma club this year.

Related: The richest people in Virginia

8. Alan Trefler

alan-trefler
Net worth$2.9 billion
Source of wealthSoftware
Global rank#1053
ResidenceBrookline, Massachusetts
Age66

Alan Trefler is the CEO of Pegasystems, a software firm he founded in 1983 at the age of 27. Pegasystems develops CRM (customer relationship management) software and generates more than $1 billion in yearly sales. Trefler owns about 50% of Pegasystems, which he took public in 1996. He was first featured on the Forbes World Billionaires list in 2017 with a net worth of $1.6 billion.

The billionaire is a former professional chess player. He won the World Open Chess Tournament while in college. Together with his wife, Alan runs the Trefler Foundation which they founded in 1997.

9 (tie). Bill Alfond

Net worth$2.8 billion
Source of wealthShoes
Global rank#1096
ResidenceBoston, Massachusetts
Age74

With a net worth of $2.8 billion, Bill Alfond is one of the 20 richest people in the state of Massachusetts. He’s the son of Harold Alfond who founded the Dexter Shoe Company in 1958 and sold it to Warren Buffett in 1995 for $433 million worth of Berkshire Hathaway stock.

Bill together with his three siblings inherited their father’s stake in Berkshire Hathaway after his death in 2007. His sister, Susan Alfond is the richest person in Maine with a net worth of $2.8 billion.

9 (tie). Ted Alfond

Net worth$2.8 billion
Source of wealthShoes
Global rank#1096
ResidenceWeston, Massachusetts
Age77

Ted and his three siblings inherited their father’s stake in Berkshire Hathaway in 2007. Their father sold his shoe company to Berkshire Hathaway for $433 million worth of the latter’s stock in 1995.

According to Macrotrends, the average stock price for Berkshire Hathaway was $25,517 in 1995. At the time of this writing, the stock price was $467,650 which means that the siblings now own about $7.6 billion worth of Berkshire Hathaway stock. The billionaire and his two siblings (one died in 2017) jointly own a 5% stake in Fenway Sports Group, which owns the Boston Red Sox.

Related: The richest people in Washington

11. Frank Laukien

Net worth$2.3 billion
Source of wealthScientific equipment
Global rank#1341
ResidenceBoston, Massachusetts
Age62

He owns about a 25% stake in Bruker Corporation, a manufacturer of scientific instruments. Bruker was founded by his father, Gunther Laukien in 1960. Frank was ranked #340 on Forbes 400 last year with a net worth of $2.1 billion.

The billionaire has served as the CEO and president of Bruker since 2008. The firm employs more than 7,400 people and generates over $1.7 billion in annual revenues. Some of its products include mass spectrometers and X-ray devices.

12. Timothy Springer

tomothy-springer
Net worth$2.1 billion
Source of wealthBiotech
Global rank#1445
ResidenceChestnut Hill, Massachusetts
Age74

Springer is an immunologist and professor at Harvard Medical School. He founded the biotech company LeukoSite which he sold in 1999 for $635 million. He invested $5 million in Moderna and was one of the early investors in the biotech firm that manufactures the Moderna COVID-19 vaccine.

According to Forbes, the billionaire also has stakes in other biotechnology companies including Scholar Rock and Selecta Biosciences. He became a billionaire during the covid-19 pandemic after shares of biotech firms surged.

13. Herb Chambers

Net worth$2 billion
Source of wealthCar dealerships
Global rank#1513
ResidenceBoston, Massachusetts
Age80

Herb Chambers owns and runs a group of 60 car dealerships in Boston, Massachusetts. His auto dealership firm, Herb Chambers is the largest car dealership in New England and one of the biggest in North America. Some of the brands it sells include Rolls Royce, Volvo, Audi, and Nissan.

The billionaire started his first venture, a copier distribution business when he was 22 with a loan from his parents. He sold the company in 1983 for about $80 million. Chambers dropped out of high school during his senior year.

14. Phillip Terrence Ragon

phillip-and-susan-ragon
Phillip and his wife Susan Ragon
Net worth$1.8 billion
Source of wealthHealth IT
Global rank#1645
ResidenceBoston, Massachusetts
Age73

Phillip Ragon is the founder of InterSystems and is one of the richest people in Massachusetts — with a fortune of $1.8 billion. InterSystems provides data solutions for the healthcare, logistics, and finance industries. The privately held software company had $770 million in sales in 2020. It has customers in more than 80 countries. Its technology is used to manage over 1 billion health records globally.

The billionaire and his wife are members of the Giving Pledge. In 2019 they made a $200 million donation to the Massachusetts General Hospital, the largest gift in the hospital’s history.

15 (tie). Noubar Afeyan

Net worth$1.7 billion
Source of wealthBiotech
Global rank#1729
ResidenceLexington, Massachusetts
Age59

He’s the CEO of Flagship Pioneering, a venture capital firm that he founded in 2000 with the aim of funding biotechnology startups. The billionaire cofounded Moderna in 2010 and is the company’s largest shareholder with about a 12% stake. He has helped start more than 100 healthcare and life sciences firms and holds stakes in a number of publicly-traded biotech corporations in America.

15 (tie). Patrizio Vinciarelli

Net worth$1.7 billion
Source of wealthElectronic components
Global rank#1729
ResidenceBoston, Massachusetts
Age75

Patrizio is the founder, president, chairman, and CEO of Vicor Corporation which designs and manufactures power components such as power converters, capacitors, and sockets. The company has over 15 subsidiaries and generated about $227.8 million in revenues in 2017.

17 (tie). Jim Koch

Net worth$1.6 billion
Source of wealthBeer
Global rank#1818
ResidenceNewton, Massachusetts
Age73

Koch is the founder of the Boston Beer Company, the maker of Samuel Adams beer, and one of the largest brewers in the United States. In 1984 he quit his job as a consultant and started a small brewery from his home, selling the beer house to house at restaurants and bars in Boston.

The billionaire owns about a quarter of the company, which he took public in 1995. Some of its famous brands include Angry Orchard, Twisted Tea, Bevy Long Drink, and Truly Hard Seltzer among others. In 2020 Boston Beer had about $1.7 billion in sales revenues.

17 (tie). Robert Langer

robert-langer
Net worth$1.6 billion
Source of wealthBiotech
Global rank#1818
ResidenceBoston, Massachusetts
Age73

With an estimated fortune of $1.6 billion, Robert Langer is one of the 20 richest people in Massachusetts. The billionaire cofounded Moderna and holds a 3% stake in the biotech company. He has also been involved in the founding of several other biotech firms including Lyndra Therapeutics, Selecta Biosciences, and SQZ Biotech among others. The Massachusetts Institute of Technology professor was ranked #222 on Forbes 400 in 2021.

17 (tie). George Sakellaris

Net worth$1.6 billion
Source of wealthEnergy services
Global rank#1818
ResidenceMilton, Massachusetts
Age76

Sakellaris is the chairman, president, and CEO of Ameresco, a leading cleantech integrator and renewable energy asset developer, operator, and owner. It boasts of having successfully completed energy-saving and environmentally friendly projects with Federal, state, and local governments, healthcare institutions, K-12 school districts, airports, as well as housing authorities.

Last year, Ameresco had $1.2 billion in revenues. It has clients in North America and Europe. On its website, the company states that in 2020 its renewable energy assets and customer projects delivered a carbon offset equivalent to about 12.6 million metric tons of carbon dioxide.

17 (tie). Niraj Shah

niraj-shah
Net worth$1.6 billion
Source of wealthOnline retail
Global rank#1818
ResidenceBoston, Massachusetts
Age48

Wayfair co-founder Niraj Shah closes our list of the 20 richest people in Massachusetts. Wayfair is an American e-commerce company that sells home goods and furniture. He founded the company in 2002 alongside Steve Conine (the 21st wealthiest in Massachusetts) who he met at Cornell University. The duo had founded two other startups, iXL and Simplify Mobile, before 2002.

Wayfair offers over 15 million products from over 10,000 suppliers around the world. The billionaire serves as the CEO and co-chairman of the company. He’s the 592nd wealthiest individual in the United States.

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