Real estate has been the source of some of America’s biggest fortunes, including that of US President Donald Trump.
However, despite his extensive property portfolio, Trump ranks 12th among the country’s richest real estate moguls.
These magnates rarely own only residential properties. Their portfolios often span some of the country’s biggest office buildings, malls, hotels, and logistics hubs.
In several cases, they also hold stakes in sports teams and other assets.
This ranking was compiled from the Forbes 400 list for 2026, which provides an estimated snapshot of the net worth of the 400 richest people in America as of September 4.
Forbes estimated each person’s net worth using sources including interviews and asset valuations, while accounting for debt and charitable giving. In some cases, Forbes lists individuals as “and family” to indicate that some of the wealth is held by immediate family members.
Here are America’s richest real estate moguls, ranked by net worth.
15. Robert Faith — $6 billion
State: South Carolina
Robert Faith founded Greystar in 1993. He is the chair and CEO of the real estate company, which specializes in rental housing properties, including senior housing and student housing.
14. Annette Lerner & family — $6.1 billion
State: Maryland
Annette Lerner’s husband, Ted Lerner, built a real estate company in 1952 after she gave him a $250 loan. The firm, Lerner Enterprises, is one of the largest real estate owners in Washington, DC.
After Ted Lerner died in 2023, she and her children inherited his estate.
13. Mitchell Morgan & family — $6.7 billion
State: Pennsylvania
Mitchell Morgan is the founder and chair of Morgan Properties, which specializes in apartment complexes. The firm owns over 97,000 units across the US.
12. Donald Trump — $7 billion
State: Florida
While Donald Trump’s presidency has added billions to his net worth, largely through crypto, according to Forbes, much of his fortune remains tied to real estate. His portfolio includes golf clubs, resorts, and commercial skyscrapers.
11. Rick Caruso — $7.1 billion
State: California
Rick Caruso built his fortune through Caruso, the real estate company he founded. The firm developed shopping and mixed-use destinations such as The Grove and The Americana at Brand.
10. H. Ross Perot Jr. — $7.4 billion
State: Texas
Ross Perot Jr. founded Hillwood, a real estate development firm, after borrowing against his billionaire father’s fortune. The company’s portfolio includes residential and commercial developments, as well as logistics hubs.
9. Herb Simon — $7.7 billion
State: Indiana
Herb Simon founded the company that would eventually become Simon Property Group in 1960 with his brother. The real estate investment trust owns hundreds of properties around the world, such as malls and mixed-use spaces.
Simon also owns stakes in the Indiana Pacers and Indiana Fever.
8. Edward Roski Jr. — $8.1 billion
State: California
Edward Roski Jr. is the chair of Majestic Realty, which his father founded in 1948. The commercial real estate development firm counts Walmart, Amazon, and UPS among its tenants.
7. Ty Warner — $8.2 billion
State: Illinois
Ty Warner created the Beanie Babies line of stuffed toys, the profits of which he invested in real estate. His portfolio includes the Four Seasons in New York and Las Ventanas al Paraiso in Los Cabos.
6. Leonard Stern — $9 billion
State: New York
Leonard Stern is the chair and CEO of Hartz Mountain Industries, which has an extensive portfolio of real estate holdings, including industrial warehouses.
5. Igor Olenicoff — $9.1 billion
State: Florida
Igor Olenicoff founded Olen Companies in 1974. The firm’s portfolio includes over 8 million square feet in office space and over 17,000 luxury apartment units.
4. Neil Bluhm — $9.9 billion
State: Illinois
Neil Bluhm cofounded JMB Realty in 1970, which became one of the largest real estate developers in the US. Bluhm expanded beyond real estate into casinos and private equity, cofounding Rush Street Gaming and Walton Street Capital.
3. Jeff Greene — $10.1 billion
State: Florida
Jeff Greene became a billionaire betting against the mid-2000s housing bubble, using credit default swaps tied to subprime mortgage securities before the 2008 financial crisis.
2. Donald Bren — $19.8 billion
State: California
Donald Bren is the chair and principal shareholder of Irvine Company, a real estate development firm. The company’s portfolio spans new home villages, hundreds of office buildings, and the MetLife Building.
1. Stephen Ross — $21.5 billion
State: Florida
Stephen Ross founded Related Companies, a real estate development and lifestyle firm, in 1972. He then founded Related Ross, a real estate development firm focused on West Palm Beach, in 2024.
Ross also holds stakes in the sports and wellness industries, including the Miami Dolphins, the Formula 1 Miami Grand Prix, SoulCycle, and Equinox Fitness.
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