Top 5 Richest Doctors in the World - Path to Become Billionaires
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Physicians in the US and China can amass large fortunes through the purchase and sale of pharmaceutical companies as well as the creation of new medications.
In North America and Europe, healthcare professionals can earn enormous incomes, but very few doctors go on to become billionaires. What then sets billionaire doctors apart from everyone else?
These five doctors are among the richest people in the world, thanks to their patent holdings and innovative business strategies.
1. Thomas Frist Jr.
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| Thomas Frist Jr. Getting rich by buying and selling companies. Photo: Bizjournals |
Thomas Frist Jr. began his career as a surgeon in the US Air Force. Forbes estimates the 85-year-old doctor is worth $23.6 billion. Frist, born in Nashville, has a bachelor's degree from Vanderbilt University and a medical degree from the University of Washington.
In 1968, he and his father established Hospital Corporation of America (HCA), which transformed Nashville into a healthcare hub. When HCA initially went public in 1969, it had 11 hospitals. By the end of the year, the portfolio had 26 facilities. The corporation presently owns and runs roughly 200 hospitals and 1,800 care centers across more than 20 states.
He was HCA's president and CEO until January 2001, and chairman until January 2002. HCA was acquired by a private investment company in 2006 for $33 billion USD.
2. Patrick Soon-Shiong
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| Doctor Patrick Soon-Shiong became rich thanks to a potion. Photo: L.A. Times |
Patrick Soon-Shiong's net worth is $5.5 billion. This 71-year-old man was born into a family of Chinese immigrants to South Africa. He earned his medical degree at the University of Witwatersrand (South Africa), a master's degree at the University of British Columbia (Canada), and a medical degree at the University of California-Los Angeles (USA) before becoming a surgeon in 1984.
Soon-Shiong amassed wealth through the development of cancer medicines. He invented Abraxane, which is used to treat breast, lung, and pancreatic cancers. Each vial holds 100 mg of intravenous solution. The US Food and medication Administration authorized the medication in 2005.
Soon-Shiong sold his Abraxane development company to Celgene for $2.9 billion in 2010. He also founded and sold another pharmaceutical business, APP Pharmaceuticals, to Germany's Fresenius for approximately $4.6 billion. As of 2019, Abraxane's annual revenue exceeds $1 billion.
3. Wu Yiling
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| Dr. Wu Yiling owns many patents. Photo: Xinhua |
Wu Yiling, 75, spent many years as a Chinese medicine doctor, but he made his riches mostly by starting a pharmaceutical company. His net worth is $2.5 billion. Yiling has medical degrees from both Hebei Medical University and Nanjing University of Chinese Medicine. In the early 1990s, he established Yiling Pharmaceutical Company, which manufactures and sells medications to treat a wide range of conditions, from the flu to cardiovascular disease.
The company owns over 350 patents, including ten patents for pharmaceuticals it invented, and is one of China's major pharmaceutical exporters.
In an interview with China Daily, Yiling stated that his success is due to significant investments in research and development. For example, in 2017, the company spent $38.2 million on research and development.
4. Gary Michelson
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| Dr. Gary Michelson claims to hold 950 patents. Photo: GM |
Gary Michelson, 75, discovered his enthusiasm for invention after refusing to undergo orthopedic and spine surgery. The American doctor claims to have over 950 patents, the most of which are connected to breakthroughs in spine surgery, and has a net worth of $1.8 billion.
Michelson began his career as a spine surgeon after receiving his bachelor's degree from Temple University and his medical degree from Hahnemann Medical School. He has developed a number of novel technology, equipment, and techniques to help treat a variety of spinal issues. Michelson sued Medtronic from 2001 to 2005, and the corporation had to reimburse him for $1.35 billion.
5. Phillip Frost
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| Dr. Phillip Frost and his wife Patricia. Photo: Frostscience |
According to Mdlinx, Philip Frost, 88, earned a degree in medicine before pursuing a career in business and investment. He has a net worth of $1.7 billion. Frost obtained a bachelor's degree from the University of Pennsylvania and a medical degree from Yeshiva University (USA).
After teaching dermatology at the University of Miami School of Medicine, he began the journey that led to his current fortune: purchasing and selling pharmaceutical firms.
In 1972, Frost and a business partner purchased Key Pharmaceuticals. After refining asthma drugs and inventing other novel therapies, Frost sold the company in 1986 for $836 million.
Frost acquired a number of pharmaceutical companies during the next few decades, increasing their value before selling. In 2005, Teva Pharmaceuticals paid $7.6 billion for Ivax, the pharmaceutical business Frost started in 1987.
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