Pakistani-American Shahid Khan 66th richest man in US

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Pakistani-American Shahid Khan was ranked 66th richest man in the United States in the Forbes’ list of 400 richest Americans as of July 24.

Amazon owner Jeff Bezos’ total was the richest man on the list – third year in a row — with total net worth in 2020 at $179 billion followed by Bill Gates at second position with worth of $111bn. Meanwhile, Facebook Chief Executive Officer Mark Zuckerberg was third with $85bn.

All three of the richest men in the world own technology companies as the sector has shadowed all others when it comes to making wealth.

It is pertinent to mention here that Tesla owner Elon Musk made a significant jump in the list as his worth increased by 242 per cent during the year.

Khan, the only Pakistani on the list ranks 66th with a net worth of $6.8bn. Shahid is an engineer by profession and migrated to the United States the age of 16 with just $500 in his pocket.

His first major business move was in the 1980s when he bought the parts supplier Flex-N-Gate from his former boss and began to grow his empire thereon.

Forbes describes Shahid as an engineer by trade and says that his design for a one-piece truck bumper was the basis for his success; the company now has 64 plants worldwide and over 24,000 employees.

Shahid Khan also owns the National Football League’s Jacksonville Jaguars, which he bought in 2012, and UK’s Fulham football club, which he bought in 2013.

He and his son, Tony also launched the All Elite Wrestling, a professional wrestling entertainment company and a competitor to WWE, in 2019.

In addition, he is a major financial backer of Black News Channel, a 24 hour cable news channel, which launched in February 2020.

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