How the US' richest physician became a self-made billionaire (2024)

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How the US' richest physician became a self-made billionaire? ›

Frist a "self-made score" of 7, meaning he had a hand in starting his own company but got a head start from wealthy parents and a moneyed background. Dr. Frist began his medical career as an Air Force flight surgeon. In 1968, he and his father founded Hospital Corp.

Ten physicians made Forbes' 38th World's Billionaires list, released April 2. The combined wealth of billionaires reached $14.2 trillion in 2024, $2 trillion above a year ago and $1.1 trillion above the previous record from 2021. Dr. Frist founded Nashville, Tenn.

Practicing medicine or surgery does not allow you to become a billionaire - it is dependent on your own labor not leveraged labor of other people. Hence it is impossible to generate a billion dollars.

Private Medical is at the forefront of a new type of health care for the ultra-wealthy that has taken concierge medicine to a whole new level. The company, founded by Dr. Jordan Shlain, pioneered a highly personalized, all-in-one service that's more akin to the most sophisticated family offices for investments.

Doctors in the top 10 percent averaged $1.3 million. And those in the top 1 percent averaged an astounding $4 million, though most of that (85 percent) came from business income or capital gains.

Twenty-eight percent of physicians have a net worth ranging between $2 million and $4.9 million in 2024, according to Medscape's 2024 "Physician Wealth & Debt Report," published June 12. An additional 25% of physicians have a net worth of less than $500,000, while 21% are worth $1 million to $1.9 million.

In order to qualify as a millionaire, you must have assets worth $1 million or more. The 2021 physician wealth report showed that 56% of physicians reported a net worth of over $1 million. The majority of family physicians become millionaires by the age of 55 — only 11% had a $1 million net worth before 45.

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By the time physicians reach their forties, it is very possible to achieve millionaire status, with some physicians even becoming multimillionaires.

A neurosurgeon is the highest-paid doctor on our list. Neurosurgery encompasses surgery of the brain, spinal cord/column, and peripheral nerves. Aspiring neurosurgeons must complete at least a seven-year residency. The average annual compensation for neurosurgeons is $763,908, putting them at the top of our list.

Is being a doctor financially smart? ›

Earning 4-5 times the average is a great income. You can have a wonderful financial life on an income of $275,000. You can pay off your debts, live comfortably, never worry about money, become financially independent by mid-career, help others, and even buy a few luxuries along the way.

Nearly 25 percent of all medical students come from the top five percent of household incomes (greater than $270,000 in 2019), and 37% of these high-income students will be paying for medical school primarily using family or personal funds.

Neurosurgeons, also known as neurological surgeons, are the highest-paid doctors.

At the stroke of midnight on Jan. 1, Forbes updated its annual list of the richest people in the world, which includes 34 U.S. healthcare billionaires in 2024 and five individuals who hold medical degrees. U.S. healthcare billionaires now have a collective net worth of $113.6 billion.

By the time physicians reach their forties, it is very possible to achieve millionaire status, with some physicians even becoming multimillionaires. This trend continues with doctors in their fifties, with 60% of physicians' worth at least $1 million.

Millionaire Status

Across the board according to the 2021 physician wealth report, 56% of physicians reported a net worth of over a million. Out of family physicians, the majority become millionaires by the age of 55, with only 11% having a net worth of a million before 45.

Forbes has released its 2024 "World's Billionaires List," which includes 34 U.S. billionaires who made their fortunes in the healthcare industry. Forbes' list includes a total of 2,781 individuals, 141 more than last year and 26 more than the publication's previous record in 2021.