Forbes' Billionaires List contains a new entry, and the name is a familiar one: Jared Kushner. The magazine reports President Trump's son-in-law has quietly joined the billionaire ranks, parlaying Middle Eastern investments and private equity bets into a fortune—with a big assist from his 20% stake in his family's Kushner Companies. As Forbes recounts, the 44-year-old's stand-out private equity win is in Phoenix, an Israeli insurance and asset management firm. After an unsuccessful attempt to buy in a decade ago, he returned in 2024 through his firm Affinity Partners (Forbes estimates his 100% stake in the Affinity at $215 million) and acquired what is currently a roughly 10% stake.
His bet on Phoenix has already yielded a ninefold return, says Kushner. Tack on the $560 million his slice of Kushner Companies is worth, his $105 million home in Florida's Indian Creek island (purchased in 2020 for $32 million), cash, artwork, and other miscellaneous investments, and he's moved the needle from $900 million last year to a current net worth just north of $1 billion—still well off his brother Josh's $5.2 billion fortune.
Since founding Affinity Partners in 2021, Kushner has raised $4.6 billion—about a third of it from the Qatari sovereign wealth fund and an Abu Dhabi-based alternative investment manager tied to an Emirati royal—and manages a portfolio spanning global industries from fintech to artificial intelligence. Notable deals include investments in the UK digital bank OakNorth, AI infrastructure firm Universal AI, and the building products distribution firm QXO. Still, there have been setbacks, such as the bankruptcy of solar lender Mosaic and delays on a planned Serbian luxury development.
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Forbes' ultimate take: "Nearly five years into running Affinity, Kushner is still a minnow in the world of private equity. Despite notching a few wins, it's still too soon to determine the success of the firm's portfolio in an industry that measures returns over a decade. But that hasn't dissuaded wealthy Middle Eastern investors from pouring more money into its funds. If that continues, his investment track record may not matter much to his bottom line."
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