Rakesh Gangwal, co-founder of IndiGo Airlines and Chairman of Southwest Airlines’ board, has secured the 29th position on Forbes’ 2025 list of America’s richest immigrants, with a net worth of $6.6 billion.
Forbes recently published its 2025 rankings of the richest Americans, highlighting a notable presence of immigrant billionaires among the country’s elite. While Elon Musk from South Africa, Sergey Brin from Russia, and Jensen Huang from Taiwan topped the list with net worths of $393.1 billion, $139.7 billion, and $137.9 billion respectively, the list also features Rakesh Gangwal at the 29th spot.
Gangwal, a prominent figure in the aviation industry, co-founded IndiGo Airlines, India’s largest airline by market share. He also serves as the Chairman of the board of directors for Southwest Airlines. His financial holdings are primarily tied to his 14 percent stake in InterGlobe Aviation, the parent company of IndiGo, based in Gurgaon, India. According to the Bloomberg Billionaire Index, his estimated net worth is around $7.83 billion, attributed largely to his interests in the aviation sector.
Born in 1953 in Kolkata, India, Gangwal obtained a bachelor’s degree in engineering from the India Institute of Technology Kanpur in 1975 and later pursued an MBA from the Wharton School at the University of Pennsylvania. His career began at Ford Motor Co. as a financial analyst, followed by a role as a production and planning engineer with Philips India.
Gangwal’s journey in the airline industry began in 1980 when he joined United Airlines. By 1984, he advanced to the position of manager for strategic planning. He furthered his career as an executive vice president for Air France in 1994 and later served as CEO of US Airways from 1998 until his resignation in 2001. In 2006, he co-founded IndiGo, which was publicly listed in 2015.
The Forbes list underscores the contributions and success of immigrant billionaires in the United States. India’s prominence is significant, topping the list with 12 immigrant billionaires, an increase from seven in 2022. It is followed by Israel and Taiwan, which each boast 11 immigrant billionaires. Canada and China have also shown increased numbers, contributing nine and eight billionaires, respectively, this year.
Germany and Iran each account for six US-based billionaire immigrants, while France, Hungary, and Ukraine follow with five and four, respectively. This year, a record 125 foreign-born individuals were named as billionaires in the United States, up from 92 in 2022.
The collective wealth of these immigrant billionaires stands at an impressive $1.3 trillion, which represents 18 percent of America’s total billionaire wealth of $7.2 trillion. A notable 93 percent of these individuals are self-made, with nearly 70 percent earning their fortunes in the technology and finance industries.
According to Source Name, this year’s list exemplifies the remarkable achievements and significant economic contributions of immigrants in the United States.