By Josh Katzowitz, WCI Content DirectorFor most of the people reading this site, the ultimate goal is not to be the richest doctor in the world. Maybe the goal is to pay off your student loans and get back to broke. Maybe the goal is to start maxing out your retirement accounts. Maybe the goal is to get financially independent or to get out of the workforce earlier than most others or to leave plenty of money to your heirs and/or your favorite charity.
But I can’t imagine anybody reading these words right now is stuck on the idea of having more money than everybody else who has a medical degree (or a law degree or somebody who is a pharmacist, a dentist, an APC, an engineer, or a pilot).
No. 1, it’s never going to happen anyway. No. 2, it feels like it’d be a real pain in the tush to even bother trying to get that much money in your bank accounts.
STILL, would it be cool to have a net worth of, say, $1.4 billion? Yeah, it probably would.
Today, then, let’s take a look at some of the doctors who have ascended to that level and see how they got there (and maybe determine if there’s some kind of blueprint for you to take if I was completely wrong in the opening paragraph and you actually do want to be the richest doctor in the world). Note: this isn’t a list of the five richest doctors; it’s more of a post about immensely rich doctors who have an interesting story.
The Richest Doctors in the World
Dr. Thomas Frist Jr.
With a net worth of about $34 billion, Frist comes from a family of doctors. His dad was a doctor. His brother, Bill Frist, was a doctor and the US Senate majority leader from 2003-07. But Thomas Frist Jr. is wealthier than just about everybody after he and his dad founded HCA Healthcare, which owns 190 hospitals and thousands of other healthcare sites, in 1968.
Thomas Frist Jr. was always an entrepreneur, according to his father, and after completing his tenure as an Air Force flight surgeon, the younger Frist had an idea. He had been roommates with a son of one of the co-founders of the Holiday Inn franchise. One day, Thomas Frist Jr. approached his father, who had already built multiple hospitals in Tennessee, and said,
“Daddy, let’s start a chain of hospitals like Holiday Inn . . . Banks are together, filling stations are together, grocery stores are together. Why can’t we put hospitals together?”
It turned out to be a rather successful enterprise. Economies of scale work for plenty of other industries. Frist proved it can work for hospitals as well. He’s also apparently an adept investor. In the mid-1960s, Frist invested $3,000 in KFC. Three years later, that investment had grown to $150,000.
Dr. Patrick Soon-Shiong
Perhaps one of the most controversial people on this list (at least among journalists), Soon-Shiong made his fortune of $5.6 billion by inventing the cancer drug Abraxane and then selling it, along with American Pharmaceutical Partners, for a combined $9.1 billion. The former transplant surgeon got involved in national politics in the mid-2010s, and as noted by STAT, Soon-Shiong has “promised to ‘solve health care’ once and for all—and, for good measure, to ‘win the war on cancer.’”
Soon-Shiong’s political contributions were mostly left-leaning for most of his life, but he began affiliating himself with President Trump during his first term, and after buying the Los Angeles Times in 2018, Soon-Shiong began shifting the newspaper much more to the right in terms of politics. He stopped the editorial board from endorsing a presidential candidate in 2024 (the LA Times was set to endorse Kamala Harris). Along the way, he infuriated many of his LA Times employees and drew plenty of retorts from the journalism world at large.
Now, he wants to take the LA Times public.
As he told The Daily Show’s Jon Stewart last summer, “As I grew up in South Africa, the only thing that inspired me, that kept me alive, was the newspaper. The opportunity for me, working with cancer, hopefully curing cancer, was to have a place where the voice of the people, truly the voice of the people, could be heard.”
As a former newspaper reporter who is happy to not be in that business anymore, good luck to Soon-Shiong with all of that.
Dr. Gary Michelson
Michelson, a retired orthopedic and spinal surgeon, almost didn’t get the chance to graduate from medical school. As noted in his USC biography:
“During his third year in medical school, the young Michelson refused to perform unnecessary operations to remove healthy organs from living dogs. While under the threat of expulsion, the orthopedic student invented a surgery through which he was able to transplant a rib bone into a 10-year-old girl’s deformed leg, averting the need to amputate. He was allowed to remain in school.”
Since then, Michelson, now worth $1.8 billion, has been awarded nearly 1,000 US patents for medical instruments, implants, and surgical procedures. His drive to improve the success rates of spinal procedures has made him, according to science.org, “one of the most prolific inventors in medicine.”
These days, Michelson’s work is dedicated to philanthropy.
“People who know me have heard me say that life is not fair,” Michelson said. “And I have gotten way too much. At some point, you have to think about what you can do to make life a little bit less unfair for the people who are not so fortunate. And I think that’s what we are trying to do. If we leave the world better than we found it, then that’s as good as it gets.”
Dr. James Andrews
Though he retired in 2024 at the age of 81, Andrews is perhaps the most famous physician ever in the sports world. The orthopedic surgeon was THE go-to doctor for injured athletes who needed consultation and surgery on ligament injuries in the 1980s, 1990s, and the first two decades of the 2000s. He operated on Michael Jordan, Jack Nicklaus, Hulk Hogan, and Brett Favre.
Andrews was a college conference champion pole vaulter in the 1960s before becoming a surgeon in the decade that followed. As noted by MLB.com:
“His real breakthrough came in 1985, when a young pitcher named Roger Clemens was dealing with a shoulder injury and questioning the diagnosis he had received from the Red Sox. Clemens’ agent sent him to see Andrews, who wound up performing the minimally invasive arthroscopic procedure that was just beginning to catch on.
Eight months later, Clemens struck out 20 batters in a game.
‘That really kicked off the story of baseball players coming down to Columbus, Ga., and then to Birmingham,’ Andrews says. ‘Roger and I were just damn lucky.’”
As the Rocket’s star rose, so, too, did that of Andrews.
‘I remember the confidence of when this man walked into the room, he was a rock star,’ [said former pitcher Al] Leiter. ‘Every single Major League training room, the waters were parted when he walked in. You knew you were talking to and around greatness.’”
It’s hard to pinpoint Andrews’ exact net worth, but various online sites speculate that it is (or was) about $100 million.
Dr. Mehmet Oz
On second thought, never mind. We don’t need to go there again.
At WCI, we’ve written numerous posts about how to get really rich, whether you should try to get really rich, and what it’s like to be really, really rich. Everybody mentioned above could weigh in on those topics. But to somehow get to be one of the richest doctors in the world would probably take you becoming either an innovator, an investor, or the owner of a newspaper. In the end, you have to question whether all of that work and risk is really worth it.
More information here:
Money Song of the Week
If punk and hardcore music were truly “punk,” you’d never see any of those bands sell out their music to a fast food chain that would be played to a nation that's hungry for cheesy gordita crunches and supreme chalupas. But also “selling out” is a dumb construct that only serves to keep punk and other hard rock type acts in the shadows, where they have to sleep on floors or fight against “dirty bar owners” and “politicians” taking away their meager earnings.
Sure, music is art, but I imagine being a starving artist is only romantic in retrospect. As Lagwagon’s Joey Cape once sang, “The bands are good 'til they make enough cash to eat food/And get a pad/Then they sold out and their music's cliché/Because talent's exclusive to bands without pay.” And never forget what Tool’s Maynard James Keenan once howled, “I sold out long before you ever heard my name.”
Which brings us to one of the most successful punk/hardcore bands on the scene today, Turnstile. Though it formed in 2010, the band has only gotten popular in the last few years, thanks to a couple of appearances on The Tonight Show and some large-scale marketing (including the first-ever stage dive at NPR’s Tiny Desk series). And Turnstile has made it all work. I saw the band last month at a sold-out venue that holds about 5,000 people, and the concert certainly felt like a punk show (it was a rather short set that was filled with never-ending energy from the five-piece band and plenty of moshing and crowd-surfing in the audience).
But it’s an interesting dynamic when a punk band (even one that’s not in the dirty DIY mode that was a hallmark of punk in the 1970s and '80s) is in bed with Taco Bell. It started in 2022 when Taco Bell featured the songs Holiday (seen below) and T.L.C. (Turnstile Love Connection) in the chain’s Nacho Fries campaign.
Now that Turnstile has released a new album, it’s back in Taco Bell commercials featuring skateboarding legend Tony Hawk.
If this is selling out, then so be it. Getting paid by a major franchise might not be the most punk move a band can make. But if the money earned from those collaborations allows your band to continue to tour and get notoriety, well, it beats playing tiny clubs in front of a few dozen people for little pay for the rest of your existence.
More information here:
Every Money Song of the Week Ever Published
YouTube Shorts of the Week
In case you ever wondered about the economics of owning a vending machine—which includes having to buy the inventory that goes inside the machine, the time it takes to restock it, the risk of carrying money out in the open, and having to go to a bank to deposit all that cash—here are a few lessons.
While it appears that vending machines might return a positive ROI, you’re probably not going to make enough money to rival Thomas Frist or Gary Michelson.
Would you ever want to compete for the title of richest doctor in the world? Would the juice be worth the squeeze? Why or why not?
[EDITOR'S NOTE: For comments, complaints, suggestions, or plaudits, email Josh Katzowitz at [email protected].]
August Troendle Is another one too.
To Bill Frist, I would also say “let’s not go there“
These are the gazillionaires. Not a useful article.
“Soon-Shiong’s political contributions were mostly left-leaning for most of his life, but he began affiliating himself with President Trump during his first term”, but , “The former transplant surgeon got involved in national politics in the mid-2010s”, so the Good Doctor “only” got involved in politics when contributed to Mr Trump campaign, before, when he contributed to politicians from the Left not. Smell a little bias here, or am I wrong?
The LA Times was and is anything other than a very far left leaning newspaper. I also recall the good doctor relinquishing the editor’s room to his daughter who pushed the newspaper even further left. In fact, it endorsed retaining the last district attorney (George Gascon) who was the chief architect of the proposition which decriminalized many laws in California, such as shoplifting, hard drug use, burglary from vehicles, quality of life laws, prostitution, etc. This lead to wide spread homelessness, public drug use and commercial theft rings. California had to repeal much of the law and is now trying to claw its way back to sanity where people can actually enjoy their neighborhoods free from fear of crime. He refused to try death penalty cases, and refused to allow his deputies to attend parole hearings to represent victims against inmates seeking early release. Gason was soundly defeated in his election. Hopefully we will not see the likes of him again. The Times seemed to be all in on defunding the police, stopping enforcement of nay traffic laws (which often result in arrests for things such as weapons possession, drugs, stolen property, stolen vehicles) and its coverage of the George Floyd riots was nothing short of nonsensical. After 40 years of getting the Times delivered to our home, we cancelled. My wife, a former news reporter, simply could not take the biased reporting. Meanwhile their readership plummeted which I suspect, was what was behind the “no endorsements” in the Presidential election. The LA Times, oddly now not located in Los Angeles, is a dumpster fire.
Edit…The LA Times was and is nothing but a left leaning newspaper.
Fascinating article, and I’m always a fan of punk references.
Interestingly, legislation such as the Stark Law and the ACA limit physicians’ ability to own hospitals, and the Frists are a family of physicians who own one of the major hospital companies in the US. Nothing like getting grandfathered, I guess. 😉
You’d love ‘Sellout: The Major-Label Feeding Frenzy That Swept Punk, Emo, and Hardcore (1994-2007)’ by Dan Ozzi.
An interesting article. I hope that most of your readers aspired to be physicians to help individuals with medical problems, not just to make a lot of money. Unfortunately, I am seeing an increasing number of doctors who prioritize their income over their patients’ well-being. I know that the costs of running a medical practice have increased to the point that many doctors are joining group practices. I also observe a significant decline in respect for the medical profession among the general public. There is no easy solution, but perhaps just asking ourselves why we entered medicine and if we have maintained those ideals is a start.
Paul Hart MD
I’m not sure anyone maintains the ideals they had as a pre-med or even an MS4, but I think most of us deep down inside still do the right thing when it is time for the right thing to be done. Helping docs sort out their finances ironically helps them to worry less/focus less on them during their daily work.
Changing others’ lives for the better is priceless. Many of the above possibly made the world a worse place while lining their pockets. Some made it better.
It’s certainly nice to have $10M-$20M and be comfortable without the inevitable temptations that counter intuitively complicate life for the ultra wealthy. Below are the typical behaviors and spending patterns that arise as levels of wealth are attained. And no matter what people say about how they will behave when they attain high levels of wealth, they inevitably fall into the patterns below. We are all human. There are only so many meals you can have. You can only be in one place at one time. Eventually people look for things to do with that money and to gain influence.
$20 Million – $99 Million: Affluent Professional / Entrepreneur
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• Travel: Predominantly first-class commercial flights or premium economy for longer routes; occasional use of NetJets-style fractional jet ownership (1/16th share, $1M–$3M upfront + hourly fees) for 25–50 hours annually. Chartering private jets for special occasions ($5,000–$15,000/hour).
• Residences: Primary residence valued $3M–$10M (e.g., suburban mansion or city penthouse); one or two vacation homes ($2M–$5M each) in destinations like Aspen, Napa, or the Hamptons. Seasonal rentals for peak periods (e.g., $50,000–$150,000/week in Aspen over Christmas).
• Daily Life: Full-time household staff (nanny, housekeeper, driver); children in top private schools ($40,000–$60,000/year). Dining at Michelin-starred restaurants; membership in exclusive country clubs (e.g., initiation $100,000–$500,000).
• Security & Privacy: Basic home security systems; occasional bodyguard for international travel.
• Political/Social Influence: Local philanthropy (donations $100,000–$500,000); access to politicians via fundraisers. Board seats at regional nonprofits or alma mater.
• Wealth Management: Family office lite (1–2 advisors); portfolio heavily in public equities, real estate, and private equity secondaries.
$100 Million – $250 Million: Established UHNWI
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• Travel: Full fractional jet ownership (1/8th share, ~$5M–$10M) or entry into jet card programs (25–100 hours prepaid). Global itineraries planned around peak seasons; e.g., Gstaad for Christmas rather than Aspen (to avoid crowds).
• Residences: Portfolio of 3–5 homes ($10M–$30M each) across continents (e.g., London townhouse, Cap Ferrat villa, Jackson Hole ski chalet). Properties include staff quarters and advanced security. Annual maintenance ~$1M–$3M.
• Daily Life: Live-in chef, estate manager, and security detail. Children at elite boarding schools (Le Rosey, Phillips Exeter) or tutored privately. Art collections begin (works $500,000–$5M).
• Security & Privacy: 24/7 close protection teams; properties with panic rooms and biometric access. Use of NDAs for staff.
• Political/Social Influence: National political donations ($1M–$5M cycles); direct access to senators/governors. Invitations to Davos, Milken Conference, or Allen & Co. Sun Valley.
• Wealth Management: Dedicated single-family office (3–10 staff); investments include direct private equity deals and venture capital syndicates.
$250 Million – $999 Million: Apex UHNWI
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• Travel: Ownership of one or two midsize jets (e.g., Gulfstream G500, ~$50M) with dedicated crew. Secondary helicopter for regional hops. Travel schedules dictate global events (e.g., Art Basel Miami via private terminal).
• Residences: 5–8 trophy properties ($30M–$100M each), including private islands or ranches (e.g., 10,000-acre Colorado spread). Properties designed by starchitects (Zaha Hadid, Norman Foster) with helipads and submarine garages.
• Daily Life: Staff of 20–50 (butlers, sommeliers, pilots). Children educated via bespoke curricula or at institutions like Institut auf dem Rosenberg. Personal foundations fund passion projects (e.g., ocean conservation).
• Security & Privacy: Former Tier-1 special forces for protection; properties in gated micro-communities (e.g., Indian Creek Island). Use of shell companies and trusts for ownership anonymity.
• Political/Social Influence: Shape national policy via think tanks and lobbying; host private summits with heads of state. Seats on global boards (e.g., Smithsonian, MoMA).
• Wealth Management: Multi-family office or in-house team managing $500M+ AUM; direct investments in startups (lead Series B/C rounds) and real asset megaprojects.
$1 Billion+: Global Elite
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• Travel: Fleet of 2–5 aircraft (including large-cabin jets like BBJ or ACJ, $100M–$400M each) with hangar residences. Superyachts (100m+, $300M–$600M) serve as mobile bases; e.g., Christmas in Antarctica via icebreaker tender.
• Residences: 8–15 properties, including sovereign-level compounds (e.g., $200M Bel Air estate with 50,000 sq ft). Ownership of entire hotel floors or private resorts for exclusive use.
• Daily Life: Staff exceeds 100 globally; personal physicians, trainers, and stylists on retainer. Legacy planning includes dynastic trusts and citizenship-by-investment portfolios (multiple passports).
• Security & Privacy: Intelligence-grade countermeasures (signal jamming, drone defense); family offices employ ex-Mossad/CIA for threat assessment.
• Political/Social Influence: Direct lines to presidents and prime ministers; ability to sway legislation or secure government contracts. Foundations rival mid-sized NGOs in impact.
• Wealth Management: In-house investment bank equivalent; co-invest with sovereign wealth funds and central banks. Portfolio includes stakes in unicorns, sports franchises, and infrastructure.
Key Threshold Insights
• $20M–$99M: Wealth buys comfort and occasional exclusivity.
• $100M–$250M: Efficiency becomes paramount; time is the scarce resource.
• $250M–$999M: Privacy and legacy dominate decision-making.
• $1B+: Wealth reshapes societal systems; individuals operate at nation-state adjacency.
Michael Burry (current net worth around 300 million). He never practiced medicine, but he is technically still an MD.