With a net worth of $3.8 billion, the owner of the Jacksonville Jaguars has moved into the top third on Forbes' list of richest people in America.
WJXT reports Shahid Khan, 63, who lists Naples, Fla., as his hometown, made his fortune building Flex-N-Gate into a global auto parts manufacturer. The Pakistani-born American citizen bought the Jaguars in 2011 and the English soccer team Fulham FC earlier this year.
Forbes released its annual list of the top 400 richest Americans on Monday, placing Khan the fourth richest person in Florida (Micky Arison, chairman of Carnival Cruises, is first) and 122nd in America. Khan's wealth has grown from last year, when Forbes listed him at 179 out of the top 400.
Microsoft Corp. co-founder Bill Gates remains America's richest man, taking the top spot on the list for the 20th straight year with a net worth of $72 billion, up from $66 billion a year ago.
While most of Forbes' top rankings didn't change, the fortunes of the majority of the elite club's members grew, helped by strong stock and real estate markets.
The people on the annual list posted a combined net worth of $2 trillion, up from $1.7 trillion a year ago. That marks their highest combined value ever.