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Forbes

Forbes is an founded on September 15, 1917, by Scottish- financial Bertie (B. C.) , initially as a bi-weekly publication emphasizing practical insights into and corporate leadership. The publication gained prominence through its coverage of , investing, nology, entrepreneurship, and executive decision-making, achieving influence via annual lists that quantify wealth and success, including the ranking of America's richest individuals—first compiled in 1982—and the global World's Billionaires list, which tracks over 2,700 ultra-wealthy figures using proprietary methodologies based on stock valuations, private company estimates, and asset disclosures. These rankings have shaped public perceptions of and self-made fortunes, with data showing a rise in self-made billionaires from 40% of the in the to over 70% by 2023, reflecting shifts in wealth creation driven by innovation in and rather than . Under the stewardship of subsequent generations, including and current editor-in-chief —who assumed leadership in 1990—Forbes Media expanded into digital platforms, events, and , reaching millions globally but facing scrutiny for its 2010s pivot to a contributor model that enabled sponsored articles and reduced gatekeeping, resulting in instances of promotional content masquerading as and eroding trust among readers seeking unvarnished analysis. This evolution underscores tensions between commercial imperatives and the first-principles rigor championed, where empirical scrutiny of markets prevailed over narrative-driven reporting prevalent in competing outlets.

Founding and Early Development

Origins and B.C. Forbes' Vision

Bertie Charles Forbes, commonly known as B.C. Forbes, was born on May 14, 1880, in New Deer, Aberdeenshire, Scotland, to a family of limited means, with his father working as a tailor and later a storekeeper. As the sixth of ten children, he left school at age 14 to support his family, taking on various jobs that exposed him to commerce and sparked an early interest in financial reporting. By his early twenties, Forbes had honed his skills in business journalism in Scotland and South Africa, contributing articles to local papers before immigrating to the United States in 1904 at age 24. Settling in , Forbes quickly established himself as a financial editor and columnist, working for publications including the Journal of Commerce and later as a business writer for William Randolph Hearst's newspaper chain, where he covered and industrial developments with a focus on the personalities driving economic activity. His experience highlighted the need for a dedicated outlet that prioritized insightful, human-centered over rote financial data, leading him to launch Forbes magazine independently on September 15, 1917—just two months after the U.S. entry into . The inaugural issue, a modest 52-page bi-weekly with an orange cover and three-column format, sold for 10 cents and targeted executives seeking practical wisdom amid wartime uncertainties. B.C. Forbes' vision for the emphasized celebrating enterprise as a source of societal benefit and personal fulfillment, rather than mere profit accumulation. In the first issue, he articulated this plainly: "Business was originated to produce happiness, not to pile up millions," underscoring a that success should align with broader human welfare through and . Drawing from his immigrant background and journalistic roots, Forbes aimed to profile the "captains of " and their processes, fostering a that combined rigorous economic reporting with narrative depth to educate and inspire readers on the causal mechanics of wealth creation. This approach reflected his belief, forged through decades of observing markets, that transparent insights into dynamics could empower readers to navigate complexity without ideological overlay, setting Forbes apart from contemporaneous trade journals focused solely on statistics.

Initial Growth and Challenges

Forbes magazine launched on September 15, 1917, as a bi-weekly publication priced at 15 cents per issue, comprising 52 pages with an orange cover and three-column layout, initially titled Forbes: Devoted to Doers and Doings. Founded by Scottish immigrant in partnership with publisher Walter Drey, who handled printing expertise while Forbes provided capital and editorial direction, the magazine emphasized human-interest stories on business leaders over dry financial data, with much of the content personally authored by Forbes himself. This approach differentiated it in a dominated by statistical reporting, fostering early appeal among executives and entrepreneurs during the post-World War I . The publication experienced steady growth through the , capitalizing on the decade's economic boom and lack of direct competitors in the business magazine niche. By profiling influential "doers" in accessible narratives, Forbes popularized business personalities and trends, building readership among a burgeoning managerial class; in 1928, media magnate reportedly offered to acquire the magazine for a sum equivalent to tens of millions in contemporary dollars, an overture rejected by to preserve independence. Circulation specifics from this era remain sparsely documented, but the magazine's advertising revenue and subscriber base expanded alongside industrial output, with issuing prescient warnings like his May 1929 column declaring "stocks too high" mere months before the market crash. The onset of the posed severe challenges, with advertising revenues plummeting over 80% by 1932 amid widespread economic contraction, pushing the company to the brink of from 1930 to 1932. Survival hinged on ' supplemental freelance income from syndication and cost-cutting measures, including "Scotch weeks"—every fourth week without staff salaries, effectively a 25% pay reduction—while maintaining bi-weekly publication without major editorial concessions. Emerging competition from titles like in 1930 further strained , though Forbes adapted by emphasizing resilient business lessons drawn from the crisis, underscoring the causal link between macroeconomic shocks and publishing vulnerabilities in ad-dependent media.

Expansion and Family Leadership

Malcolm Forbes Era

Malcolm Forbes assumed leadership of Forbes magazine following the death of its founder, , on May 6, 1954, initially serving as president from 1964 and for 36 years until his death on February 24, 1990. Under his direction, the publication evolved from a modest periodical into a globally recognized authority on , , and , emphasizing hard-nosed over general commentary. Forbes prioritized editorial rigor by hiring full-time professional staff starting in , replacing inconsistent freelance contributions with consistent, data-driven reporting focused on balance sheets and corporate performance. He appointed James W. Michaels as editor in , granting him significant autonomy to cultivate investigative stories that scrutinized executive competence and profitability, which distinguished Forbes from competitors like and Business Week. This approach included innovations such as the January 1949 annual "Fact and Comment" industry , which graded sectors on objective metrics and boosted during off-peak periods by demonstrating analytical depth. A pivotal development was the 1982 launch of the , the first comprehensive ranking of America's wealthiest individuals, requiring over a year of reporting involving thousands of interviews to establish a $100 million threshold (equivalent to about $330 million today). This list, personally conceived by , not only elevated the magazine's cultural influence by demystifying wealth accumulation but also drove circulation growth through public fascination with rankings of fortunes derived from business acumen rather than inheritance. Business expansion under Forbes integrated personal extravagance with strategic promotion, as he leveraged assets like the yacht for high-level networking with CEOs, presidents, and foreign dignitaries, facilitating deals and brand visibility. Events such as international "Friendship Tours" in the early and his 1989 70th birthday celebration in for 800 guests amplified Forbes' image as a proponent of free-market success. By 1982, annual revenues exceeded $10 million, with advertising page share among top magazines rising from 18% in 1970 to 33%, reflecting sustained audience expansion amid a niche focus on affluent, educated readers. While Forbes eschewed high-risk ventures like to maintain control, his of operations ensured steady growth without diluting the publication's capitalist ethos.

Steve Forbes' Stewardship

Steve Forbes succeeded his father, , as president and chief executive officer of Forbes Inc. upon the latter's death on February 24, 1990, while also assuming the role of of the magazine. Having joined the company in 1970 and advanced to president and in 1980, Forbes brought continuity to the family enterprise while navigating the transition from print dominance to emerging digital opportunities. Under his direction, Forbes Inc. maintained its focus on chronicling business success and economic trends, adapting to post-Cold War and technological shifts without diluting its core emphasis on entrepreneurial achievement and market-driven analysis. A key aspect of Forbes' stewardship involved strategic expansions to sustain growth amid intensifying media competition. The company launched Forbes.com in 1997, entering the space as one of the early digital platforms for and extending reach beyond traditional subscribers. This initiative complemented print operations by offering real-time updates, rankings, and multimedia content, contributing to Forbes Media's evolution into a multifaceted . Additional ventures included the introduction of supplements, foreign editions to tap international markets, and specialized publications such as ForbesLife for luxury lifestyles, broadening revenue streams while preserving the magazine's reputation for data-driven reporting on wealth creation and corporate performance. These moves positioned Forbes to thrive through economic cycles, including the dot-com boom and the , by leveraging its lists—like the richest Americans—as anchors for both credibility and commercial appeal. Forbes' editorial oversight reinforced a favoring intervention, flat taxation, and robust , principles he articulated in his own writings and two unsuccessful bids for the presidential nomination in 1996 and 2000. This direction influenced coverage to prioritize empirical assessments of impacts on and , often critiquing regulatory overreach and fiscal profligacy based on historical precedents and . While some observers noted alignment between the magazine's content and Forbes' advocacy—such as endorsements of supply-side reforms—the publication's independence was upheld through fact-based , distinguishing it from outlets prone to ideological conformity. By 2014, to fuel further global ambitions, Forbes orchestrated the sale of a majority stake to international investors, retaining operational control and editorial authority as chairman and . This transaction underscored his pragmatic approach to preserving the enterprise's viability in a consolidating landscape.

Ownership and Corporate Evolution

Shift to Majority External Ownership

In July 2014, after 97 years of family ownership, Forbes Media LLC announced the sale of a majority stake—approximately 80%—to Integrated Whale Media Investments, a newly formed Hong Kong-based led by Integrated and backed by investors including ASUSTeK co-founder Wayne Hsieh. The transaction, valued implicitly at around $475 million based on deal discussions, marked the end of exclusive control over the company founded by in 1917. This shift was driven by the need for external capital to fuel accelerated global expansion, particularly in digital platforms and international markets, as Forbes Media sought to leverage the buyers' financial resources and Asian network amid rising competition in media. The Forbes family retained a minority stake, estimated at 20%, and committed to ongoing involvement in strategic decisions, with Steve Forbes continuing as chairman and editor-in-chief to preserve and brand values. The deal reflected Forbes Media's profitable operations but underscored challenges in scaling without additional investment, as CEO Mike Perlis noted it as an "endorsement of the global strength of our brand." Buyer Tak Cheung Yam emphasized alignment with Forbes' ethos, stating intentions to expand and presence while respecting its legacy. This transition positioned Forbes for growth in emerging markets but introduced external influence over a publication historically tied to family stewardship.

Integrated Whale Media Acquisition and Disputes

In July 2014, Forbes Media agreed to sell a majority stake to (IWM), a newly formed Kong-based group, in a transaction valuing the company at approximately $475 million. The deal provided IWM with about 95% ownership of Forbes Global Media Holdings, while the retained a minority stake and continued editorial control, with remaining as chairman and editor-in-chief. IWM, incorporated as a entity and backed by an opaque consortium of Asian investors, aimed to inject capital for global expansion, including digital initiatives like the launch of ForbesLife.com. Disputes arose shortly after the acquisition when the Forbes family alleged payment defaults by IWM. In November 2015, Forbes Media, through its holding company Highlander Management, sued IWM in New York state court, claiming breach of contract over undisclosed funding sources and failure to meet financial obligations tied to the $416 million deal. The suit highlighted concerns about IWM's opaque ownership structure, which Forbes argued violated due diligence representations regarding investor identities and sources of funds. By April 2016, the family sought an additional $44 million in allegedly unpaid installments from the transaction. The litigation exposed tensions over IWM's funding, with reports suggesting indirect ties to Chinese state-linked entities or Macau gaming interests, though IWM maintained the investors were private Asian backers without government control. The case was settled out of in 2017, with terms undisclosed, allowing the to persist amid ongoing oversight of operations. This resolution preserved Forbes' continuity but underscored risks in opaque foreign investments in U.S. assets, including potential influences on content independence.

Subsequent Sale Attempts and Failures

In , Integrated Whale Media (IWM), the majority owner of Forbes Media since 2014, pursued a merger with Magnum Opus Acquisition Limited, a Hong Kong-based (SPAC) backed by interests including China's , in a transaction valuing Forbes at $630 million. The deal, announced on August 26, , aimed to take Forbes public and provide approximately $600 million in proceeds, including a $400 million , with an expected closing in the fourth quarter of or first quarter of 2022 pending shareholder approval. However, the agreement was terminated on May 31, 2022, amid a broader deterioration in the SPAC market, characterized by declining investor interest, increased regulatory scrutiny, and poor performance of prior SPAC deals. Following the collapse, Forbes Media began exploring outright sale options in August 2022 to capitalize on its revenue growth, which had reached $165 million in , driven largely by and event revenues. Subsequently, on May 17, 2023, IWM agreed to sell a majority stake in Forbes Global Media Holdings to Austin Russell, the 28-year-old founder and CEO of lidar company Luminar Technologies, positioning it as a strategic move to inject technology expertise into the media operations. The transaction, however, unraveled by November 21, 2023, when IWM terminated the deal after Russell failed to meet a critical payment deadline, reportedly tied to financing commitments amid market volatility affecting tech valuations. This failure left IWM retaining control, highlighting ongoing challenges in monetizing Forbes' assets despite its brand value in lists and rankings, as potential buyers grappled with media industry headwinds including advertising declines and content authenticity concerns. No further confirmed sale attempts have materialized as of October 2025, with Forbes continuing under IWM ownership while navigating operational shifts toward branded content and events.

Core Publications and Media Properties

The Flagship Magazine

Forbes magazine, established on September 15, 1917, by , a Scottish immigrant and financial , serves as the core print publication of Forbes Media. Initially issued bi-weekly, it was conceived to deliver straightforward amid the economic turbulence of , emphasizing personal initiative and market dynamics over government intervention. The publication's content centers on in-depth articles covering finance, industry trends, investment strategies, and entrepreneurial profiles, often highlighting success stories rooted in innovation and risk-taking. Its editorial standards prioritize factual accuracy, avoidance of exaggeration or undue bias, and a perspective aligned with capitalist principles, as articulated in its self-described role as "the voice of market capitalism." Signature elements include analytical pieces on corporate performance and economic policy, distinguishing it from more generalized news outlets by focusing on verifiable data and executive insights. By 2024, the magazine's frequency had adjusted to eight issues per year, incorporating double editions such as and to align with production efficiencies while preserving thematic depth. Print circulation stood at 516,000 copies, reflecting a modest 0.3% year-over-year increase amid broader declines in . Special editions, like those dedicated to influential figures or economic forecasts, continue to anchor its influence among business decision-makers.

Digital Platform: Forbes.com

Forbes.com functions as the flagship digital extension of Forbes Media, delivering business news, analysis, investment insights, and lifestyle content through articles, videos, podcasts, and interactive tools. Established as an of online publishing in the mid-1990s, the initially mirrored the magazine's focus on financial reporting but evolved to encompass market updates, executive profiles, and data-driven rankings accessible globally. By the early 2000s, it had integrated elements and user engagement features, positioning itself as a key destination for professionals and investors seeking concise, actionable intelligence. The site's content generation relies on a distributed model introduced prominently in the , featuring staff journalists alongside a network of thousands of vetted contributors—experts, executives, and industry insiders—who submit and self-publish articles under light editorial review using proprietary tools. This system enables high-volume output, with contributors often drawing from personal experience or proprietary data, though it has drawn for variable quality and potential conflicts of interest. Sponsored and , such as BrandVoice campaigns, is transparently marked to distinguish it from editorial material, forming a core revenue pillar through integrated seamlessly into editorial feeds. Forbes.com maintains robust features including searchable archives of annual lists (e.g., , billionaire rankings), personalized newsletters, and analytics-driven tools like stock trackers, appealing to an skewed toward affluent, demographics. As of mid-2025, it records over 150 million monthly unique visitors, with approximately 99% deriving from organic search, underscoring its optimization and evergreen appeal in topics. Mobile traffic constitutes a majority, reflecting adaptations to user habits, though total visits have fluctuated amid broader industry shifts. Recent challenges include a reported traffic contraction in 2025, with some analyses attributing up to a 17% month-over-month drop to innovations like overviews that reduce referral clicks to news sites. Advertising practices have also sparked ; a investigation revealed Forbes allegedly funneled brand ads to low-quality made-for-advertising (MFA) domains misrepresented as premium inventory, eroding advertiser trust and highlighting vulnerabilities in programmatic digital ad ecosystems. Editorial critiques center on the contributor network's role in amplifying unvetted or promotional narratives, including instances where articles by paid or affiliated writers endorsed dubious ventures like schemes later exposed as fraudulent, raising concerns over insufficient and the dilution of rigorous reporting in pursuit of scale. These issues persist despite Forbes' claims of contributor guidelines and post-publication audits, illustrating tensions between volume-driven models and traditional journalistic accountability.

Specialized Lists and Rankings

Forbes maintains a of specialized lists and rankings that emphasize quantitative metrics to evaluate , corporate performance, and acumen, drawing on financial , analyses, and proprietary valuations. These compilations, updated annually or in , underpin much of the publication's influence by offering benchmarks that inform investors, executives, and policymakers, though their estimates for illiquid assets like stakes inherently involve approximations subject to fluctuations and disclosure limitations. The , initiated in 1982, annually ranks the 400 wealthiest U.S. residents by as of September 1. For the 2025 edition, the collective fortune reached $6.6 trillion, up $1.2 trillion from the prior year, driven by gains in technology stocks and investments. Valuation methodology aggregates holdings at current market prices, private business interests via revenue multiples or comparable sales data, appraisals, and other assets, minus liabilities; Forbes reporters conduct extensive , including interviews and document reviews, to refine opaque private wealth figures. Complementing this is list, first compiled in and expanded into a daily Billionaires tracker. The list documented 2,640 billionaires with aggregate wealth of $12.2 trillion, led by figures like at $342 billion, derived from diversified sources including and equity. Calculations parallel the but extend globally, incorporating foreign exchange rates, regulatory filings, and estimates for non-public fortunes, with updates reflecting intraday stock movements and economic events. The , in its 23rd iteration as of 2025, assesses the world's 2,000 largest public companies via a composite score from four equally weighted metrics: trailing-12-month sales, profits, assets, and , sourced primarily from databases. This approach generates separate rankings for each metric's top 2,000 firms, then combines them into an overall order, prioritizing diversified scale over sector-specific dominance; for instance, the 2025 list highlighted firms like and atop sales and assets categories, respectively. Forbes also produces niche rankings like the , which since 2002 has evaluated the top 100 investors based on five-year performance data, including exit multiples from portfolio companies such as and IPOs. The 2025 Midas List crowned of at number one, leveraging deal-level analytics from thousands of investments to quantify returns, with methodology refinements incorporating AI-driven fund outcomes and peer nominations for validation. Additional specialized lists include the Cloud 100, ranking top private firms by technological impact and funding traction, dominated by players in 2025, and the 30 Under 30 series across categories like and , selected via nominations, achievements, and expert panels. These rankings collectively generate significant traffic to Forbes.com and licensing revenue, though their influence stems from perceived rigor in despite challenges in verifying private metrics.

Business Model and Operations

Revenue Streams and Commercial Practices

Forbes Media generates the majority of its through , encompassing both traditional print and formats, with a growing emphasis on sponsored and native integrations. constitutes a significant portion, reported at 49% of in earlier analyses, supplemented by partnerships that the publication's in sectors. Sponsorships, often tied to and custom campaigns, accounted for 35% of as of 2022, reflecting a strategic pivot toward integrated marketing solutions. Events and conferences represent another core stream, with hybrid formats driving a 60% increase in event-related revenue by 2022 through expanded sponsorships and attendee fees. Executives highlighted events alongside online subscriptions as pivotal for growth in 2025, amid diversification efforts to offset declining print circulation. These include flagship gatherings like , where corporate sponsors fund programming in exchange for branding and lead generation opportunities. Subscription models contribute via paid digital access to premium content on Forbes.com and print magazine renewals, with single-issue purchases adding marginal income. Licensing deals for lists, rankings, and brand extensions—such as syndicating data or co-branded merchandise—provide additional recurring revenue, often through partnerships with financial institutions and event organizers. Commercial practices emphasize content monetization via BrandVoice platforms, where advertisers commission articles distributed under editorial-style formats, a model Forbes pioneered with native ads as early as 2010. Such sponsored posts comprised up to 20% of ad buys by 2013, prioritizing measurable engagement over traditional display metrics. This approach integrates promotional material seamlessly into the site, though it requires clear disclosure to maintain audience trust, aligning with guidelines on endorsements. Overall, these practices facilitate scalability by outsourcing much to paid contributors while retaining oversight on high-profile features.

Contributor Network and Content Generation

Forbes operates a contributor network comprising thousands of external writers, primarily experts, leaders, academics, and entrepreneurs, who produce a substantial portion of its . This model, formalized under Lewis Dvorkin around 2013, enables scalable content generation by leveraging non-staff authors to deliver specialized insights and opinion pieces directly to Forbes.com. Contributors access a to submit articles, often with limited editorial oversight, allowing rapid publication of expert analyses on topics ranging from trends to personal advice. Unlike salaried reporters, who focus on investigative and news-driven backed by internal resources, contributors operate independently, drawing on their expertise without compensation in most cases, as they typically hold full-time roles elsewhere. By , the network included approximately 1,000 contributors alongside a core of about 100, with roughly 50 dedicated to ; this structure has since expanded, with hundreds of contributors publishing daily to sustain high-volume output. Selection occurs through targeted recruitment via professional networks rather than open applications, prioritizing individuals with and a commitment to regular contributions, such as a minimum of two to five articles per month to maintain status. Content generation via the network emphasizes volume and niche coverage, with contributors responsible for an estimated 85% of non-staff output, including long-tail topics that drive search traffic and audience engagement. Articles undergo post-submission review for alignment with Forbes guidelines, incorporating editor feedback on structure and factual accuracy, though final publication proceeds with minimal gatekeeping to preserve author voice. This approach contrasts with traditional by incentivizing prolific writing through visibility and benefits rather than direct pay, fostering a where contributors build personal authority while Forbes aggregates diverse perspectives to populate its platform. The program's application process, historically accessible via a simple online form, has evolved to non-public pitches or invitations, with recent indications of temporary closures to new entrants as of October 2025, reflecting efforts to manage quality amid high demand. This network underpins Forbes' digital-first strategy, generating expert-driven content that complements staff work and supports revenue through advertising tied to traffic volume, though it relies on contributors' self-motivation for sustained output.

Innovations and Extensions

Conferences and Events

Forbes organizes an array of annual conferences and summits that convene business executives, entrepreneurs, and industry specialists to discuss emerging trends, foster networking, and highlight achievements in sectors like , , and . These events, often featuring speakers from global corporations and governments, generate through sponsorships, ticket sales, and partnerships while reinforcing Forbes' role in discourse. The Forbes Under 30 Summit stands as a cornerstone event, annually gathering honorees from the lists—recognizing top talents under age 30 across categories such as , , and consumer products—alongside investors and mentors. Launched to complement the lists initiated in 2011, the summit emphasizes mentorship and collaboration among young leaders; the 2025 iteration, held September 28 to October 1 in , represented its third consecutive year in the state and largest to date, with discussions on , defense tech, and entertainment investing drawing participants from business, media, and . Another prominent gathering, the Forbes Global CEO Conference, targets senior executives with panels on geopolitical shifts, economic pivots, and corporate strategy. Entering its 23rd year in 2025—indicating origins around 2003—the event attracted roughly 380 attendees, including chief executives and policymakers, for the October 14-15 sessions in , , themed "The World Pivots" and headlined by Indonesian President . The Forbes Power Women's Summit, in its 13th edition in 2025, focuses on female executives advancing in male-dominated fields, featuring barrier-breaking leaders in sessions on , , and . Hosted by , the event included speakers like , , and Lucy Guo, underscoring pathways for women in business amid evolving economic landscapes. Specialized forums, such as the Forbes CIO Summit on March 20, 2025, in , address technology leadership challenges like integration and cybersecurity for chief information officers through moderated discussions. Additional events like the Forbes CMO Summit and Iconoclast Summit explore disruptions and volatility in consumer behavior, respectively, often convening C-suite professionals for targeted insights. Historically, Forbes has hosted executive-specific gatherings like CEO and Forums since at least the early , evolving to adapt to digital and global business dynamics.

Forbes8 and Emerging Ventures

Forbes launched Forbes8 in 2019 as a subscription-based digital video network targeted at entrepreneurs, offering on-demand content including tutorials, advice, and tools for business startup and growth at a monthly fee of $8.99. The platform leverages Forbes' editorial resources to deliver practical guidance on topics such as scaling operations, funding strategies, and market entry, positioning itself as a resource for aspiring business owners seeking structured entrepreneurial education. In 2020, Forbes expanded Forbes8 into accelerator programs, beginning with a partnership with Nigerian telecom MTN to create a digital video network inspiring local entrepreneurship through localized content and support initiatives. This evolved into Nigeria's first digital startup accelerator, a free virtual program admitting up to 100 companies—later expanded to 200—focused on building business resilience amid the COVID-19 pandemic by providing training in remote operations, supply chain adaptation, and digital pivots. Participants underwent curated sessions, including masterminds on recession-proofing family-owned businesses and virtual summits featuring industry experts. Forbes8's emerging ventures efforts emphasize hands-on for early-stage companies, particularly in developing markets, by combining media exposure with actionable programming rather than direct equity investment. These initiatives prioritize scalable, technology-driven startups, offering voting mechanisms for public selection and metrics-driven selection criteria to identify high-potential ventures capable of rapid growth. By 2022, the platform had introduced additional tools and a refreshed to further venture , though its scope remains centered on and networking over traditional deployment.

Controversies and Criticisms

Allegations of Pay-to-Play in Lists

Forbes has faced recurring allegations that inclusion on its prominent lists, including the "30 Under 30" and "America's Best Employers," involves arrangements, where nominees or companies purportedly pay fees or engage costly PR campaigns to influence selection. Such claims, often circulated on and forums, suggest these rankings prioritize financial investment over objective merit, with one Reddit discussion asserting that "you have to pay to get featured" on the 30 Under 30 list, explaining the presence of seemingly unqualified entrants. Similar sentiments appear on , where users report that significant contributions or payments facilitate appearances, though these remain anecdotal without documented proof. Forbes maintains that its lists operate on an editorial basis, free from fees or payments for consideration, nomination, or inclusion. The company describes methodologies involving public nominations, proprietary surveys, financial data verification, and expert panels—for instance, the 30 Under 30 list relies on thousands of applications vetted by editors and industry leaders, explicitly stating "you cannot buy your way onto the Under 30 list." For employer rankings, Forbes emphasizes anonymous employee feedback from over 170,000 workers and independent , contrasting itself with competitors that charge participation fees. No , such as leaked documents or whistleblower accounts, has substantiated direct payments to Forbes for list spots as of 2025. These perceptions of impropriety may arise from Forbes' broader contributor model, under which freelance writers pay platform fees to publish articles that can promote nominees or companies tied to , sometimes blurring lines between earned coverage and sponsored promotion. Critics argue this ecosystem incentivizes indirect influence via paid content ecosystems, though Forbes distinguishes as insulated from such practices. allegations, while widespread, lack the rigor of institutional and often reflect unverified personal experiences, underscoring challenges in distinguishing PR-driven visibility from decisions in high-profile rankings.

Editorial Independence Under Foreign Ownership

In August 2014, Integrated Whale Media Investments (IWM), a Hong Kong-based investment group led by Tak Cheung Yam through his firm Integrated Asset Management (Asia) Limited, acquired a 95% stake in Forbes Media LLC for $475 million, with the Forbes family retaining the remaining 5% ownership and editorial oversight roles such as chairman and editor-in-chief for Steve Forbes. IWM's principals, including Yam, maintained limited public profiles, with backgrounds in Hong Kong finance and telecommunications, though the group's opaque structure fueled speculation about ties to mainland Chinese interests amid Beijing's growing influence over Hong Kong media post-1997 handover. The acquisition prompted concerns among journalists and media analysts about potential erosion of Forbes' , particularly in coverage of China-related topics, given Hong Kong's regulatory alignment with and precedents of in investor-influenced outlets. Critics argued that by entities in jurisdictions sensitive to pressures could lead to indirect via funding dependencies or advertiser relations, though Forbes executives insisted on contractual safeguards preserving U.S.-based control. A notable incident occurred in October 2017, when Forbes terminated its relationship with longtime contributor , a vocal critic of the , citing a "wide-ranging reorganization"; the outlet subsequently removed Chang's articles from Forbes.com and ceased promoting his work, a shift observers linked to the post-2014 ownership era. , author of The Coming Collapse of China, had contributed over 100 pieces since 2011, but reported diminished visibility after IWM's involvement, raising questions about whether investor preferences affected China-skeptical content. Forbes denied any external pressure, with a spokesperson stating that "investors respect our " and attributing decisions to internal editorial priorities. Broader analyses noted mixed outcomes: while Forbes continued publishing some critical China pieces, instances of apparent softening—such as delayed or altered stories on protests or issues—were cited by sources as potential signs of caution, though without documented direct interference from IWM. No lawsuits or whistleblower accounts confirmed overt meddling during the IWM period, but the structure highlighted risks in global media where financial backers from authoritarian-adjacent regions could prioritize access to Chinese markets over unfettered reporting. This era ended in May 2023 when U.S. entrepreneur Austin Russell acquired an 82% controlling interest in Forbes Global Media Holdings from IWM, restoring majority American .

Scandals Involving Fraudulent Listings and Contributors

Forbes' "30 Under 30" lists have featured numerous individuals later implicated in major frauds, prompting criticism that the publication's vetting process failed to detect red flags in high-profile inclusions. In November 2023, Forbes published its own "Hall of Shame," acknowledging 10 regrettable selections, including (Finance, 2021), convicted in 2023 of fraud and conspiracy for misappropriating over $8 billion in customer funds, facing up to 110 years in prison; (Finance, 2022), who pleaded guilty to related wire fraud charges; and (Finance, 2019), indicted in April 2023 for fabricating millions of user records to inflate her startup Frank's value in a $175 million sale to , with her trial ongoing as of late 2023. Other entries included (Finance, 2013), convicted in 2017 of and after hiking Daraprim's price by over 5,000%; and (Finance, 2016), charged in 2023 with wire and for misleading lenders. Forbes attributed these oversights to post-selection developments unknown at the time of nomination, emphasizing a rigorous review process involving hundreds of experts, though external analyses have questioned the lists' reliance on self-reported data and nominations without mandatory financial audits. Accusations of influencing Forbes rankings have persisted, particularly for specialized lists like "30 Under 30," with claims that inclusion requires payments or promotional deals, though Forbes maintains selections are merit-based and free of direct fees. One listed individual, Phadria Prendergast ( & , 2023), faced allegations of operating her own scheme at Women of the City magazine, soliciting $195,000 for undelivered coverage tied to a controversial church. Broader critiques, including discussions and investigative reports, highlight patterns where nominees with scant verifiable achievements appear alongside fraudsters, suggesting lax verification amplifies unproven claims. No conclusive evidence has emerged of systematic payments to Forbes for list placements, but the publication's tolerance for self-promotion in nominations has fueled perceptions of compromised integrity. The Forbes contributor network, launched in 2011 to expand content via independent writers, has been exploited for fraudulent or undisclosed promotional schemes, undermining editorial standards. Contributors like Jayson DeMers, CEO of AudienceBloom, published over 700 articles from 2016 to 2019, embedding client mentions (e.g., Neil Patel) without disclosure in at least 12 pieces; Forbes removed eight following a 2019 investigation revealing paid placements. In 2013, contributor Drew Hendricks accepted $600 from a firm to write a glowing profile of as a philanthropist, omitting his status; the article was deleted post-scandal. Heather R. Morgan, arrested in February 2022 for laundering $4.5 billion in stolen as "Razzlekhan," authored 47 Forbes articles, including cybersecurity advice, before removal in September 2021. These incidents reflect systemic issues in the contributor model, where writers often solicit $1,000–$4,000 for favorable mentions, as documented in public forums and investigations, enabling promotion without rigorous . Forbes has responded by tightening reviews and removing offending content, but critics argue the paywalled contributor status—available for fees up to $15,000 annually—prioritizes volume over veracity, fostering an ecosystem where fraudsters leverage the brand for credibility.

Influence and Legacy

Impact on Business Journalism

Forbes, founded in 1917 by , initially differentiated by emphasizing profiles of "doers and doings," focusing on the personal stories, decisions, and achievements of business leaders rather than dry financial data alone. This narrative approach humanized complex economic events, making business news more engaging for a broader audience and setting a for character-driven reporting that influenced outlets like , which adopted similar biographical styles in the 1930s. By interpreting both successes and failures through the lens of individual agency, Forbes elevated the role of business journalists as commentators on entrepreneurial , a practice that persists in modern profiles of figures like or . The introduction of annual lists, beginning with the Forbes 400 richest Americans in 1982 and the world's billionaires list in 1987, revolutionized quantitative aspects of business journalism by establishing data-driven benchmarks for wealth and corporate performance. These rankings, compiled using methodologies that track net worth via public filings, private estimates, and market data—refined annually for accuracy, as in the 2025 Forbes 400's emphasis on verifiable assets—provided empirical snapshots that other publications emulated, such as Bloomberg's daily Billionaires Index launched in 2012. Featured entities often gain measurable visibility and investor interest, with studies citing the lists' role in shaping perceptions of economic mobility; for instance, the 2025 Forbes 400 reports 71% of entrants as self-made, up from lower historical averages, countering narratives of entrenched inheritance. Forbes' lists and reporting practices have informed academic and policy discourse on wealth distribution, with data from the Forbes 400 used in econometric analyses showing wealth growth outpacing median households between 1989 and 2019, though critics argue the methodology underweights unearned advantages. This standardization compelled competitors to adopt rigorous, comparable metrics, reducing reliance on anecdotal wealth estimates and fostering a more analytical field, even as Forbes' contributor model drew scrutiny for blending journalism with sponsored content, potentially diluting trust in self-reported business narratives. Overall, Forbes shifted business journalism toward verifiable rankings that prioritize entrepreneurial outcomes over abstract theory, influencing global editions and events like the Global 2000, which since 2003 has ranked firms by sales, profits, assets, and market value using FactSet data.

Key Figures and Cultural Role

B.C. Forbes, a Scottish-born financial , founded the magazine in 1917 as a bi-weekly focused on personalities and business trends, emphasizing that "business was originated to produce happiness, not to pile up millions." His son, , assumed leadership after B.C.'s death in 1954 and transformed the publication into a monthly magazine by 1961, pioneering annual rankings such as the richest Americans in 1982, which cemented its reputation for data-driven wealth analysis. Malcolm's high-profile , including world-record ballooning and acquisition, blended with , amplifying the magazine's visibility. Steve Forbes, Malcolm's son, served as president and chief executive from the 1980s and later as editor-in-chief, expanding digital presence while pursuing unsuccessful U.S. presidential bids in 1996 and 2000 on a flat-tax platform, which highlighted the family's alignment with free-market conservatism. Under family stewardship until 2014, when a majority stake was sold to Hong Kong-based Integrated Whale Media Investments (backed by Abu Dhabi interests), Forbes maintained editorial continuity. As of January 1, 2025, Sherry Phillips, a 28-year Forbes veteran, became the first female CEO, succeeding Mike Federle, with Randall Lane overseeing content as chief content officer and magazine editor. Forbes has played a pivotal cultural role in shaping perceptions of economic success and , particularly through its annual lists like (inaugurated 1987) and , which provide empirical snapshots of wealth distribution using stock prices and exchange rates as of specific dates, such as March 7, 2025, for the latest billionaire tally. These rankings, drawing on proprietary methodologies, have influenced business culture by establishing benchmarks for self-made wealth—160 of the 2024 Forbes 400 entrants scored as self-made from middle-class origins—while fostering aspiration among executives and investors, though they also spotlight wealth concentration amid broader economic debates. The brand's prestige extends to events and endorsements, positioning it as a symbol of capitalist achievement in media, distinct from more narrative-driven outlets, and reliant on verifiable financial data over subjective commentary.