Forbes: Ramaswamy could become second-wealthiest governor if he wins Ohio

Republican Ohio gubernatorial nominee Vivek Ramaswamy could become one of the wealthiest elected officials in the country if he wins the November election.

Forbes estimated Ramaswamy’s net worth at $2.3 billion in a Sept. 20 report. 

The estimate would put him behind President Donald Trump and Illinois Gov. J.B. Pritzker among the nation’s wealthiest elected officials if he wins the Ohio governor’s race.  

Ramaswamy’s estimated fortune has increased substantially over the past year. Forbes estimated his net worth at $1.8 billion a year ago and about $1 billion in March 2025.  

If elected, Ramaswamy would become America’s second-richest governor, according to Forbes. Pritzker, whose wealth Forbes estimates at $4.2 billion, would remain ahead of him among governors.  

Roivant Sciences drives much of Ramaswamy’s fortune

Ramaswamy founded Roivant Sciences, a drug-development company, in 2014. The company later became publicly traded through a special purpose acquisition company, or SPAC, in 2021.  

Forbes reported that Roivant shares were trading around $40 when it calculated Ramaswamy’s fortune. That gave the company an estimated market capitalization of about $29 billion.

Roivant’s stock had gained about 85% since the beginning of 2026, according to Forbes. The company also has reported several developments involving its drug pipeline and business operations.

Those developments include positive Phase 3 results for brepocitinib, U.S. Food and Drug Administration approval of Lisraya in August and Phase 2 results for mosliciguat earlier in September. Roivant also reached a multibillion-dollar litigation settlement with Moderna in March.  

Because Ramaswamy’s wealth is substantially tied to investments, the Forbes estimate can change as the value of those holdings changes.

Ramaswamy has sold hundreds of millions in shares

Ramaswamy has also reduced his ownership in Roivant while campaigning for governor.

Forbes estimates he received about $106 million before taxes from disclosed Roivant share sales in November and December 2025. He then sold about $400 million worth of stock during the first quarter of 2026, based on ownership disclosures and market-price data.  

Forbes estimated that Ramaswamy may have sold approximately $1.2 billion in Roivant stock over the preceding 12 months.

The report also estimated that he could have as much as $1.3 billion in cash and liquid securities following those sales.  

Ramaswamy’s fortune also includes an estimated $130 million stake in Chapter, a Medicare-navigation company he co-founded. Forbes said Chapter raised $100 million in 2026 at a $3 billion valuation.  

Wealth has become part of Ohio governor race

Ramaswamy’s wealth has become a campaign issue in the Ohio governor’s race.

Democratic nominee Amy Acton has criticized Ramaswamy’s wealth and private-jet travel while contrasting them with her own financial circumstances, according to Forbes. Ramaswamy has defended his financial success and said he believes in celebrating it.  

The candidates have also taken different positions on their personal investments. The Cincinnati Enquirer reported that Acton pledged not to own or invest in individual stocks if elected and challenged Ramaswamy to make the same commitment. His campaign did not say whether he would divest his individual stock holdings.  

Ramaswamy has also contributed significant amounts of his own money to political campaigns. The Enquirer reported that he had invested about $30 million into his Ohio gubernatorial campaign after contributing nearly $29 million to his unsuccessful 2024 presidential campaign.  

How Ramaswamy’s $2.3 billion fortune grew

Forbes estimates Ramaswamy’s net worth at $2.3 billion, up from about $1.8 billion a year ago and approximately $1 billion in March 2025. The increase has largely been tied to the rising value of Roivant Sciences, the drug-development company he founded in 2014. 

Roivant shares were trading around $40 when Forbes calculated Ramaswamy’s latest fortune. That put the company’s market value at approximately $29 billion, with its stock up about 85% since the beginning of 2026 and nearly four times higher than two years earlier. 

Several developments have contributed to the increase in Roivant’s value. The company reported Phase 3 results for brepocitinib, received FDA approval for the oral treatment Lisraya in August and reported Phase 2 results for mosliciguat earlier in September. Roivant also reached a multibillion-dollar litigation settlement with Moderna in March. 

The rise in Ramaswamy’s estimated fortune is notable because it occurred even as he sold a substantial amount of Roivant stock. Forbes estimates that he has sold about $1.2 billion worth of Roivant shares over the past year while campaigning for Ohio governor. 

Ramaswamy has sold about $1.2 billion in Roivant stock

Ramaswamy has reduced his Roivant holdings as the company’s stock price has risen.

According to Forbes, he received about $106 million before taxes from disclosed Roivant share sales in November and December 2025. He then sold approximately $400 million worth of shares during the first quarter of 2026, based on ownership disclosures and market-price data. 

Forbes estimates that another roughly $700 million in sales occurred during the second and third quarters based on an assumption that Ramaswamy continued selling at a similar pace. That brings the estimated value of his Roivant stock sales over the 12-month period to about $1.2 billion. The latter figure is an estimate rather than a fully disclosed transaction total. 

His reported ownership also declined significantly. At the end of 2025, Ramaswamy and his wife held 61.8 million Roivant shares, including 14.7 million shares represented by in-the-money stock options. Their combined holdings represented an 8.7% stake in the company. 

Three months later, their reported holdings had fallen to 38.9 million shares, with no remaining options. Their combined stake was 5.4% at that point. 

An SEC filing dated May 6 shows Ramaswamy personally held 25.5 million Roivant shares, representing a 3.6% stake, as of March 31. The filing separately identifies another 13.4 million shares held by his spouse.

Forbes notes that because Ramaswamy’s ownership subsequently fell below 5% and he is no longer a Roivant officer or director, additional stock sales no longer have to be disclosed through the same SEC reporting requirements. 

Despite selling shares, Ramaswamy’s estimated fortune has continued to rise because the remaining assets have increased in value. Forbes estimates that he could have as much as $1.3 billion in cash and liquid securities, in addition to his remaining business interests. 

Forbes also calculated that Ramaswamy would have an estimated $2.8 billion today if he had retained the Roivant stake he held after the company’s 2021 public listing. That figure would be about $500 million higher than his current estimated net worth.