On the Ohio campaign trail, Democrat Amy Acton has turned her opponent Vivek Ramaswamy’s fortune into a line of attack. She calls the Republican nominee her “self-funding billionaire” opponent, contrasting his private-jet travel with her old Jeep and arguing that he is out of touch with families squeezed by rising costs. Ramaswamy has leaned into it. “I believe in celebrating success,” he said after winning May’s Republican primary. “I was not born a billionaire. I was not born a millionaire. I was not born an anything-aire.”

He now has more to celebrate with. Ramaswamy is worth an estimated $2.3 billion, up from $1.8 billion a year ago and up from just $1 billion in March 2025. If elected in November, the 41-year-old businessman-turned-politician would become America’s second-richest governor and third-wealthiest elected official in the U.S., behind only President Donald Trump (now worth $7 billion), and Illinois Gov. J.B. Pritzker, an heir to the Hyatt hotel fortune worth $4.2 billion.

The driver of Ramaswamy’s wealth has been Roivant Sciences, the drug-development company he founded in 2014 and later took public through a SPAC in 2021. Shares in Roivant are trading around $40, near their all-time high, giving the company a whopping $29 billion market capitalization—up 85% since the start of the year and nearly four times its value two years ago. The bullish run has been helped by a series of positive developments: Phase 3 data for brepocitinib, a dermatomyositis drug, lifted the shares last year and the FDA approved the oral-treatment drug Lisraya in August. Roivant released strong Phase 2 results for another compound, mosliciguat, a pulmonary hypertension drug, earlier this month. Plus, a multi-billion-dollar litigation settlement with Moderna in March has helped Roivant’s balance sheet.

As Roivant has risen, Ramaswamy has sold shares. He made $106 million (pre-tax) from disclosed share sales in November and December of last year. In the first quarter of this year, he sold around $400 million worth of stock, based on quarterly ownership disclosures and market price data. If Ramaswamy continued unloading shares at a similar pace in Q2 and Q3 at the average market price (as Forbes assumes in its net worth estimate), he would have sold $700 million in Roivant stock over the last six months, bringing his total stock sales to about $1.2 billion in the 12 months while he’s been campaigning for Ohio governor. Ramaswamy and his campaign did not respond to questions about his investment portfolio.

For net worth sleuths, the question is how much Roivant stock Ramaswamy still owns. At the end of 2025, he and his wife held 61.8 million shares, including 14.7 million in-the-money stock options that expired in March, good for an 8.7% stake in the company, according to the first ownership disclosure. Three months later, the Ramaswamys held 38.9 million shares and no options, according to the second disclosure, bringing his stake down to 5.4%. Because Ramaswamy’s ownership stake has since dipped below 5%, and because he is no longer a Roivant officer or director, he no longer has to disclose further stock sales with the SEC.

Thanks to recent sales, Forbes estimates that Ramaswamy is likely sitting on as much as $1.3 billion in cash and liquid securities. During his presidential campaign in 2023, Ramaswamy disclosed a fairly conventional investment portfolio with about 60% stocks and 40% bonds, with a handful of smaller bets on cryptocurrencies including bitcoin and ethereum, conservative streaming network Rumble and crypto-payments firm MoonPay.

But Ramaswamy would be even wealthier today if he’d simply held on to all his Roivant stock. After Roivant’s public listing in 2021, he held a 10.5% stake in the company, with about 74.4 million share-equivalents disclosed. Today that stake (including costs of exercising stock options) would be worth $2.8 billion, or $500 million more than his current estimated net worth.

Or, to take it even further: If Ramaswamy had managed to hold on to his estimated 20% stake in Roivant after its founding, he’d be worth at least $5.8 billion today, which would have placed him on this year’s annual Forbes 400 list at No. 293, next to Zoom founder Eric Yuan and oil heir Gordon Getty.

But don’t shed a tear for Ramaswamy. His appearance on a future Forbes 400 seems likely. In addition to his cash pile and whatever’s he still owns in Roivant, he holds an estimated $130 million stake in Chapter, a Medicare-navigation platform that he quietly cofounded in 2020, when he was still CEO of Roivant. The company raised $100 million this year at a $3 billion valuation, double the $1.5 billion it was worth just 12 months earlier.