Maryland boasts 11 billionaires this year, including the Baltimore-area residents who founded Under Armour, Squarespace and Inovalon, a new Forbes list shows.

The magazine’s World Billionaires List, which ranked the wealthiest people on the planet in 2025, reported that the state’s billionaire club boasted a combined net worth of $35 billion.

Maryland’s top billionaire was Annette Lerner. Lerner and her family have a net worth of $5.7 billion. Forbes said Lerner lent $250 in 1952 to her 26-year-old husband, Ted Lerner, to start what is now Lerner Enterprises, one of the largest real estate owners in Washington. The family also owns the Washington Nationals.

Baltimore-area billionaire, Jim Davis, the founder of Allegis Group, the nation’s largest staffing firm, has a net worth of $4.3 billion, ranking 846th on the list. That compares with the $1 billion net worth of Kevin Plank, chairman and CEO of Baltimore-based Under Armour; the $2.1 billion controlled by Anthony Casalena, CEO of Squarespace; and the $1.9 billion reported for Keith Dunleavy, founder of cloud-based software and healthcare analytics company Inovalon.

Under Armour’s Plank, who landed at number 2,933, declined in net worth from $1.1 billion. Plank, the sports apparel maker’s largest shareholder, has seen his fortunes follow a declining stock price. Shares fell more than 63% over the past three years as the brand navigated sales declines and a turnaround plan and lost more than 13% of value in the last month. Under Armour shares closed at $5.83 each on Thursday.

Casalena, of Monkton, who founded website building company Squarespace in his University of Maryland dorm room in 2003 and remains CEO, took the company public in 2021 and then took it private in October, Forbes said. His net worth climbed from $1.6 billion last year.

Dunleavy, of Annapolis, came up with the idea for Inovalon in 1998 during a medical residency at Johns Hopkins Hospital, the magazine said. He took the company public in 2015 and sold it in 2021 to a consortium of private equity firms.

The United States has 902 billionaires, including Elon Musk, co-founder of Tesla and SpaceX, who tops this year’s global list with a net worth of $342 billion.

The global billionaires list, which started in 1987 with 140 names, has swelled to a record 3,028 entrepreneurs, investors and heirs.

The magazine based its rankings on March 7 stock prices and exchange rates. By that measure, they have a total combined wealth of $16.1 trillion, up nearly $2 trillion from 2024, Forbes said.

Most of Maryland’s billionaires, however, saw their net worth decline or stay even. That included Davis, who co-founded Hanover-based Allegis Group as Aerotek in 1983 with his cousin, Ravens owner Steve Bisciotti, and had a decline from last year’s $4.4 billion.

Bernard Saul II was an exception. He saw his and his family’s fortunes rise to $2.7 billion from $2.6 billion. Saul inherited the property management firm B.F. Saul Co. from his grandfather and transformed it into a real estate firm owning more than 3 million square feet of industrial and office space across the country and 19 hotels.

Also on Maryland’s list are Orioles owner David Rubenstein, with $3.8 billion, and Dan Snyder, who sold the Washington Commanders for $6.05 billion in 2023, with $4.5 billion.

The others include Mitchell Rales, co-founder of industrial firm Danaher Corp., with $4.3 billion; Theodore Leonsis founder, majority owner and CEO of Monumental Sports, with $3.1 billion; and Joel Glazer, who with his five siblings own the Tampa Bay Buccaneers and in 2023 sold a quarter of their 68% stake in Manchester United. That deal was valued at $5.4 billion.

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