It takes $1B to make Forbes 400

NEW YORK, Sept. 21 (UPI) -- For the first time, everyone in The Forbes 400 -- the annual list of the richest people in the United States -- is a billionaire.

Forbes announced its annual list Thursday, and reported that the collective wealth of the 400 richest people in America amounted to $1.25 trillion -- an increase of $120 billion over last year.

The list welcomed 28 new members, largely owing to what Forbes called surging real estate, oil and other asset prices.

Developer John Manning acquired a fortune estimated at $1.1 billion by brokering low-income housing projects. Chesapeake Energy founders Aubrey McClendon and Tom Ward made their money in oil.

Starbucks founder Howard Schultz made the list, as did fashion designer Manny Mashouf, who made a fortune with his Bebe clothing stores.

Other first-time 400 members include Lehman Brothers head Richard Fuld, hedge fund manager David Shaw, mutual fund adviser Jonathan Lovelace Jr. and Houston Rockets owner Leslie Alexander.