Bloomberg Billionaires Index

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# 77 Thomas Frist $19.3B

Random fact: Has degree from Washington University School of Medicine.

Overview

Frist is a co-founder and the major shareholder of HCA Healthcare, an administrator of 182 hospitals across its network. The Nashville-based company is publicly traded and serves more than 35 million patients per year in hospitals and clinics across 20 US states and the UK. HCA reported revenue of $58.8 billion in 2021.

As of :
Last change -$88.1M ( -0.5%)
YTD change -$3.79B ( -16.4%)
Biggest asset HCA US Equity
Country / Region United States
Age 83
Industry Health Care
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Thomas Frist's net worth of $19.3B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Frist's fortune is derived from a 23% stake in HCA Healthcare, a publicly traded health services administrator. He controls the shares through Nashville, Tennessee-based Hercules Holding II, a limited liability company whose investors include the billionaire's two sons. Frist and his sons own almost 70 million shares of HCA, according to HCA's proxy form filed with the US Securities and Exchange Commission in 2022. He's credited with all of these shares to reflect his status as co-founder. 

HCA has 182 hospitals serving more than 35 million patients in 20 US states and the UK, according to the company's website. 

Frist also has personal investments sourced from HCA share sales and dividends, including a one-year payout of more than $500 million in 2012.

Tika Love, a spokesperson for Frist, said the billionaire declined to comment on the net worth calculation.

Biography

Birthdate: 8/12/1938
Family: Unknown, No children
Education: Vanderbilt University, Washington University School of Medicine

Thomas Fearn Frist Jr. was born on Aug. 12, 1938. His father was a cardiologist in Nashville. "Tom" got a bachelor's degree from Vanderbilt University before earning an M.D. from the Washington University School of Medicine. He served as a military flight surgeon after medical school.

He founded Hospital Corp. of America in 1968 with his father and Jack Massey, who was an early investor in the Kentucky Fried Chicken chain and, later, in Wendy's. The company became one of the earliest for-profit health-care operators in the country.

Frist became president of HCA in 1977, and, a decade later, its chairman and chief executive officer. He served as the company's chairman upon the merger of HCA with Columbia in February 1994, and later as vice chairman, following the company's April 1995 merger with HealthTrust. He returned as chairman and CEO of the company in 1997, a role he held until January 2001.

In 2006, he helped orchestrate the privatization of HCA for $31.6 billion, then the largest leveraged buyout in history, with money from Merrill Lynch, KKR, Bain Capital and the Frist family. The company sold shares in an initial public offering about four years later.

Frist is the founder of the Alexis de Tocqueville Society, a United Way offshoot that promotes philanthropy. He's also the chairman of the Frist Foundation, his family's Nashville-based charitable arm, and the Frist Center for the Visual Arts, also in Nashville.

Milestones
  • 1938 Thomas F. Frist Jr. is born in Nashville.
  • 1961 Graduates from Vanderbilt University in Nashville.
  • 1968 Founds Hospital Corporation of America with his father and Jack Massey.
  • 1969 Sells shares of Hospital Corp. of America in an initial public offering.
  • 1989 Takes HCA private for the first time.
  • 1992 Sells shares of HCA in a public offering, the company's second IPO.
  • 1994 Merges HCA with Columbia and retains chairman title.
  • 1995 Becomes vice chairman of Columbia/HCA following merger with HealthTrust.
  • 2006 Takes company private with Merrill Lynch, KKR and Bain Capital.
  • 2011 Company sells shares in a third initial public offering.