Forbes July 11 released its 2018 “America’s Richest Self-Made Women” list, which featured two Indian American executives: Jayshree Ullal and Neerja Sethi.
Ullal, the 57-year-old president and chief executive officer at computer networking firm Arista Networks, came in at No. 18 on the fourth annual 60-person list with a net worth of $1.4 billion.
The head of Arista since 2008, Ullal, of Saratoga, Calif., owns about 5 percent of the company’s stock, some of which is earmarked for her two children, niece and nephew, Forbes said.
The company in 2017 recorded revenues of $1.6 billion.
Arista and Cisco, Ullal's former employer, have been locked in a multi-year legal battle over alleged patent infringement, which Arista denies.
Ullal, the Ernst & Young U.S. Entrepreneur of the Year in 2015 (see India-West article here), earned a bachelor’s in electrical engineering from San Francisco State University and a master’s in engineering management from Santa Clara University.
Sethi, the vice president of IT consulting and outsourcing company Syntel, which she co-founded with her husband Bharat Desai in 1980 in their Troy, Mich., apartment, came in at No. 21 on the list.
The 63-year-old executive who resides in Fisher Island, Fla., has a net worth of $1 billion. She started out with an initial investment of a mere $2,000 which resulted in first-year sales of $30,000.
In 2017, Syntel, which now employs roughly 23,000 individuals globally – 80 percent of whom are in India – made $924 million in revenues.
Sethi earned a bachelor’s in mathematics and an M.B.A. in operations research from Delhi University, and a master’s in computer science from Oakland University.
Topping the Forbes list was Diane Hendricks, the co-founder of ABC Supply, with $4.9 billion. Marian Ilitch of Little Caeser’s fortune ($4.3 billion), Judy Faulkner in the health IT industry ($3.5 billion), Meg Whitman of eBay ($3.3 billion) and Johnelle Hunt of the trucking industry ($3.2 billion) round out the top 5. Other notable individuals in the top 10 include Oprah Winfrey (No. 6, $3.1 billion) and Doris Fisher of the Gap (No. 8, $2.8 billion).
The combined net worth of the top 60 self-made women is now a record $71 billion, 15 percent more than in 2017. The minimum net worth to make Forbes’ fourth annual ranking of these top women jumped 23 percent to a record $320 million. Twenty-four of these women are billionaires, another record, up from 18 last year.