Data from the recently released 2026 Forbes 400 list indicates that the United States’ most affluent individuals likely achieved superior returns had they simply allocated their assets to an S&P 500 index fund. The findings reinforce Mark Hulbert’s long-standing argument regarding the difficulty of consistently outperforming the broader market.
According to Forbes, the collective net worth of the group increased by approximately 21% as of Sept. 4 compared to the previous year’s list. While substantial, that figure falls just short of the S&P 500’s total return of 21.7% over the identical timeframe.
The gap, though narrow, underscores a recurring theme in financial analysis: even those with significant resources and access to top-tier investment advice often struggle to beat passive market benchmarks over a 12-month period.
Hulbert, a MarketWatch columnist who tracks the performance of investment newsletters through his Hulbert Ratings service, noted that this outcome is not particularly surprising. The data serves as another empirical example supporting the strategy of broad market exposure through low-cost index funds rather than attempting to time or pick individual winners.
A 0.7% gap is basically a tie. Let’s not overhype this as a decisive victory for passive investing.
Finally, proof that even the super-rich can’t consistently beat the market. Stick to indexing!