Vivek Ramaswamy, the Republican candidate for Ohio governor, is now worth an estimated $2.3 billion, according to Forbes. His fortune has grown sharply over the past 18 months, helped largely by a rise in the value of drugmaker Roivant Sciences.
Ramaswamy’s growing fortune has also become a major part of the Ohio governor’s race.
Vivek Ramaswamy fortune hits $2.3 billion
Forbes had estimated his wealth at about $1.8 billion a year ago, compared with $1 billion in March 2025. If Ramaswamy wins the November election, he would become the second-richest governor in the US and the third-wealthiest elected official in the country.
Only President Donald Trump, whose wealth Forbes estimates at around $7 billion, and Illinois Governor J.B. Pritzker, a Hyatt hotel heir worth about $4.2 billion, would be wealthier among elected officials.
The Ohio election is scheduled for November 3, with Ramaswamy facing Democratic candidate Amy Acton.
Ramaswamy’s wealth becomes part of Ohio governor race
Ramaswamy’s wealth has also become a key issue in the governor’s race. His Democratic opponent, Amy Acton, has used it to draw a contrast between the two candidates. She has pointed to his private-jet travel, arguing that his lifestyle is far removed from families struggling with rising costs.
She even referred to him as a “self-funding billionaire” during the campaign.
Ramaswamy, however, has not avoided the issue.
After winning the Republican primary in May, he said, “I believe in celebrating success.” He also stressed that he was not born wealthy. Acton has separately called on Ramaswamy to stop owning individual stocks if he becomes governor and to sell investments in data centres.
Roivant Sciences is behind much of his fortune
According to Forbes, most of Ramaswamy’s wealth comes from Roivant Sciences, the drug-development company he founded in 2014.
Roivant went public through a SPAC merger in 2021. Its shares have risen sharply this year and were trading around $40 when Forbes calculated Ramaswamy’s latest fortune.
That gives the company a market value of roughly $29 billion, according to Forbes. Roivant’s stock is up about 85% this year and is now worth nearly four times what the company was valued at two years ago.
Several developments have helped push the stock higher.
Forbes pointed to positive Phase 3 results for brepocitinib, a drug being developed for dermatomyositis. The company also received US Food and Drug Administration approval for Lisraya in August.
This month, Roivant reported strong Phase 2 results for mosliciguat, a drug being developed for pulmonary hypertension.
A multi-billion-dollar settlement with Moderna in March also helped the company.
Ramaswamy has also been selling some of his Roivant shares as the stock has risen.
Forbes said disclosed sales in November and December brought in about $106 million before taxes. He then sold roughly $400 million worth of shares in the first quarter.
The value of his fortune can continue to change because a large part of it is linked to publicly traded investments. A rise or fall in Roivant’s stock price can therefore change his estimated net worth even without him buying or selling anything.
At the same time, Ramaswamy has made no secret of his background as a businessman and billionaire. His political career began with his unsuccessful campaign for the Republican presidential nomination in 2024. He later moved his focus to Ohio and launched his campaign for governor in 2025.
The wealth issue is now part of a broader debate over money, investments and the role of business interests in the governor’s race.
Both Ramaswamy and Acton have also proposed restrictions on new data centre projects in Ohio, although they differ on the conditions they would impose.