To determine the top individual angel investors, we looked at several factors, including the number of companies they invested in that later became billion-dollar unicorns. Only angels with at least one unicorn in their portfolio were deemed eligible. For the purposes of the ranking, we determined the increase in the valuation of each unicorn and +$100m company in their portfolio, both past and present, since they invested in it (the Xs). To come up with the final rank of each angel investor we calculated the total performance of the investment portfolio.
In this process, we used data from publicly available sources (Dealroom and PitchBook databases) for the latest valuations. We based the valuations at which the angel investors entered the companies on our assumptions derived from the best practices in the venture capital industry. Additionally, we used The Complete List Of Unicorn Companies by CB Insights as of January 2023.