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Wealth is going stealth.

The number of newly minted U.S. billionaires is far lower than it was five years ago, according to the recent Billionaires Insight Report from financial firm UBS and professional services firm PwC. Indeed, just 53 Americans hit billionaire status last year, compared to 87 in 2012, although the largest concentration of wealth still remains in the U.S.

Some of that may be due to the fact that both the fees and performance of hedge funds have fallen, but there’s something else in play here, the UBS report reveals: “The rise of stealth wealth.”

“U.S. wealth may be underestimated,” says John Mathews, the head of ultra-high net worth Americas at UBS—meaning that there could be more billionaires in America, or billionaires that are richer than we know. Mathews says this is due to two phenomena: the tendency to keep companies private for longer, and an increasing desire among the uber-wealthy for privacy.

In fact, research shows that many companies are delaying IPOs. For example, in 1999 the average age of a U.S. tech company that went public was four years, but last year that was 11 years, according to research from Jay Ritter, a professor of finance at the University of Florida.

Justin Byers, the chief data officer for the Prime Unicorn Index, which values private companies, says that the tendency to keep companies private for longer is due, in part, to the fact that there is “lots of money now available on the private side,” which allows founders to delay IPOs. Others may want to avoid the expense and regulatory hassle of an IPO.

But other billionaires are flying under the radar simply because they want to. “There is a subset of wealthy clients who just don’t want people to know their business,” Mathews says. “They are billionaires who no matter what the government [regulations say] will want to run their own company” rather than take it public.

Whatever the reasons, there are some American billionaires you’ve probably never heard of. First up: Ben Ashkenazy. Though he counts the Plaza Hotel in New York and Union Station in Washington, D.C., among his roughly 100 properties, many people, even some in real estate, have never heard his name. The 49-year-old Long Island-raised founder and CEO of Ashkenazy Acquisition, a private real estate firm, reportedly bought his first property at age 17 with a little help from his dad, he told the magazine Real Estate Weekly in 2001 in a rare interview, and he’s kept on buying. He now owns properties valued at roughly $12 billion.

And watch out Elon Musk: The sky is not the limit to Eren Ozmen’s wealth. The 59-year-old Turkish American is the owner (with her husband, Faith), president and chairwoman of space, defense, and engineering firm Sierra Nevada Corp., which rakes in billions in revenue, and employs nearly 4,000 people in 33 locations in 19 U.S. states, England, Germany, and Turkey.

But despite its high profile in the space community, the company is so under-the-radar to most of us, and confused for the beer brand of the same name, that earlier this year it printed coasters that said #notthebeercompany.

Though you may not have heard a ton of buzz about Bert Beveridge, you’ve no doubt heard about Tito’s Handmade Vodka, which Austin, Texas-based Beveridge, 56, created in the early ’90s. Though it was a struggle to start—Beveridge racked up $88,000 in debt on more than a dozen credit cards to fund the business —it all worked out: Fifth Generation, maker of Tito’s, saw sales in 2017 jump nearly 40%, according to Nielsen, and the company is valued at over $2.5 billion, with industry insiders saying it’s one of the biggest spirits successes in recent history.

Of course, there are plenty of billionaires who have successfully kept a low profiles for decades now. One of them being James Leprino, a Colorado mogul, who you’ve probably never even seen a picture of (there isn’t even one on the company’s website). He’s the CEO of Leprino Foods, the world’s largest cheese maker, which sells over one billion pounds of cheese a year and rakes in revenues of $3 billion. Another is Whitney MacMillan, the former CEO of Minnesota-headquartered agriculture firm Cargill, who Fortune once called “eerily anonymous.”