One of the biggest mysteries in finance is not just who Satoshi Nakamoto is—it’s why the anonymous creator of Bitcoin, who sits on one of the largest personal fortunes in history, doesn’t appear on any billionaire rankings.

Forbes, the publication that made “The World’s Billionaires” list a cultural touchstone, has quietly drawn a line in the sand—and it may say more about them than it does about Satoshi Nakamoto.

Forbes’ Billionaire Rankings Cling to Old Rules of Identity and Paperwork

As of this writing, Bitcoin is trading for $110,302. Therefore, Satoshi Nakamoto’s dormant stash of 1.1 million BTC is worth more than $121 billion, almost enough to rival the fortunes of Elon Musk and Bernard Arnault.

Yet, Satoshi’s name is absent from Forbes’ billionaire rankings. The reason?

“Forbes does not include Satoshi Nakamoto on our Billionaire rankings because we have not been able to verify whether he or she is a living person, or one person vs. a collective group of people,” th