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Vanguard is not public. The Forbes list only counts known revenues of $2B+. I've seen Vanguard anywhere from around $1B to $6B which means depending on which source it is, either it wouldn't qualify for the list or it would be positioned fairly well. It's not on the list so they either don't have the data or the data states it doesn't qualify for the list.
Vanguard is client owned. So if you invest in vanguard funds you own a piece of them.
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