Khan ranks 122nd on Forbes' annual list of the 400 richest people in the U.S. with a net worth of $3.8 billion, the magazine said Monday.
Last year, Khan ranked 179th with a net worth of $2.5 billion.
Forbes said Khan's Illinois-based auto parts manufacturing company, Flex-N-Gate, ranked 120th on the magazine's list of largest privately owned companies in the United States with $3.9 billion in sales last year.
However, Khan is becoming better known as a sports owner. He bought the Jaguars at the end of the 2011 football season for an estimated $770 million.
Two months ago, Khan also bought British soccer club Fulham for $300 million, according to Forbes.
Microsoft founder Bill Gates remains at the top of the Forbes 400 with an estimated net worth of $72 billion. The wealthiest Floridian is Carnival Cruises Chairman Mickey Arison, who ranks 70th overall with $5.9 billion.
Forbes lists Naples, Fla., as Khan's home.
The Jacksonville Jaguars may not be moving up the ranks of NFL teams so far this season, but owner Shad Khan is working his way up the ranks of richest Americans, according to Forbes magazine.