Renowned entrepreneur and inventor Joy Mangano has an estimated net worth of $50 million in 2012.

Mangano is best recognized for being the inventor of Huggable Hangers and Miracle Mop. Currently appearing on HSN, Joy Mangano also serves as the president of Ingenious Designs, LLC.

For her impressive and very practical inventions, Joy Mangano currently holds more than 100 patents. Her frustration to ordinary mops led her to create Miracle Mop, a kind of mop  with a head made of 300 feet cotton that are looped continuously. The good thing about this mop is that it is wrung without getting your hands wet. Initially, she made 100 units of the mop. Later on, she was able to sell 1000 units to QVC through consignment. The sales were good at first when QVC allowed Mangano to show herself on-air to sell the product, she was able to sell 18,000 units in just 20 minutes. A decade later, she has been selling $10 million worth of Miracle Mop's annually.

From then on, Joy Mangano continued on her quest of developing and creating items which she found very valuable at home. These items include Huggable Hangers, Forever Fragrant, Clothes It All Luggage System, and Shade Readers.