Goldman Sachs has been dethroned as the world’s largest hedge fund by a Wall Street neighbor. According to the latest Billion Dollar Club survey from Absolute Return magazine, JPMorgan Asset Management edged Goldman Sachs Asset Management, increasing its assets at almost twice the rate of its fellow Billion Dollar Club members, 74% to the 41% average of the 241 hedge funds boasting at least that asset level.

JPMorgan now manages $34 billion in assets, with Goldman Sachs in second at $32.53 billion a 48% jump from last year, and Connecticut’s Bridgewater Associates at third with $30.2 billion, a 46% increase.

The semi-annual survey, which only covers U.S. hedge funds, shows that the biggest funds in the country—those with more than $1 billion in assets—now manage some $1.2 trillion as of Jan. 1, a 22% increase from July 2006. And the richest are getting richer compared even to their slightly less rich peers: The 20 largest funds in the country manage $386 billion, nearly a third of the $1.2 trillion managed by the Billion Dollar Club.

Rounding out the top ten are D.E. Shaw Group ($26.3 billion), Farallon Capital Management ($26.2 billion), Renaissance Technologies Corp. ($24 billion), Och-Ziff Capital Management ($21 billion), Cerberus Capital Management ($19.15 billion), Barclays Global Investors ($18.9 billion) and ESL Investments (approximately $18 billion).