Four Alts. Chiefs The Richest In Their States

Aug 6 2014 | 4:40am ET

Everyone knows that hedge fund managers are rich: There were, after all, at least 78 entrants from the alternative investments universe in this year’s Forbes magazine ranking of global billionaires, led by Carl Icahn and George Soros. But how many are the richest in their neighborhood?

Real-estate blog Movoto takes up that challenge, and finds that only four alts. billionaires earn the title “richest man in the state.” Neither Icahn nor Soros even come close in New York, where their fortunes are dwarfed by that of David Koch.

In neighboring Connecticut and New Jersey, however, hedge-fund managers rule. Ray Dalio is the richest man in the Nutmeg State with $14.4 billion, and David Tepper stands astride the Garden State with $10 billion. (Both are among the top 10 wealthiest hedge fund managers, according to Forbes.) Further up Interstate 95, Providence Equity Partners’ Jonathan Nelson ranks as the wealthiest man in Rhode Island.

The only other hedge fund manager to make the cut was Citadel Investment Group’s Kenneth Griffin, Illinois’ richest with $5.5 billion. Griffin’s hold on that title may be tenuous, however: He recently filed for divorce and will have to part with some of his billions.


In Depth

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...