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.

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