The 20 richest people in New York

The Big Apple has a total of 135 billionaires. California which has 186 members of the three-comma club is the only state with more billionaires than New York. Michael Bloomberg is the wealthiest resident in the Empire State with a net worth of $82 billion. Julia Koch, widow of David Koch is the state’s wealthiest woman. Below is a list of the 20 richest people in New York and how they made their fortune. Hedge fund managers dominate the list.

1. Michael Bloomberg

Net worth: $82 billion

Source of wealth: Bloomberg L.P.

Global rank: #12

Residence: New York, New York

Age: 80

Michael Bloomberg is the wealthiest individual in New York. He’s the founder and CEO of financial services and media corporation Bloomberg L.P. He owns the majority of the company with a 88% stake.

A member of the giving pledge, the billionaire is one of the most generous people in America and has donated more than $12 billion to various causes such as health, gun control, education, and gender equality. Michael Bloomberg has seen his wealth soar by $23 billion over the last year. He’s one of four people to have served as the mayor of New York City for 12 or more years.

2. Julia Koch & family

Net worth: $60 billion

Source of wealth: Koch Industries

Global rank: #21

Residence: New York, New York

Age: 60

Together with her three children, Julia Koch inherited a 42% stake in Koch Industries from her husband David Koch who passed away in 2019. Julia has since then been the richest woman in New York. Koch Industries is the largest privately held company in the United States with over $100 billion in revenue.

The billionaire is also a philanthropist and serves as the president of the David H. Koch Charitable Foundation. This year she was ranked the third wealthiest woman in the world by Forbes. Julia Koch is a former model and worked as an assistant to fashion designer Adolfo when she first moved to New York City in 1984.

3. Stephen Schwarzman

stephen-schwarzman

Net worth: $34.8 billion

Source of wealth: Investments

Global rank: #37

Residence: New York, New York

Age: 75

In 1985 Stephen co-founded The Blackstone Group, a private equity firm where he now serves as chairman and CEO. The company’s businesses include private equity, real estate, credit, and real estate. The billionaire’s first business venture was a lawn-mowing operation where he employed his younger twin brothers. He was 14 at the time.

Blackstone Group is the world’s largest buyout firm and has more than $900 billion worth of assets under management. Last year it was ranked #454 on the Fortune Global 500 list.

Related: The richest billionaires in Illinois

4. Jim Simons

Net worth: $28.6 billion

Source of wealth: Hedge funds

Global rank: #48

Residence: East Setauket, New York

Age: 84

Jim Simons is a mathematician, hedge fund manager, and one of the richest people in New York. He’s the founder of Renaissance Technologies, a hedge fund based in East Setauket, New York which manages about $160 billion.

Simons is often regarded as the most successful hedge fund manager of all time. He served as the firm’s chairman until 2021. Together with his wife, the billionaire founded the Simons Foundation in 1994 to support research in mathematics and fundamental sciences. The foundation is the primary donor of Math for America.

5. Leonard Lauder

Net worth: $23.1 billion

Source of wealth: Estee Lauder

Global rank: #65

Residence: New York, New York

Age: 89

Leonard inherited his parent’s cosmetics company, Estee Lauder together with his billionaire brother Ronald Lauder. He serves as the chairman emeritus of the company and was its CEO until 1999. Estee Lauder went public in 1996 after which it acquired various major cosmetics brands such as Aveda and MAC Cosmetics.

The company is a maker of various skin care and hair care products, makeup as well as fragrances. The billionaire has an art collection worth more than $1 billion which he promised to donate to The Metropolitan Museum of Art in New York.

Related: The richest people in Massachusetts

6. Rupert Murdoch

rupert-murdoch

Net worth: $20.8 billion

Source of wealth: Newspapers, television network

Global rank: #76

Residence: New York, New York

Age: 91

Rupert is the executive chairman of News Corp, an American media and publishing company that he founded in 2013. Through his firm, the billionaire owns hundreds of local, national, and multinational publishing outlets including The Wall Street Journal, the New York Post, The Daily Telegraph (Australia), The Sun (UK), among many others.

The billionaire inherited The News, a small newspaper owned by his father after his death in 1952. By 2000 he owned more than 800 companies in over 50 countries. The billionaire owns the television broadcasting channel Fox News and was the owner of 21st Century Fox until 2019 when most of its assets were sold to Disney for $71.3 billion. He also owns the Dow Jones & Company which he acquired in 2007.

7. Donald Newhouse

Net worth: $14.4 billion

Source of wealth: media

Global rank: #128

Residence: New York, New York

Age: 92

With a fortune of $14.4 billion, Donald Newhouse is one of the richest people in New York. He’s the owner and president of Advance Publications an American media company he inherited from his father.

The company owns magazines such as The New Yorker, Parade, Architectural Digest, Vanity Fair, Vogue as well as newspapers such as The Plain Dealer. Advance is a major shareholder in the social news site Reddit and has a stake in Discovery, Inc which merged with WarnerMedia in May 2021 to form Warner Bros. Discovery.

8. Israel Englander

israel-englander

Net worth: $11.5 billion

Source of wealth: Hedge funds

Global rank: #167

Residence: New York, New York

Age: 73

Israel owns Millennium Management, a hedge fund he co-founded in 1989 alongside Ronald Shear with a $35 million investment. He now serves as the CEO of the firm, which has over $50 billion in assets under its management.

The billionaire, who began trading stocks while in high school was named one of the highest-earning hedge fund managers in 2019 by Forbes taking home about $500 million. He lives in a $71.3 million duplex apartment on New York’s Park Avenue with his wife and three children. Millennium Management averages about 2 million trades every day.

9. Chase Coleman, III

Net worth: $10.3 billion

Source of wealth: Investments

Global rank: #192

Residence: New York, New York

Age: 46

Chase is one of the richest people in New York with a fortune of $10.3 billion. He’s the founder and owner of Tiger Global Management, a hedge fund and investment company based in New York City. It manages about $95 billion worth of assets and has provided venture capital to many companies including Alibaba, Facebook, Yandex, Glassdoor, and Quora among others. The billionaire reportedly added $2.5 billion to his net worth in 2020.

Tiger Global focuses on software, Internet, financial technology, and consumer industries. Chase Coleman is the 9th richest person in New York, America’s 61st wealthiest individual, and the 192nd richest person globally.

Also read: The richest people in Connecticut

10. Leon Black

leon-black

Net worth: $10 billion

Source of wealth: Private equity

Global rank: #197

Residence: New York, New York

Age: 70

He’s the co-founder and former CEO of the private equity company Apollo Global Management. The firm invests in private equity, credit as well as real assets and has more than $470 billion of assets under management.

According to Forbes, Leon owns about 23% of the $5 billion revenue company, which went public in 2011. In July 2018 Leon was elected chairman of The Museum of Modern Art in New York City for a three-year term. The billionaire worked as an accountant for KPMG on his first job.

11. George Soros

Net worth: $8.6 billion

Source of wealth: Hedge funds

Global rank: #246

Residence: New York, New York

Age: 91

Soros is a Hungarian-born American hedge fund manager and investor who founded the hedge funds, Double Eagle (1969) and Soros Fund Management (1970). The latter was revealed to be one of the most profitable hedge fund firms in 2010 averaging a 20 percent annual rate of return over four decades.

The billionaire has given away over $32 billion to the Open Society Foundations (OSF), with $18 billion already distributed representing about 60% of his original net worth. Soros founded OSF in 1993 and serves as its chairman.

Also read: The richest people in California

12. Stephen Ross

stephen-ross

Net worth: $8.2 billion

Source of wealth: Real estate

Global rank: #267

Residence: New York, New York

Age: 81

Ross has a fortune of $8.2 billion and is one of the richest people in New York. He’s the founder and chairman of The Related Companies, a multinational real estate development company. The billionaire started the real estate firm in 1972 with a $10,000 loan from his mother with the aim of creating affordable housing.

Related is the largest landlord in New York City owning more than 8,000 residential units. Stephen Ross is the majority stockholder in the company with a 60% stake. He also owns the Miami Dolphins of the NFL. The Related Companies has a real estate portfolio worth more than $60 billion. The company also owns Equinox Group, a luxury fitness company.

13. Valerie Mars

Net worth: $7.9 billion

Source of wealth: Candy, pet food

Global rank: #288

Residence: New York, New York

Age: 63

Valerie Mars is the 2nd richest woman in the Empire State. She’s an heiress to the fortune of Mars, Inc. Valerie became a member of the three-comma club in 2016 after she inherited an 8% stake in Mars — together with her billionaire sisters Marijke, Pamela, and Victoria Mars — from their late father Forest Mars Jr.

Mars, Inc. is a maker of pet food, candy, and a provider of animal care services. Frank Mars, Valerie’s great grandfather founded the company in 1911. She joined the firm in 1992 and currently serves as a senior vice president and head of corporate development.

14. Henry Kravis

henry-kravis

Net worth: $7.7 billion

Source of wealth: Private equity

Global rank: #304

Residence: New York, New York

Age: 78

With a net worth of about $7.7 billion, Henry Kravis is one of the richest people in New York. Kravis co-founded Kohlberg Kravis Roberts (KKR) alongside his cousin George R. Roberts and Jerome Kohlberg (died in 2015).

KKR is a private equity firm based in New York with more than $200 billion worth of assets under management. It has also investmented in over 280 companies. According to Forbes, KKR’s portfolio of companies jointly generates about $244 billion in revenues, ranking it one of the world’s largest private equity corporations.

Also read: The richest person in each state

15. David Shaw

Net worth: $7.5 billion

Source of wealth: Hedge funds

Global rank: #316

Residence: New York, New York

Age: 71

In 2019 David Shaw was one of the best-paid hedge fund managers according to Forbes, with 12-month earnings of $500 million. The billionaire, a former computer science professor at Columbia University founded D.E Shaw, a hedge fund that manages more than $55 billion in assets.

Jeff Bezos, MacKenzie Scott, and John Overdeck, co-founder of Two Sigma are some of the prominent former employees of D.E Shaw. The billionaire had a fortune of $7.3 billion in 2021 and was the world’s 344th richest person.

16. Ralph Lauren

ralph-lauren

Net worth: $6.9 billion

Source of wealth: Apparel

Global rank: #350

Residence: New York, New York

Age: 82

Ralph Lauren is the founder, executive chairman, and chief creative officer of the American fashion house that bears his name. He started the company back in 1967 from a tiny office at the Empire State Building with men’s ties and made deliveries to stores himself.

The billionaire previously worked for Beau Brummell, a tie manufacturer where he persuaded Beau’s president to allow him to launch his own line. The Ralph Lauren corporation makes products in four categories; accessories, apparel, homeware, and fragrances.

17. Stanley Druckenmiller

Net worth: $6.8 billion

Source of wealth: Hedge funds

Global rank: #363

Residence: New York, New York

Age: 68

Stanley Druckenmiller has a fortune of $6.8 billion and is one of the richest people in New York. He’s the former president and chairman of Duquesne Capital, a hedge fund he founded in 1981.

Stanley made a fortune from Duquesne before he closed it down in 2010, citing the emotional stress of not performing up to his own expectations. The firm had $12 billion in assets at the time. The billionaire also worked as the lead portfolio manager for George Soros’ Quantum Fund from 1988 to 2000.

18. Jonathan Gray

jonathan-gray

Net worth: $6.8 billion

Source of wealth: Investments

Global rank: #363

Residence: New York, New York

Age: 52

He’s the president and chief operating officer of Blackstone Group, an asset management company based in New York. Gray also serves as the chairman of Hilton Worldwide. The Group’s private equity business has been one of the biggest investors in leveraged buyouts in the last three decades.

In 2007 Blackstone acquired Hilton Hotels for $26 billion. He then took it public again in 2013 in the biggest IPO for a hotel corporation at the time. Blackstone has a real estate division that has actively acquired commercial real estate.

19. Philippe Laffont

Net worth: $6.5 billion

Source of wealth: Hedge funds

Global rank: #386

Residence: New York, New York

Age: 54

Philippe Laffont is the cofounder of Coatue Management, a hedge fund and venture capitalist that focuses its investments in the technology sector. It also has interests in the consumer, healthcare, media, and telecommunications sectors. Laffont started the hedge fund in 1999 with $45 million in capital.

He’s one of the Tiger Cubs, a group of former employees at Julian Robertson’s Tiger Management hedge fund who have founded their own hedge funds. Some of the companies Coatue has invested in include Spotify, Snap Inc, ByteDance, and Airtable. The hedge fund has more than $25 billion in assets under management.

20. David Siegel

david-siegel

Net worth: $6.5 billion

Source of wealth: Hedge funds

Global rank: #386

Residence: Scarsdale, New York

Age: 60

The billionaire cofounded Two Sigma in 2001 alongside John Overdeck and Mark Pickard. David co-chairs the hedge fund that manages about $60 billion. Two Sigma uses machine learning, artificial intelligence, and distributed computing for its trading strategies.

The billionaire holds a Ph.D. in Computer Science and worked at the D.E. Shaw & Co. before starting his own hedge fund. He runs the Siegel Family Endowment which backs institutions such as Data and Society — that help brace the society for the effect of Technology. Siegel is one of the richest people in New York.

Related Posts

Add Comment

error: Content is protected !!