Eight Billionaires from NJ Among World’s Richest Tycoons
More than 2,000 people in the United States made the annual billionaires list put out by Forbes Magazine, with eight of them living here in New Jersey.
Well, nine, if you include President Donald Trump, who's made his Bedminster golf club his home away from the White House early on in his presidency.
The Garden State billionaires are all men and made their money in media or finance.
At the very top of the list is Donald Newhouse, president of Advance Publications, with a net worth of $12.3 billion, according to the magazine. Newhouse, 88, and his brother S.I. Newhouse Jr., who died last year, inherited the company and oversaw its growth into the internet and other areas of publishing. He came in at No. 121 in the Forbes list.
The company owns The Star-Ledger, NJ.com and magazines like Vanity Fair, The New Yorker and Vogue.
The next billionaire on the list comes in at No. 404 with hedge fund founder John Overdeck. According to Forbes, the 48-year-old Millburn resident has a net worth of $4.9 billion. Overdeck is a co-founder of Two Sigma Investments.
Telecom executive Rocco Commisso just made the top 500, coming in at No. 499 with a net worth of $4.3 billion. The Saddle River resident is the founder and CEO of Mediacom and previously was the CFO of Cablevision before it was acquired by Time Warner.
Short Hills resident Peter Kellogg came in at No. 629 with a net worth of $3.6 billion. Back in 2000, the now-75-year-old Kellogg sold his brokerage firm to Goldman Sachs for $6.5 billion in cash and stock. According to Forbes, Kellogg has donated more than $4 million to the U.S. ski and snowboard teams.
Leon G. Cooperman
Forbes calls Short Hills resident Leon G. Cooperman a "Wall Street legend" thanks to his time working in the asset management division of Goldman Sachs. Cooperman, with a net worth of $3.2 billion, founded Omega Advisors in 1991. Last year he settled insider-trading charges with the SEC by paying a fine of $4.9 million, but "neither admitted nor denied the accusations," according to Forbes.
Overdeck is tied with Alpine resident Larry Robbins as the youngest billionaire in the state, at 48 years old. Robbins has a net worth of $2.5 billion, which puts him just inside the top 1,000 billionaires at No. 965. He is the founder and CEO of Glenview Capital Management.
At 1,867 on the list, Far Hills resident Michael Price has a net worth of $1.2 billion, according to Forbes. He runs MFP Investors, a hedge fund based in New York. He sold Heine Securities to Franklin Securities for $670 million in 1996.
Rounding out the list, is 80-year-old Princeton resident Duncan MacMillan. The co-founder with former New York Mayor Michael Bloomberg and others of Bloomberg LP, MacMillan has a net worth of $1 billion dollars. According to Forbes, MacMillan helped design many of the company's computer systems and still owns close to 1 percent of the company he founded.
President Donald Trump, who splits his time between New Jersey, Florida, and New York, is listed as the 260th richest person in America and comes in at No. 766 on the list with a net worth of $3.1 billion, according to Forbes.
The three richest men in the country are also the richest men on the planet, according to Forbes. Amazon founder Jeff Bezos is the richest man with a net worth of $112 billion, putting him well ahead of Microsoft's Bill Gates' net value of $90 billion, and Berkshire Hathaway's Warren Buffet with $84 billion.
The youngest billionaire in the country is 27-year-old Snapchat creator Evan Spiegel who, with a net worth of $4.1 billion, is No. 527 on the list.
The oldest billionaire is 96-year-old George Joseph with a net worth of $1.4 billion. Joseph founded insurance company Mercury General and served as a flight navigator during World War II.
The richest woman in the country is Alice Walton, the only daughter of Walmart founder Sam Walton. The 68-year-old has a net worth of $46 billion, according to Forbes, but works in the art world rather than in retail.
The full rankings for this year's list can be found here.