The 22 Richest Hedge Fund Managers

John Paulson

The world’s third richest man on the Forbes’ Billionaire List is a hedge fund manager: Warren Buffett.

The next hedge fund or alternative investment guy on the list falls way back at 39: John Paulson.

It’s not as high as you might expect, but these guys are still tossing around incredible amounts of money. We picked out 22 hedge fund managers who are worth at least $2 billion.

Buffett and Paulson were also the biggest gainers on this list, up $3 billion and $4 billion respectively.

#540 Phil Falcone

2011 net worth: $2.2 billion

2010 net worth: $2.8 billion

Source: Harbinger Capital

Harbinger took a 12% hit in 2010 when Falcone bet on a broadband company that failed to generate the momentum he anticipated. In addition, Harbinger's assets under management are down by almost $20 billion since 2008.

Source: Forbes

#540 David Shaw

2011 net worth: $2.2 billion

2010 net worth: $2.5 billion

Source: D.E. Shaw & Co.

Despite his fund's famously selective hiring process, Shaw's handpicked team could not generate profits for 2010, losing a figure estimated to be about $300 million for the year.

Source: Forbes

#512 Ken Griffin

2011 net worth: $2.3 billion

2010 net worth: $2 billion

Source: Citadel Investment Group

Griffin and Citadel followed a wildly successful 2009 with a steady, if unspectacular, 2010. But with gains like he's made over the last 20 years, the 42 year-old Griffin will most likely settle for slow and steady profits.

Source: Forbes

#512 Julian Robertson

2011 net worth: $2.3 billion

2010 net worth: $2.2 billion

Source: Tiger Management

Since watching Tiger's net worth shrink painfully by almost 1000% since the bursting of the tech bubble, Robertson and his team have bounced back a bit and kept the lights on, even posting nine figure gains for 2010.

Source: Forbes

#459 Stanley Druckenmiller

2011 net worth: $2.5 billion

2010 net worth: $2.8 billion

Source: Duquesne Capital

So rough was Druckenmiller 's 2010 that he has announced the shuttering of Duquesne Capital to his investors. But no attempt to staunch last year's bleeding will earn back the estimated $300 million that the fund lost.

Source: Forbes

#336 John Arnold

2011 net worth: $3.3 billion

2010 net worth: $4 billion

Source: Centaurus Capital

The former Enron trader lost 8% in his fund's first down year.

Source: Forbes

#336 Daniel Och

2011 net worth: $3.3 billion

2010 net worth: $3.3 billion

Source: Och-Ziff

His partnership with the Ziff family has been a success story for all parties involved. Och-Ziff has generated strong returns since going public in 2009 and Och managed to hold steady overall for 2010.

Source: Forbes

#336 Paul Tudor Jones

2011 net worth: $3.3 billion

2010 net worth: $3.2 billion

Source: Tudor Investment Corp

The former wunderkind has made Tudor a true influence in the commodities world. Jones was able to ride out an up and down 2010 with success, netting nine figure profit for the year.

Source: Forbes

#310 Leon Black

2011 net worth: $3.5 billion

2010 net worth: $2.5 billion

Source: Apollo Management

Black rode the credit boom to its apex and then had to surf it out as the wave broke around him. A focus on distressed debt equity however, seems to have led to a nice rebound, and around $1 billion in profits for 2010.

Source: Forbes

#281 Henry Kravis

2011 net worth: $3.9 billion

2010 net worth: $4.2 billion

Source: KKR

KKR's 2010 was not a resounding success, and that might be a reason behind the company's recent hiring of former 'Goldmanite' Ralph Rosenberg to revive its real estate investment group.

Source: Forbes

#268 Robert Ziff, Daniel Ziff, Dirk Ziff

2011 net worth: $4 billion

2010 net worth: $4 billion

Source: Ziff Family Investments; Och-Ziff

The Ziffs have continued to diversify since offloading their publishing empire.

With a broad spectrum approach to equities and commodities, and a share in the newly-public Och-Ziff, the family held steady this year at $4 billion.

Source: Forbes

#235 Bruce Kovner

2011 net worth: $4.5 billion

2010 net worth: $3.5 billion

Source: Global macro hedge fund Caxton Associates

Kovner has claimed that he's only had one down year since starting his fund in the early 80's, and with a billion-dollar year in 2010, it would be hard to doubt him.

Source: Forbes

#208 Sam Zell

2011 net worth: $5 billion

2010 net worth: $3.8 billion

Source: Equity International

After acquiring The Chicago Tribune (and the Cubs) in 2007, Zell continued to look for a deal and his eyes apparently fell with interest on Brazil, whose economy promptly took off and made a nice contribution to Zell's estimated $1.2 billion profits for 2010.

Source: Forbes

#208 David Tepper

2011 net worth: $5 billion

2010 net worth: $3.5 billion

Source: Appaloosa Management

The $5 billion that Tepper pulled in during 2010 came from Appaloosa's gain in collected fees by a growth rate of more than one third of 2009's total billings.

Source: Forbes

#169 Stephen Schwarzman

2011 net worth: $5.9 billion

2010 net worth: $4.7 billion

Source: Blackstone Investments

2010 was another strong year for Schwarzman and Blackstone, who saw a $1.2 billion jump in their equity and 355 rise to their stock price.

Source: Forbes

#162 Ray Dalio

2011 net worth: $6 billion

2010 net worth: $4 billion

Source: Bridgewater Associates

Dalio made what are believed to be gains of 10% to Bridgewater's bottom line in 2010 by sticking to what he knows; stocks, bonds and currencies.

Source: Forbes

#114 Steve Cohen

2011 net worth: $8 billion

2010 net worth: $6.4 billion

Source: SAC Capital

Despite a tough year for SAC, in which Cohen had to deal with insider trading charges against some of his employees, the company managed to continue its aggressive growth.

Source: Forbes

#74 James Simons

2011 net worth: $10.6 billion

2010 net worth: $8.5 billion

Source: Renaissance Technologies Medallion Fund

Simon stepped down from Renaissance this year but he will still hold on to much of the company's $15 billion in assets.

Source: Forbes

#61 Carl Icahn

2011 net worth: $12.5 billion

2010 net worth: $10.5 billion

Source: Leveraged buyouts

Icahn's two and a half billion dollar year is due in large part to the wildly successful gamble he took on the biotech firm Genzyme, through which he reaped a huge profit upon the company's $20 billion sale.

Source: Forbes

#46 George Soros

2011 net worth: $14.5 billion

2010 net worth: $14 billion

Source: Soros Fund Management

Soros, famous for having made $1 billion in a day, reportedly made about half a billion in 2010. It seems that his aggressive positions and buying activities served him well when total ling up the year's profits.

Source: Forbes

#39 John Paulson

2011 net worth: $16 billion

2010 net worth: $12 billion

Source: Paulson & Co.

Paulson reportedly made $5 billion in 2010 alone by investing with renewed interest in a volatile stock market.

Source: Forbes

#3 Warren Buffett

2011 net worth: $50 billion

2010 net worth: $47 billion

Source: Berkshire Hathaway

Berkshire shares underperformed the S&P last year, but joined in the epic stock rally anyway.

Buffett has gained $13 billion since the '09 recession lows.

Source: Forbes

These billionaires made their money a little differently

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