FIVE OF FORBES' 400 RICHEST PEOPLE IN AMERICA CURRENTLY LIVE IN NEW JERSEY.

10/22/2016

Microsoft co-founder Bill Gates is the richest American for the 21st straight year, with an estimated fortune of $72 Billion. Overall, the combined wealth of the 400 richest in America is $2.29 trillion, up from $2.02 trillion in 2013. Forbes’ attributes this climb to a strong showing in the U.S. stock market. In New Jersey, the wealthiest resident is hedge fund manager David Tepper of Livingston, who comes in at 47th. Tepper, 57, has a net worth of $10 billion, up from $7.9 billion last year. Celebrating its 20th anniversary, Tepper's Appaloosa Management saw one of the "greatest five-year performance stretches" in hedge fund history, according to Forbes. Donald Newhouse, 84, is the second-richest New Jersey resident, according to Forbes. Newhouse is co-owner of Advance Publications, the parent company of NJ.com and The Star-Ledger, Conde Nast and dozens of other media outlets across the country. He checks in at 51st and is worth $8.7 billion. Leon G. Cooperman, 71, resides in Short Hills. He climbed the ranks at Goldman Sachs before leaving in 1991 to found hedge fund Omega Advisors. Cooperman is worth $3.9 billion, earning him the 133 spot on Forbes' list. Another Short Hills resident is Peter Kellogg, 71. Kellogg comes in at 179th with a net worth of $3.2 billion. Kellogg began running his father's investment house Spear, Leeds & Kellogg in 1973. He eventually sold it to Goldman Sachs in 2000 for $6.5 billion. Forbes' refers to number 374, Larry Robbins, as "one of the hottest hedge fund managers of recent years." The Alpine resident is the founder of Glenview Capital Management, and is worth $1.71 billion. Two former New Jersey residents, Jacqueline Mars and Laurene Powell Jobs, cracked the top 30. Mars, the Mars candy heiress, comes in at 19th. Mars, formerly of Bedminster but now living in The Plains, Virginia, is worth $22 billion.
Laurene Powell Jobs, the widow of Apple co-founder and former CEO Steve Jobs, grew up in West Milford. Powell Jobs, an advocate for higher education, checks in at 28th with a net worth of $16.6 billion.