Forbes has published its most recent 400 Richest Americans list — made up entirely of billionaires for the first time ever — and, not surprisingly, it includes some people who are well known in the money management world.
The annual list contains a handful of hedge fund, leverage buyout, mutual fund and money managers. Fourteen of the top 400, with combined assets of $33.9 billion, are associated with hedge funds; another 11, with about $32.2 billion in combined assets, are or were LBO executives.
Topping the list of individuals who amassed the majority of their wealth by investing their own and external assets is Vulcan Inc. founder and Microsoft co-founder Paul Gardner Allen, at No. 5. Also near the top of the list are Fidelity Investments President Abigail Johnson, No. 16; LBO tycoon Carl Icahn, No. 24; Quantum Endowment manager and philanthropist George Soros, No. 27; Fidelity Chairman Edward Johnson III, No. 35; LBO manager and Citigroup shareholder Ronald Perelman, No. 40; Oak Hill Partnerships founder Robert Muse Bass, No. 43; real estate investor Samuel Zell and Franklin Distributors head Charles Bartlett Johnson, tied for No. 52; ESL Investments chairman Edward Lampert, No. 67; and Blackstone Group co-founder Stephen Schwarzman, No. 73.