Forbes recently released its list of the top 400 richest Americans. Several gurus were in the top 10, and 25, including Bill Gates and Warren Buffett, who were No. 1 and No. 2 on the list. Below are the gurus, a brief description, their estimated net worth, and rankings.
1. #1 at $59B: Bill Gates, founder of Microsoft and now philanthropist, poses at Pariser Platz square during a brief stop at BrandenburgGate on April 6, 2011 in Berlin, Germany. Gates is in Berlin to meet with German government officials, including Chancellor Angela Merkel and Development Minister Dirk Niebel, to discuss aid for developing countries and promote his one.org charity initiative and the Bill and Melinda Gates Foundation.
2. #2 at $39B: Warren Buffett, the second richest man in America, thinks he and his fellow billionaires should be paying more money to Uncle Sam. In August Buffett penned an opinion piece in the New York Times arguing that tycoons need to pay more taxes: "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks."
That same month Buffett went bargain shopping and invested $5 billion in beleaguered Bank of America, a move similar to his backing of Goldman Sachs during the credit crisis. Buffett suffered a rare blemish this March after top executive and potential successor, David Sokol, resigned amidst allegations of self dealing; charges were never filed. Meanwhile shares of his conglomerate, Berkshire Hathaway, have fallen 10% since last August, while the S&P 500 climbed 10% over the same span. Along with billionaire buddy, Bill Gates, Buffett continues to push the Giving Pledge, wrangling new tycoons to agree to ultimately give away 50% of their fortunes. The son of Nebraska stockbroker met value investor Benjamin Graham while studying economics at Columbia. Took over textile firm Berkshire Hathaway in 1965, company now holds vast investments including banks, insurance, railroads and restaurants.
3. #7 at $22B: In July George Soros announced that he is turning his fund into a family office, returning just under $1 billion of his $25.5 billion assets to outside investors--dodging Dodd-Frank's registration mandate. In August his ex-girlfriend, 28, sued him for $50 million for an apartment she says he promised to buy her. Soros is best known for shorting England's currency, "breaking" the Bank of England in 1992 and reportedly making $1 billion in one day when Bank of England stopped fixing exchange rate. He has given away more than $8 billion since 1979 to human rights, public health and education groups. Last year he pledged $100 million to Human Rights Watch, in part to counteract America's loss of the "moral high ground." He's also given away $150 million to Roma Rights (Gypsies).
4. #17 at $15.5B: John Paulson: While his flagship fund has tanked 30% so far this year, as bets on Bank of America, CitiÂÂgroup and China's Sino Forest went south, his personal fortune is up 25%, year over year. Reason? The gold-denominated versions of his firm's funds, where he is said to have most of his personal stash, have gained steadily. Last year his take-home pay was $4.9 billion, a record for the hedge fund industry. He is donating $15 million to a new maternity hospital in Guayaquil, Ecuador, where his father was born. Paulson became a billionaire in 2007 shorting subprime securities and earning a $3.5 billion payout. He got his start at Odyssey Partners, a private equity and hedge fund and later became managing director of M&A at Bear Stearns. He founded Paulson & Co in 1994.
5. #18 at $15: Michael Dell: While his flagship fund has tanked 30% so far this year, as bets on Bank of America, CitiÂÂgroup and China's Sino Forest went south, his personal fortune is up 25%, year over year. Reason? The gold-denominated versions of his firm's funds, where he is said to have most of his personal stash, have gained steadily. Last year his take-home pay was $4.9 billion, a record for the hedge fund industry. He is donating $15 million to a new maternity hospital in Guayaquil, Ecuador, where his father was born. Paulson became a billionaire in 2007 shorting subprime securities and earning a $3.5 billion payout. He got his start at Odyssey Partners, a private equity and hedge fund and later became managing director of M&A at Bear Stearns. He founded Paulson & Co in 1994.
6. #25 at $13B: In March Carl Icahn returned outside investors' money, saying he didn't want the responsibility through another downturn. Despite worries, his fund is up more than 20% this year, thanks in part to holdings in Biogen and a large stake in Motorola Mobility, which Google bought for about $12.5 billion in August. His publicly-traded holding company, Icahn Enterprises, invests in real estate, metals, rail cars and automotive companies. The chess player grew up middle class in Queens and eventually got a securities arbitrage gig at Dreyfus & Co. He made billions of dollars staging buyouts in 1980s.
The full list is here.
1. #1 at $59B: Bill Gates, founder of Microsoft and now philanthropist, poses at Pariser Platz square during a brief stop at BrandenburgGate on April 6, 2011 in Berlin, Germany. Gates is in Berlin to meet with German government officials, including Chancellor Angela Merkel and Development Minister Dirk Niebel, to discuss aid for developing countries and promote his one.org charity initiative and the Bill and Melinda Gates Foundation.
2. #2 at $39B: Warren Buffett, the second richest man in America, thinks he and his fellow billionaires should be paying more money to Uncle Sam. In August Buffett penned an opinion piece in the New York Times arguing that tycoons need to pay more taxes: "While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks."
That same month Buffett went bargain shopping and invested $5 billion in beleaguered Bank of America, a move similar to his backing of Goldman Sachs during the credit crisis. Buffett suffered a rare blemish this March after top executive and potential successor, David Sokol, resigned amidst allegations of self dealing; charges were never filed. Meanwhile shares of his conglomerate, Berkshire Hathaway, have fallen 10% since last August, while the S&P 500 climbed 10% over the same span. Along with billionaire buddy, Bill Gates, Buffett continues to push the Giving Pledge, wrangling new tycoons to agree to ultimately give away 50% of their fortunes. The son of Nebraska stockbroker met value investor Benjamin Graham while studying economics at Columbia. Took over textile firm Berkshire Hathaway in 1965, company now holds vast investments including banks, insurance, railroads and restaurants.
3. #7 at $22B: In July George Soros announced that he is turning his fund into a family office, returning just under $1 billion of his $25.5 billion assets to outside investors--dodging Dodd-Frank's registration mandate. In August his ex-girlfriend, 28, sued him for $50 million for an apartment she says he promised to buy her. Soros is best known for shorting England's currency, "breaking" the Bank of England in 1992 and reportedly making $1 billion in one day when Bank of England stopped fixing exchange rate. He has given away more than $8 billion since 1979 to human rights, public health and education groups. Last year he pledged $100 million to Human Rights Watch, in part to counteract America's loss of the "moral high ground." He's also given away $150 million to Roma Rights (Gypsies).
4. #17 at $15.5B: John Paulson: While his flagship fund has tanked 30% so far this year, as bets on Bank of America, CitiÂÂgroup and China's Sino Forest went south, his personal fortune is up 25%, year over year. Reason? The gold-denominated versions of his firm's funds, where he is said to have most of his personal stash, have gained steadily. Last year his take-home pay was $4.9 billion, a record for the hedge fund industry. He is donating $15 million to a new maternity hospital in Guayaquil, Ecuador, where his father was born. Paulson became a billionaire in 2007 shorting subprime securities and earning a $3.5 billion payout. He got his start at Odyssey Partners, a private equity and hedge fund and later became managing director of M&A at Bear Stearns. He founded Paulson & Co in 1994.
5. #18 at $15: Michael Dell: While his flagship fund has tanked 30% so far this year, as bets on Bank of America, CitiÂÂgroup and China's Sino Forest went south, his personal fortune is up 25%, year over year. Reason? The gold-denominated versions of his firm's funds, where he is said to have most of his personal stash, have gained steadily. Last year his take-home pay was $4.9 billion, a record for the hedge fund industry. He is donating $15 million to a new maternity hospital in Guayaquil, Ecuador, where his father was born. Paulson became a billionaire in 2007 shorting subprime securities and earning a $3.5 billion payout. He got his start at Odyssey Partners, a private equity and hedge fund and later became managing director of M&A at Bear Stearns. He founded Paulson & Co in 1994.
6. #25 at $13B: In March Carl Icahn returned outside investors' money, saying he didn't want the responsibility through another downturn. Despite worries, his fund is up more than 20% this year, thanks in part to holdings in Biogen and a large stake in Motorola Mobility, which Google bought for about $12.5 billion in August. His publicly-traded holding company, Icahn Enterprises, invests in real estate, metals, rail cars and automotive companies. The chess player grew up middle class in Queens and eventually got a securities arbitrage gig at Dreyfus & Co. He made billions of dollars staging buyouts in 1980s.
The full list is here.
