The Billionaires Club in New Jersey (2024)

Several New Jersey residents have made the 2016 Forbes magazine billionaires list.

Posted Wed, Mar 2, 2016 at 9:31 am ET|Updated Wed, Mar 2, 2016 at 3:39 pm ET

Forbes magazine released its 30th annual list of billionaires and again, New Jersey is among the top of the financial heap when it comes to the number of billionaires living in the state.

There are six billionaires in New Jersey and four of them live in Essex County.

According to Forbes, “For our 30th annual guide to the world’s richest, we found 1,810 billionaires, down from a record 1,826 a year ago. Their aggregate net worth was $6.48 trillion, $570 billion less than last year. It was also the first time since 2010 that the average net worth of a billionaire dropped – it is now $3.6 billion, $300 million less than last year.”

So how does New Jersey fare in all this worldly wealth?

The sixbillionaires are worth a total of $31.8 billion, according to the statistics provided by Forbes.

Here’s the breakdown:

• David Tepper, 58, is the richest man in New Jersey, coming in at number 85 on the list with a net worth of $11.4 Billion. The Livingston resident is president and founder of Appaloosa Management and has had a "long and successful career as a hedge fund manager ever since he quit Goldman Sachs to start his Appaloosa Management in northern New Jersey. But his performance in the years following the financial crisis has made him an investing legend and arguably the top investment manager of his generation," according to Forbes.
• Donald Newhouse, 86, is a Somerset County resident with a net worth of $9.3 Billion who, along with his brother, Samuel "Si" Newhouse, inherited the media company Advance Publications from their father in 1979. He is number 116 on this list. "Donald and Si helped build one of the largest private companies in the country, Advance Publications, which owns cable TV, magazines, newspapers and entertainment assets. Donald runs newspaper business, while Si has run Conde Nast, the magazine unit that owns titles such as Vogue, The New Yorker, Vanity Fair and Wired," according to Forbes.
• Leon G. Cooperman, 72, is a resident of Short Hills with a net worth of $3.2 billion who is number 527 on this list. The founder of Omega Advisors, Inc. "suffered his second straight losing year, ending 2015 down roughly 10 percent across his various funds. Omega Advisers closed the year with $6.7 billion in assets," according to Forbes.
• John Overdeck, 46, is a resident of Millburn who is number 549 on this list with a net worth of $3.1 billion. The co-founder and co-chairman of Two Sigma Investments "has built a quantitative trading powerhouse that is one of the fastest growing hedge funds in the business. With $32 billion of assets under management, Two Sigma is a data-driven hedge fund that absorbs large amounts of information to predict the prices of securities ranging from stocks to futures contracts. While most hedge funds struggled in 2015, Two Sigma had an outstanding year," according to Forbes.
• Peter Kellogg of Short Hills is number 612 on the list with a net worth of $2.8 billion. The 73-year-old retired in January as CEO of reinsurance firm IAT Insurance Group, according to Forbes. "He still serves as chairman of the board. Kellogg ran specialist brokerage firm Spear, Leeds and Kellogg for nearly three decades before selling it to Goldman Sachs in 2000 for $6.5 billion in cash and stock. He has donated upwards of $4 million to the U.S.," according to Forbes.
• Larry Robbins, 46, of Alpine is number 906 on the list with a net worth of $2 billion. Robbins, founder of Glenview Capital Management, was on a "hot streak for three straight years," but it ended in 2015, according to Forbes. "His main Glenview Capital hedge fund posted a loss of 18.1 percent in 2015. Robbins got off to a bad start in 2016 as his hedge funds got hit with further losses. But Robbins' funds have experienced big down periods before only to bounce back strongly," according to Forbes.

Also on the list is former Atlantic City casino mogul Donald Trump, the billionaire cum presidential politician based in New York, who is ranked at # 324 with $4.5 billion net worth with his television and real estate investments. In 2015, he was listed at 405. Metropoulous is at #722. The Palm Beach, FL resident has a net worth of $2.4 billion. Last year he was ranked at #847 on the billionaires list.

The complete Forbes billionaires list can be found here.

Photo credit: Miran Rijavec via Flickr.com.