New York (HedgeCo.Net) – In this year’s Forbes 400, the magazine’s annual list of the richest people in the US, are twenty eight hedge fund managers, Forbes magazine reports. To even show up on the 2013 list, one must have over $1.3 billion in net worth, that is up $200 million from 2012’s list. In the first Forbes 400 (1982), there were only 13 billionaires and a net worth as low as $75 million could secure you a spot.
At the top of the list is George Soros whose net worth stands at $20 billion, the firm: Soros Fund Management. In 2010, it was reported to be one of the most profitable firms in hedge fund history, averaging a 20% annual rate of return over four decades.
“Twenty-eight members of the 2013 Forbes 400 built their fortunes through the management of hedge funds.” Forbes reports, “Now making up 7% of America’s wealthiest individuals, their number decreased over the past twelve months from the 31 managers that made the list in 2012, as several legendary investors failed to keep pace with the rising tide of the world’s most exclusive club. Twenty-four of the hedge fund managers that did make the 2013 list got richer over the past year.”
The full list can be accessed here.
Forbes Trivia: Over the first 25 years of the Forbes 400 list, 1,302 different people made the list. 97 immigrants and 202 women (15.5%) made the list in that time. Four of the top five richest people in the United States in 2006 were college dropouts: Bill Gates, Sheldon Adelson, Larry Ellison, and Paul Allen.
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