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TagsBY BOB HOLT
NEWJERSEYNEWSROOM.COM
Forbes 400 richest Americans in 2010 total worth was up 8% to $1.37 trillion, well out-earning the 1% rise in the S&P 500 index over the same period of time.
The magazine's estimates of public fortunes are from Aug. 25, 2010, the date it locked in net worths and rankings.
NJ.com reports Microsoft founder Bill Gates, who topped the list for the 17th year in a row, saw his wealth grow to $54 billion. Warren Buffett trailed closely with $45 billion.
According to Forbes magazine, the top ranked New Jerseyan on the list was Jacqueline Mars, of Bedminster, worth $10 billion. Mars is now the world's largest confectionery company with combined sales $28 billion.
The next New Jersey rich person on the list is publisher Donald Newhouse, residing in Somerset County, coming in at number 49 and worth $5.4 billion. Newhouse and brother Samuel own a stake in Discovery Communications; whose stock has been up over 20% in past year. Donald oversees the newspaper portion of Advance Publications, which runs local papers in more than 25 American cities, including The Star-Ledger in Newark.
Showing up at number 62 was David Tepper of Milburn, N.J., worth $4.3 billion. One of the top earning hedge fund managers of 2009, David Tepper's Appaloosa Management, which manages approximately $13 billion, returned an impressive 132% last year, thanks to timely purchases of financial stocks. This year it is up 12% so far.Coming in at number 124 is Peter Kellogg of Short Hills, worth $2.8 billion. His father founded a specialist firm that became Spear, Leeds & Kellogg, and Peter Kellogg turned it into a dominant marketmaker.
At number No. 269 is Leon Cooperman, also of Short Hills, whose value is estimated at $1.5 billion. Cooperman, another hedge fund mogul, filed a U.S. Tax Court lawsuit in July after the IRS disallowed his deductions for $43 million in contributions he made to his own family's private foundation. He blames bad counsel from his tax advisors.
Michael Price of Far Hills ranks at number 290 and is worth $1.4 billion. He began his career as a research assistant for Heine Securities in 1975. Price is considered an expert in value investing, he increased the value of his mutual funds to more than $17 billion before selling to Franklin Securities for $670 million in 1996.
The oldest member on the list was David Rockefeller, Sr., who is 95 years old, and the youngest was Facebook co-founder Dustin Moskovitz, 26.
AOLnews.com reports that his partner, Mark Zuckerberg, was the biggest winner this year. The Facebook CEO saw his wealth rise an astounding 245 percent to $6.9 billion, the largest percentage increase on the list.
And Steve Forbes is a New Jersey native himself. He is the President and Chief Executive Officer of Forbes and Editor-in-Chief of Forbes magazine. Forbes was born on July 18, 1947, in Morristown, New Jersey.
