New Jersey was one of the 13 colonies as well as a significant battleground during the American Revolution. The state has the highest population density as compared to other American states. The state has also produced some of the finest American musicians. Frank Sinatra, Bruce Springsteen, and Jon Bon Jovi are some of the names that spring to mind. Named after the island of Jersey across the English Channel, New Jersey’s long and beautiful coastline has made the state an attractive tourist spot and a haven for some of the wealthiest people in the US. In 2020 Forbes rankings of America’s wealthiest people, New Jersey, was well represented.
10. Steve Tisch - $1.2 Billion
If you’ve watched movies such as “Pursuit of Happiness,” “Snatch,” and “Hope Spring,” then you probably have an idea who Steve Tisch is. He is an American film producer who doubles up as the co-owner and Executive Vice President of the NFL team New York Giants. His family also owns Loews Corp, a New Jersey hotel venture his father cofounded in 1946. Steve Tisch is estimated to be worth $1.2 billion.
9. Michael Price - $1.5 Billion
Starting out our list in 10th position is Michael Price. Michael is one of the most prickly money managers around. Born in 1951 to a Jewish family, Price graduated with a Bachelor of Arts from the University of Oklahoma in 1973. Michael Price landed a job at Max Heine in the following year before becoming a full partner in 1982. Michael Price became the president and chairman of the company in 1988 following Heine’s death. In 1996, he sold a stake of Heine Securities to Franklin Resources for a mind blowing $670 million and an employment contract running for five years. He currently manages MFP investors with at least $1.6 billion under management, his own money.
8. Zygi Wylf - $1.5 Billion
Zygi Wylf was born in Berlin, West Germany, in 1950. His parents were holocaust survivors who later migrated to the US and settled in Hillside, New Jersey. Alongside his brother, Zygi Wilf initially started out selling cars but later moved into real estate. They started by building single-family homes, which led to the birth of their company Garden Homes. In 2005, Wilf and five other partners purchased National Football League club Minnesota Vikings from Red McCombs at a US $600 million fee. Zygi Wilf’s net worth currently stands at an estimated $1.5 billion.
7. Duncan Macmillan - $1.5 Billion
Initially, Macmillan used to work at Salomon Brothers with the likes of Thomas Secunda and Michael Bloomberg. However, Michael Bloomberg was fired since he opposed the takeover of the company by Phibro. That is how they formed their own financial data company called Innovative Market Systems. The company grew rapidly and currently has over 15,000 employees. Duncan Macmillan has a net worth of $1.5 billion presently.
6. Larry Robbins - $2 Billion
In 2015, Larry Robbins was ranked position seven on the list of hedge fund highest earners. The 51-year-old hedge fund manager is well known in Forbes for his hot and cold streaks. Robbins graduated from The University of Pennsylvania with a degree in Economics. He worked for six years as an investment analyst at Omega Advisors before starting Glenview Capital Management in 2000, which he named the company after his childhood hockey team. In 2012, Larry successfully invested in companies that he thought would benefit from Obamacare. Larry Robbins is worth $2 billion.
5. Donald Trump - $2.33 Billion
Although former President Donald Trump splits his time between New Jersey and New York, he is still worth a place in our top ten list of the richest people in New Jersey. According to Forbes, former President Donald Trump is the 260th wealthiest person in the USA and positions 766 worldwide. However, his net worth is said to have plummeted by approximately $700 million during the last year of his presidential term. President Donald Trump used a $1 million loan from his father to build his own business, and his turned it into billions. The former president's current net worth is estimated to be approximately $2.33 billion.
4. Peter Kellogg - $3.4 Billion
Taking the fifth position in our list of the richest people in New Jersey is Peter Kellogg. In 2000, he sold Spear, Leeds & Kellogg, a firm he joined in 1973 when his father was a partner. Peter Kellogg’s leadership over the years transformed the firm, making it to become the first brokerage firm to control more than 10% of stocks traded in the New York Stock Exchange. He sold the firm for $6.5 billion to Goldman Sachs. He has a net worth of around $3.4 billion and has been ranked number 219 on the Forbes 400.
3. Leon G Cooperman - $3.8 Billion
Leon G Cooperman is an American businessman with a net worth of $3.8 billion. He has often been recognized as the number one portfolio strategist. Born in 1943 in South Bronx, he graduated from Hunter College and started working for Xerox. While working there, he completed his M.B.A at Columbia Business School. He began working in asset management for Goldman Sachs Company. He left the firm and started his own company, Omega Advisors, a New York-based advisory firm worth $3.3 million.
2. John Overdeck - $4.8 Billion
Coming in at number two in our list of the wealthiest people in New Jersey is John Overdeck — an American hedge fund manager born in 1969. According to public records, John Overdeck has a house in Millburn, NJ, which was valued at $2.8 million. He is the founder of Two Sigma Investment, a company he founded in 2001. The company has an asset management that is worth over $41 billion. The company uses the latest technological methods such as artificial intelligence and machine learning for its trading strategies. The firm also operates a market-making business, runs venture capital arms, and owns a Bermuda reinsurance company. John Overdeck is worth $4.8 billion.
1. Donald Newhouse - $19.4 Billion
Donald Newhouse is the wealthiest person in New Jersey. Bloomberg Billionaire index values his net worth at about $19.4 billion, much of which comes from Advance Publications — a publishing and broadcasting company he inherited from his father alongside his late brother. The company owns The Star-Ledger and magazines like Vogue, Vanity Fair, and the New Yorker. In addition, it has substantial stakes in Reddit and Discovery Communications. Donald Newhouse is a dropout of Syracuse University, although he received an honorary degree from the same university in 2016 where he delivered the commencement speech.
You can also read:
Written by Dana Hanson
Read more posts by Dana Hanson