These NJ Billionaires Are Among Richest In America: Forbes

NEW JERSEY — The coronavirus has wreaked havoc on the U.S. economy, yet billionaires in New Jersey and across the globe are significantly wealthier than they were a year ago, according to this year’s recently released Forbes World's Billionaires List.

New Jersey billionaires are among those whose wealth grew during the pandemic (see list below).

The number of billionaires on Forbes’ 35th annual list jumped to an unprecedented 2,755 people, 660 more than a year ago. Altogether, they are worth $13.1 trillion, up from $8 trillion in 2020.

Among those on the list, 86 percent are richer today than they were a year ago.

Citing data from Forbes, a 2020 study from Americans for Tax Fairness, For the Many Coalition and the Center for Popular Democracy says that New Jersey's wealthiest resident, John Overdeck of Millburn, the co-founder of Two Sigma Investments, saw a net worth growth of $345 million between March 18 and Aug. 5.

Rocco Commisso of Saddle River, the founder and CEO of Mediacom, saw a net worth growth of $926 million. Peter Kellogg, an investor from Short Hills who sold his brokerage firm to Goldman Sachs, saw a net worth growth of $300 million. Read more: 'Pandemic Profiteers': Report Blasts NJ Companies, Billionaires

The numbers will likely spark outrage, writes Forbes Chief Content Officer Randall Lane. “There’s no getting around a collective $5 trillion wealth surge during a pandemic, when most of the world felt scared, sick, besieged,” he wrote in a comprehensive essay titled “Operation Wealth Speed."

However, “the underlying trends offer a road map to greater prosperity for all,” he continued. “Like anything else salvaged from a once-a-century plague, we just need to be brave enough to harness it.”

A total of eight billionaires on this year’s list hail from New Jersey. David Tepper is at the top.

Forbes calls Tepper "arguably the greatest hedge fund manager of his generation." His hedge fund firm, Appaloosa Management, manages nearly $13 billion, down from a peak of $20 billion, Forbes reports.

Tepper also owns the National Football League's Carolina Panthers, which he bought in 2018.

Other New Jersey billionaires on the list include:

• Rocco Commisso, founder and CEO of Mediacom, $7.2 billion, Saddle River
• John Overdeck, Two Sigma Investments, $3.6 billion, Millburn
• Peter Kellogg, Spear, Leeds & Kellogg (sold to Goldman Sachs), $3.6 billion, Short Hills
• Sheldon Lavin, OSI Group, $3 billion, Highland Park
• Larry Robbins, Glenview Capital Management, $1.9 billion, Alpine
• Duncan MacMillan, co-founder Bloomberg LP, $1.5 billion, Princeton
• Michael Price, MFP Investors Inc., $1.2 billion, Far Hills

To compile this year’s list, Forbes used a snapshot of its real-time billionaires rankings by analyzing stock prices and exchange rates for March 5.

A record 493 people made their debut on this year’s list. Another 250 who’d fallen off in the past made a reappearance, according to Forbes. This year’s list includes a record 328 female billionaires, up from 241 in 2020.

Soon-to-be-former Amazon CEO Jeff Bezos retained the top spot on this year’s list for the fourth consecutive year. Bezos, who founded the e-commerce giant out of his garage in Seattle, Washington, will step down as CEO at the end of this year.

Meanwhile, Elon Musk soared to the No. 2 spot, up from No. 31 on last year’s ranking. Bernard Arnault of LVMH remains at No. 3, followed by Bill Gates at No. 4. Rounding out this year’s top five is Facebook’s Mark Zuckerberg.

See the full 2021 Forbes Billionaires List.

With reporting from Eric Kiefer.

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