Gordon Gekko said, “Greed is good” in the movie called “Wall Street.” And traders are known to do all they can to make the most money possible. Here now is a list of the richest people in Wall Street.
10. Henry Kravis – $3.4 billion
Henry Kravis is one of the founders of Kohlberg Kravis Roberts & Co., or KKR. It is a private equity company with over $62 billion in assets in 2011. He graduated from the Claremont McKenna College in Claremont and got an MBA from Columbia Business School. He worked at Bear Stearns where he met Jerome Kohlberg, Jr. Later on, the two, along with Kravis’s cousin George R. Roberts, formed KKR.
9. Paul Tudor Jones II – $3.5 billion
Paul Tudor Jones II is the founder of Tudor Investment Corporation, the management company for his hedge funds. He graduated from the University of Virginia. He got his training trading on cotton futures at the New York Cotton Exchange under the tutelage of Eli Tullis. Jones was known for his accurate prediction of Black Monday in 1987. He was able to triple his money during this time because he held several short positions in anticipation of the collapse. His investment company has gotten enough credibility that it actually charges clients two percent more of the assets under management and three percent more of the profits compared to other hedge fund companies.
8. Charles R. Schwab – $3.7 billion
Charles R. Schwab is the founder and chairman of the Charles Schwab Corporation, a San Francisco-based brokerage and banking company established in 1971. The company actually started out as the First Commander Corporation before it changed its name in 1973. It started offering discount brokerage in 1975 and soon after became the largest discount broker in the world. It has an additional selling point in that it charges lower commissions and fees compared to other brokerages. It has over 300 offices in the United States, along with one in Puerto Rico and another in London. Its services are also available through the phone or online.
7. Mitchell Rales – $3.7 billion
Mitchell Rales started out his financial career in 1979 when he quit from the real estate company owned by his father. He decided to set up a financial company called Equity Group Holdings with his brother Steven. The company soon became popular and made money out of junk bonds. It also boasted a diverse line of companies under its name. In 1984, the company changed its name to the current Danaher Corporation. Rales has been on the board of the company since 1983. He is also a massive supporter of the arts, even serving as the proprietor of the Glenstone Museum that houses his collection of masterpieces.
6. Ken Griffin – $4.1 billion
Ken Griffin started trading when he was still studying in Harvard University. By the time he graduated, he had already earned over a million dollars. He soon established his own hedge fund company called Citadel LLC in 1990. Griffin and Citadel achieved a lot of success back in the 1990s up until the turn of the century. In 2008, the company was one of the many casualties of the financial crisis. Griffin lost a billion dollars during this period. He has since recovered, however, and his net worth is now back to the level before the recession.
5. David Tepper – $5.1 billion
David Tepper is a graduate of the University of Pittsburg. He then launched his financial career with Equibank. He took up masteral studies at the Carnegie Mellon University. Soon after getting his master’s degree, he started to work for Republic Steel. He then worked for Keystone Mutual Funds, before he moved to Goldman Sachs where he became the head trader on a high-yield desk. In 1993, he established Appaloosa Management. The company managed to perform a lot better compared to other similar companies during the recession. In 2011, he started to sell off shares in Bank of America, Yahoo, HP and Pfizer. He then loaded up on oil refineries and General Motors. Tepper also got into the news after he left his ATM receipt in CapitalOne Bank in the Hamptons after withdrawing $400. The next customer was blown away when he saw the remaining balance to be nearly $100 million. The receipt was then posted on the Internet where it became a viral sensation.
4. Stephen Schwarzman – $5.5 billion
Stephen Schwarzman started trading when he was still a student at Yale University. He then took his master’s degree in Harvard University. After he graduated, he began working for Lehman Brothers. In time, he became the managing director and the head of global acquisitions and mergers. In the mid 80s, he helped establish The Blackstone Group, a company that concentrated on mergers and acquisitions. He became the sole owner and CEO in 2008 after his partner’s retirement. It now manages more than $190 billion in assets of various companies.
3. Ira Rennert – $6.5 billion
Ira Rennert is a New Yorker who experienced several failures before hitting the jackpot. A graduate of Brooklyn College and New York University, he started out in Wall Street in the 50s. He tried to establish his own securities company in the 60s but was found to be in violation of the net capital rule. Rennert was banned from ever working in securities. Several other business attempts failed before he joined the junks bonds firm called Integrated Resources. The company also went under. In the late 80s, he formed Renco Group and the company has since grown to become one of the largest holdings company in the US.
2. Steven Cohen – $8.3 billion
Steven Cohen is the founder of SAC Capital Advisors, a hedge fund company based in Connecticut. He is one of the richest hedge fund managers in the world. His company manages $14 billion in equity for its clients. He is also a part owner of the search engine called Baidu.
1. Harold Simmons – $9 billion
Harold Simmons is a product of the University of Texas in Austin. He made a name for himself through the concept of leveraged buyout, or LBO. Simmons helped devise the concept and as a result, he has owned several large companies including Titanium Metals Corporation, CompX International, Valhi Inc., Kronos Worldwide and NL Industries. He is also known for his philanthropic work.
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