Wondering how Steven Cohen, Harold Simmons and other renowned personalities have made their way in the list of the richest Wall Street tycoons? Well guys! These power brokers, astute bankers, super traders and great investors know the tricks of moving money all around the financial world, that too, without exerting any efforts. Let’s meet the ‘Top 50 Richest Wall Street Tycoons’ and understand how they managed to earn name and fame in this arena.
1. Steven Cohen
Net Worth: $11 billion
One of the wealthiest hedge fund managers of the world, Steven Cohen, is the founder of SAC Capital Advisors. He gained his net worth of $11 billion through managing hedge funds of around $14 million in equity. He also owns a 4% stake in New York Mets, a professional baseball team of New York. Steven owns a 30-room lavish mansion in Greenwich, London. It is equipped with all the luxurious facilities, like a Zamboni machine, a basketball court and an indoor pool. He also owns another beautiful sea-facing mansion in Long island worth $60 million. It is also well-equipped with amenities, like a swimming pool and a tennis court. Steven is an active philanthropist, and majorly supports ‘The Robin Hood Foundation’, which works for more than 200 non-profit organizations. An avid collector, Steven, owns a large collection of priceless pieces of art by some of the most prominent artists.
2. Stephen Schwarzman
Net Worth: $12.4 billion
Stephen Schwarzman is an American entrepreneur, the CEO and chairman of the ‘Blackstone Group’, with a net worth of $12.4 billion. Before joining Blackstone, he worked as the managing director at ‘Lehman Brothers’ and later, became the Head of ‘Global Acquisitions and Mergers’. The Blackstone Group currently manages around $190 billion in assets for several companies. Stephen lives in a lavish apartment at 740 Park Avenue in New York. He purchased this house for a price of $30 million. He practices philanthropy and funds the education of over hundred underprivileged children of New York City, while also reviews their report cards and writes notes for them, every semester. In 2008, he also provided a donation of $100 million to the New York Public Library. Stephen was listed among one of the ‘100 Most Influential People in the World’ by the Time Magazine in 2007.
3. David Tepper
Net Worth: $11 billion
With a fortune of $11 billion, David Tepper is a hedge fund manager, who founded ‘Appaloosa Management’. Before establishing Appaloosa, he also worked at Goldman Sachs for a period of eight years. He is also a minority owner of the Pittsburg Steelers. An active philanthropist, David supports a number of educational causes, like ‘Teach for America’, as well as largely donates to food banks all across New Jersey. In 2004, he donated $55 million to his alma mater, Carnegie Mellon University’s business school. He also provides support to the United Jewish Communities. He donated $200,000 to the victims of hurricane Sandy in Jersey City and Hoboken families. In 2013, Forbes ranked him as the top hedge-fund earner of 2012. David owns a large and lavish Hampston mansion in the United States. The house is adorned with all kinds of luxurious facilities, like a tennis court, and a swimming pool.
4. Harold Simmons
Net Worth: $10 billion
Harold Simmons is an American entrepreneur, who developed the concept of the leveraged buyout (LBO). He was the owner of ‘Valhi Inc.’ and ‘Contran Corporation’. One of the richest people of the financial world and possessor of $10 billion wealth, Simmons, is the owner of several companies, such as NL Industries, Titanium Metals Corporation, Titanium Metal Industries, CompX International and Kronos Worldwide. As a political activist, he contributes to various right-wing parties and also for presidential elections. An avid philanthropist, Simmons, contributes to several charities and organizations working to find cures for diseases, like arthritis, kidney and brain ailments. Through his foundation- ‘Harold Simmons Foundation’, he works for causes, such as immigration rights, reproductive rights, campaign reform and prison reform. He is a major donor to various charitable organizations, like ‘Young America’s Foundation’, ‘Dallas Women’s Foundation’ and other institutions. Simmons resides in a luxurious house in Dallas, Texas.
5. Ira Rennert
Net Worth: $3.8 billion
One of the richest people of New York, Ira Rennert, is an entrepreneur and investor. He earned his $3.8 billion net worth by using junk bonds in order to finance his acquisitions of various companies. His business holdings include metal industries, magnesium producers, coal mines and vehicle assembly lines. He founded his own company- Renco Group, which is one of the largest businesses in the United States. Ira is an active philanthropist and supports a number of charitable institutions along with his wife, Ingeborg. They contribute to several colleges, such as Boston University, Yeshiva University and also sit on the chair of Albert Einstein College of Medicine, Barnard College and Columbia University. Ira owns one of the largest houses in the United States. The house consists of 29 bedrooms, along with a basketball court, two tennis courts and two squash courts and a bowling alley. Besides, he also owns a duplex apartment at Manhattan’s Park Avenue, as well his private jet- Gulfstream V.