The amazing thing about the Rich List, AR’s ranking of the 25 top-earning hedge fund managers, is not that the faces at the top changed or that the amount they earned was the lowest in three years. What’s really amazing is that, notwithstanding the fact that the faces at the top changed and that the amount they earned was the lowest in three years, the top 25 hedge fund managers took home obscene amounts of income in 2011.
Altogether the 25 highest-earning hedge fund managers earned a combined $14.4 billion last year, down from more than $22 billion in 2010 and the lowest sum in three years. The median earner made $235 million, down from $400 million in 2010 and $500 million in 2009, while the average earner reaped $576 million, down from $883 million in 2010 and nearly half the $1.1 billion average in 2009. Still, the total rose 24 percent from 2008.
Who were the top three ht: [ja] on the list?
- Raymond Dalio (Bridgewater Associates): $3.9 billion
- Carl Icahn (Icahn Capital Management): $2.5 billion
- James Simons (Renaissance Technologies): $2.1 billion
As Stephen Taub explains,
hedge fund managers have become modern day Rockefellers, Carnegies and Vanderbilts. And like their predecessors, they have had a major influence on society in everything from real estate to charities. Not only have they helped drive up the value of luxury Manhattan apartments, Fairfield, Connecticut homes, Hampton summer houses, many kinds of art and even major league sports franchises, they have also donated hundreds of millions of dollars to build wings of hospitals and museums and to fund college programs, buildings and sports arenas. They have shelled out billions of dollars to help the poor and medically unfortunate, including those suffering from Parkinson’s disease and autism. Hedge funds have also quietly funded scores of lesser-known charities. . .
Many Rich List regulars also are big givers to political candidates and political action committees as well as major fundraisers for individual candidates on both sides of the political aisle.
Does anyone doubt that we still need the Occupy Wall Street movement?