Stay away, Buffett. Today’s money moguls are moving fast.
From the Medici to the Morgans, the business of lending, trading or investing money has long been the path to amazing wealth. The greatest wealth goes to risk takers and innovators accustomed to the cutting edge of mainstream finance. Bloomberg Markets We’ve identified 25 financial giants* that have made it to the top of our list over the past decade.
This generation of megariches is powered by computer-driven trading houses led by Ken Griffin’s Citadel Securities and Jeff Yas’ Susquehanna International Group. Alex Garko was the UK’s largest taxpayer last year after his quantitative trading firm, XTX Markets, paid out more than £1.3 billion ($1.6 billion) of his dividend.
No billionaires on this list have surpassed 92-year-old Warren Buffett, who is known for his mastery of managing conglomerate Berkshire Hathaway, but they are financially wealthy. symbolizes a new era of accumulation of Private equity investors like Buffett and Blackstone’s Steve Schwartzman made their fortunes through long-term investments. Griffin, Yass, and Gerko leveraged technology to make lightning-fast decisions about where the price was headed, entering and exiting positions in fractions of a second. If you have to worry about where the price will go in the long run, you’re not doing it right.
Some hedge funds and private equity investors made the list, but they tend to share an interest in buying emerging technology companies. These include Tiger Global Management’s Chase Coleman and Vista Equity Partners’ Robert Includes Smith. (Griffin also founded his Citadel, a hedge fund.) Startup founders like Checkout.com’s Guillaume Pousaz and Stripe’s Patrick and John Collison also participated. Her one in the unlisted group is female.
The following is taken from Bloomberg’s daily ranking of the world’s billionaires as of March 23rd. To focus on the new builders of wealth, the list excludes those who (1) were already included in the 300 wealthy at the end of 2013, (2) inherited most of their fortunes, (3) is 70 years of age or older; or (4) is retired from business.
*Including the Collison brothers, he’s actually 26.
Photo: Bloomberg (23), Jeff Yass: Courtesy Susquehanna International Group, Qi Shi: VCG/Getty Images, John Overdeck: Getty Images.