New York City is a well-established home for real estate businesses and media conglomerates — along with the firms that invest in them.
According to Forbes real-time billionaire data, the list of the 25 richest people in New York mainly includes Wall Street’s moguls, along with billionaires in fashion and food businesses.
Two out of the three top seats belong to media moguls, with Michael Bloomberg in first and Rupert Murdoch in third.
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New York is home to many of the United States’ real estate moguls, media empires, and hedge fund billionaires.
NYC held the majority of the world’s ultra wealthy population for years — until it was surpassed by Hong Kong in 2018. Still, with Billionaire’s Row for real estate, Wall Street for the stock exchange, and Fifth Avenue for fashion, many of the world’s richest individuals still work — and often live — in Manhattan.
Read more: I spent a day on NYC’s Billionaires’ Row. Here’s your ultimate guide to one of the city’s glitziest streets, which borders Central Park and is home to the most expensive apartment ever sold in the US.
For the purposes of this list, we included individuals and families whose companies are based in Manhattan. These constraints left many notable tech titans out of the ranking, as the majority dwell in Silicon Valley. Likewise, though billionaire Ken Griffin purchased a $238 million Central Park penthouse, his hedge fund Citadel is based in Chicago. Notable family dynasties — such as the Waltons — also have companies based outside the Big Apple, leaving the bulk of the list to Wall Street brokers and real estate moguls.
Keep reading for a look at the 25 richest people in New York.
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25. Leonard Stern
Source of wealth: Hartz Mountain Industries, Inc.
Industry: Real Estate
Net worth: $4.80 billion
Leonard Stern built his real estate empire by purchasing warehouses, the majority of which are located in New Jersey. After over 50 years in the business, Stern owns over 42 million square feet of property. New York University’s business school bears his name, following his $30 million donation to the university.
24. John Paulson
Source of wealth: Paulson & Co.
Industry: Finance & Investments
Source:: Business Insider