NEW JERSEY — For the first time since the Great Recession, America’s 400 richest did not get richer this year, according to the 2022 Forbes 400, which includes three New Jersey billionaires.
As a group, the net worth of super-rich Americans fell by $500 billion, or 11%, to $4 trillion, Forbes said. Nonetheless, Forbes values New Jersey’s richest trio at a combined $20 billion, which would have totaled 3.6% of the state‘s gross domestic product in 2021.
The Forbes list is based on September 2 stock prices. In New Jersey, the richest people are:
- Rocco Commisso (ranked 93rd on the list), founder and CEO of cable company Mediacom. Commisso’s real-time net worth on Thursday was $7.7 billion, up from $8.4 billion a year ago.
- John Overdeck (126th), co-founder of Two Sigma, a New York-based hedge fund. Overdeck’s net worth has grown from $6.5 billion in 2021 to $6.8 billion this year.
- Peter Kellogg (317th), who sold brokerage Spear, Leeds & Kellogg to Goldman Sachs for $6.5 billion in cash and stock in 2000. Kellogg’s net worth on Thursday was $3.5 billion , up from $3.8 billion last year.
“The rich don’t always get richer,” said Chase Peterson-Withorn, associate editor of Forbes, noting that, like many Americans, the nation’s 400 richest people are feeling the brunt of the stock market downturn.
“But they are doing very well,” he said. As a group, they are $1 trillion richer than they were in 2019 before the COVID-19 pandemic began.
During the pandemic, workers around the world lost $3.7 trillion in income in January 2021, according to the International Labor Organization. The world’s billionaires earned $3.9 trillion during that time, according to Oxfam International.
“Billionaires have had a terrible pandemic,” said Gabriela Bucher, executive director of Oxfam International. “Central banks pumped trillions of dollars into financial markets to save the economy, but much of that ended up lining the pockets of billionaires in the midst of a stock market boom.”
The three New Jersey billionaires got rich during the pandemic. Since 2019, Commisso’s net worth has increased by $2.3 billion (41.8%), Overdeck’s by $700 million (11.5%) and Kellogg’s by $100 million (2 .9%).
Elon Musk, who co-founded six companies including electric car maker Tesla and rocket producer Space X, topped the Realtime List of Super Rich Americans for the first time with a Realtime Net Worth Thursday of 263, $2 billion.
He unseated Amazon founder Jeff Bezos, who had topped the list for four years. Bezos’ real-time net worth is $141.4 billion.
Facebook founder and Meta Platforms co-founder Mark Zuckerberg dropped out of the top 10, ranking at No. 11, down from No. 3 last year. Forbes said Zuckerberg has lost more than half his fortune, $76.8 billion, since September 2021. No one on the Forbes 400 has lost more money in the past year than Zuckerberg, a said the financial media.
Former President Donald Trump returned to the list after dropping out of the rankings in 2021. Forbes lists his real-time net worth at $3.2 billion. Of note, Forbes noted, New York Attorney General Letitia James is suing Trump, three of his children, and the Trump Organization for $250 million, claiming they repeatedly and grossly inflated the value of his properties to obtain loans.
The other eight billionaires in the top 10 and their real-time fortunes on Thursday are:
- No. 3: Bill Gates, founder of Microsoft and co-founder of the Bill and Melinda Gates Foundation, $103 billion.
#4: Larry Elison, founder and CTO of Oracle, $89.9 billion.
- No. 5: Warren Buffett, CEO of Berkshire Hathaway, $95 billion.
- No. 6: Larry Page, Google co-founder and board member, $86.6 billion.
- No. 7: Sergey Brin, Google co-founder and board member, $83.1 billion.
- No. 8: Steve Ballmer, owner of the Los Angeles Clippers, $78.8 billion.
- No. 9: Michael Bloomberg, CEO of Bloomberg LP, $76.8 billion.
- No. 10: Jim Walton, president and CEO of Arvest Bank Group Inc., $57.9 billion.