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Designer Ralph Lauren poses on the runway at Ralph Lauren Spring 2016 during New York Fashion Week: The Shows at Skylight Clarkson Sq on September 17, 2015 in New York City.Mike Coppola/Getty Images for NYFW: The Shows
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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.
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.
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.
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Keep reading for a look at the 25 richest people in New York.
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.
Founder of hedge fund Paulson & Co., John Paulson previously worked at New York investment company Bear Stearns. According to Forbes, "John Paulson made his fortune betting against subprime mortgages at the peak of the 2007 credit bubble."
Sheldon Solow earned both fame and fortune upon completion of the Solow Building — otherwise known as West 57 Street on New York City's Billionaire Row. Along with fashion label Chanel, the skyscraper houses Leon Black's Apollo Global Management and Henry Kravis' KKR — two other New York billionaires who rank on this list.
Bruce Kovner headed his hedge fund Caxton Associates for three decades before retiring in 2011. According to Forbes, he has donated to New York funds for the Met Opera, Lincoln Center, and Julliard.
Henry Kravis currently serves as KKR's co-chairman and co-CEO, founded with — and named after — Henry Kravis and Jerome Kohlberg. The firm bought RJR Nabisco for $25 billion in 1989. Since the firm's success, Kravis has donated $125 million to Columbia Business School.
Chairman and founder of Cablevision Systems, Charles Dolan sold his company in 2016 for $17.7 billion. In addition to this main source of wealth, Dolan holds the majority shares for both AMC Networks and Madison Square Garden.
Cofounder and co-chairman of Two Sigma Investments, David Siegel is one of the most successful hedge fund managers. Today, the company manages over $57 billion.
Richard LeFrak inherited LeFrak Organization from his father in 2003. He currently serves as CEO of the massive real estate company and plans to pass on the empire to his two sons. LeFrak City — a 5,000-apartment complex in Queens — also carries the family name.
After the bank he worked at filed for bankruptcy, Leon Black started Apollo Global Management with two colleagues in 1999. Today, the firm manages over $269 billion, with Black owning approximately 21% of the company.
Founder of Millennium Management firm, hedge-fund manager Israel Englander started his company in 1989. After starting the company with $35 million, he now oversees $35 billion. He attended New York University and began his career at Kaufmann, Alsberg & Co.
14. James Chambers, Katharine Rayner, Margaretta Taylor
James Chambers, Katharine Rayner, and Margaretta Taylor inherited their family's fortune when their mother — Anne Cox Chambers — died in 2016. The three children each received a 17% stake in Cox Enterprises, which their grandfather James M. Cox founded in 1898.
Today, the conglomerate is worth $20.4 billion, with Margaretta's son Alex Taylor serving as president and CEO. The company is based in Atlanta, though it also has major New York offices. Katharine serves on the New York Public Library board of directors.
Though he relinquished his title as CEO in 2015, New York native Ralph Lauren still serves as his fashion label's executive chairman and chief creative officer. The company began in 1967 in the Empire State building, and 50 years later celebrated its semi-centennial anniversary with a star-studded guest list in Central Park.
Founder of self-named firm D.E. Shaw, hedge-fund manager David Shaw is also a former Columbia University computer science professor. Shaw has not worked at the firm since 2002, instead working at his research firm — D.E. Shaw Research — as the company's chief scientist.
Following a 42-year career on Wall Street, George Soros now lives upstate after retiring from his company, Soros Fund Management LLC. Soros is perhaps most famous for his impact on the British stock market in 1992, on a day that became known as "Black Wednesday."
According to Forbes, "Soros made $1.5 billion in just a single month by betting the British pound and several other European currencies were priced too richly against the German deutsche mark."
9. Ronald Perelman
Source of wealth: MacAndrews & Forbes Incorporated
Donald Newhouse owns Advance Publications, the massive empire that includes Condé Nast publications, Reddit, and the Discovery Channel. Newhouse's brother Samuel — with whom he split the family fortune — died in 2017. Newhouse still serves as company president.
Founder, chairman, and reigning CEO of Blackstone private equity firm, Stephen Schwarzman heads the world's largest buyout firm. According to Forbes, the company has an estimated $439 billion in assets. Schwarzman has donated to the New York Public Library and other organizations.
Currently the chairman emeritus, Leonard Lauder first joined his mother's self-named company in 1958 and is responsible for the acquisition of MAC, Bobbi Brown, and Aveda brands during his career. Lauder retired as the company's CEO in 1999.
Founder of Icahn Capital Management, Carl Icahn heads his successful holdings company as well as his investment fund Icahn Enterprises. Additionally, he briefly served as a special advisor to the Trump Administration during 2017.
Just this year, Murdoch finalized his newsworthy deal with conglomerate The Walt Disney Company: Disney purchased Fox for a grand total of $71 billion, which will substantially grow his family's fortune.
Now the director emeritus, David Koch previously served as executive vice president of his family's self-named business. His brother Charles — who shares the same net worth — still lives and heads the company from its main headquarters in Wichita.
According to Forbes, Koch has made major contributions to New York organizations such as the Lincoln Center for the Performing Arts and Memorial-Sloan Kettering Cancer Center.
Beginning his career on Wall Street, Michael Bloomberg cofounded Bloomberg LP in 1981. Bloomberg owns 88% of the company — now worth over $9 billion. Additionally, Bloomberg served as New York City mayor for over a decade from 2001 to 2013 before resuming his role as company CEO in 2014.
