Examining Connecticut's Billionaires Compared to Other States

By Barbara Heins and Brian McCready, Patch Staff

When it comes to having the most billionaires, Connecticut is certainly no slouch, but the state is far from the top of the pack either.

The state is home to 12 billionaires worth a combined $50.3 billion, and that is better than many states, but it’s nowhere near the top of the list, according to a detailed analysis by Forbes magazine.

Forbes concluded that California has the most billionaires with 124 and they possess a combined wealth of $532 billion.

To put that into perspective, there are only 540 billionaires living in the United States and more than half of them reside in just four states. In second place was New York with 93 billionaires for a combined wealth of $429 billion.

Texas edged out Florida 48 to 44 in the billionaire department. Connecticut does have more billionaires than Massachusetts, which has 10, New Jersey has 8, and Pennsylvania has 10.

States with only one billionaire include: Hawaii, Iowa, Louisiana, Maine, New Hampshire, Rhode Island, South Carolina, South Dakota, Utah, and West Virginia.

Here’s the breakdown of billionaires living in Connecticut:

• Ray Dalio, 66, founder of the hedge fund Bridgewater Associates that’s based in Westport, is number 48 on the list. He was number 60 in 2015. Net worth: $15.6 billion.
• Steve Cohen, 60, who appears to have risen from the ashes of the insider trading scandal that forced the shuttering of his SAC Capital, is number 72. He’s now the CEO of his hedge fund Point 72 Asset Management in Stamford. Last year he was number 109. Net worth: $12.7 billion.
• At number 88 is Thomas Peterffy who has $11.1 billion of net worth from his discount brokerage. Peterffy lists his address as Palm Beach, FL but he still owns his 80-acre Conyers Farms estate in Greenwich’s backcountry that housed his home office and went on the market last year for $65 million. Last year he was #114 on the Forbes list.
• Peter Buck, co-founder of the Subway sandwich shop chain, is number 453 on the world-wide list with a net worth of $3.7 billion. The 85-year-old lives in Danbury and owns half of the world’s largest restaurant chain.
• Another hedge fund founder, Paul Tudor Jones, who enthralls thousands of locals with his annual Christmas light display at his Belle Haven home, again made the list. This year he is #308 with a net worth of $4.7 billion. Last year he was #352.
• Another hedge fund king, Stephen Mandel Jr. of Greenwich is on the list at # 688. The founder of Lone Point Capital has a net worth of $2.5 billion. Last year, he was # 810 on the Forbes list.
• Branford resident Karen Pritzker, 58, whose wealth came from her family's Hyatt hotel business and investments, is tied for 403rd on the magazine's list of "Billionaires," worth $3.9 billion.
• Darien resident Andreas Halvorsen is ranked number 549 on the list with a net worth of $3.1 billion. The Norway native launched Greenwich-based Viking Global Investors in 1999, according to Forbes. Halvorsen moved up from number 663 in 2015. He is also ranked as the second richest person on the list from Norway.
• The only Greenwich woman to make the list is Lucy Stitzer, who at 56, is the chair of Waycrosse Investment Co. which oversees the investments of the Cargill and MacMillan families. She’s the great-granddaughter of food magnate W.W. Cargill, according to Forbes. Her net worth is $1.5 billion — putting her at #1198 on the list.
• Another Cargill heir, Alexandra Daitch of Old Lyme, joins her sister Stitzer at #1198 on the list. She owns 3 percent of the food giant Cargill and also has a net worth of $1.5 billion.
• At # 1275 is money manager Mario Gabelli with a $1.47 billion net worth. The founder of Gamco donated $10 million in December to Boston College, the alma mater of his four children. Last year he was listed at #1118.
• Insurance company founder William R. Berkley, whose W.R. Berkley is based in his hometown of Greenwich, is ranked at #1577. He moved up on the list from last year when he was #1638. His net worth: $1.1 billion.
• Southport resident Robert Citrone, co-founder of the 17-year-old hedge fund Discovery Capital Management, at #1,694 on the list. That’s an improvement over his position of #1,741 in 2015. His net worth is pegged at $1 billion.
• William Macaulay, co-founded the private equity firm First Reserve in 1983, and has presided over 450 transactions involving mining, solar power and insurance companies, according to Forbes. The 70-year-old Greenwich resident has a net worth of $1 billion and is ranked at #1694 on the global list.

Also on the list are two former Greenwich residents – Donald Trump and corporate turnaround king C. Dean Metropoulous, who’s credited with reversing the misfortunes of Hostess, Chef Boyardee and Pam cooking spray.

Trump, the New York-based billionaire turned politician, is ranked at # 324 with $4.5 billion net worth with his television and real estate investments. In 2015, he was listed at 405. Metropoulous is at #722. The Palm Beach, FL resident has a net worth of $2.4 billion. Last year he was ranked at #847 on the billionaires list.

And the former Greenwich resident is one of several billionaires who have exited the state because of Connecticut’s income and estate taxes. They fled to Florida where there aren’t any taxes, according to state Sen. Scott Frantz, a Greenwich Republican representing the 36th District.

The complete Forbes billionaires list can be found here.