Far Hills Billionaire Makes Elite Forbes List

FAR HILLS, NJ — Michael Price of Far Hills is among eight billionaires living in New Jersey, according to Forbes' 33rd annual ranking of the world's billionaires released Tuesday.

Price who has a net worth of $1.1 billion ranks at No. 8 in New Jersey and no. 1,941 out of the 2,153 billionaires in the world.

The 66-year-old married father of four made his wealth through investments. His financial success can be linked to MFP Investors, a New York-based hedge fund that he runs with more than $1 billion in assets, according to Forbes.

Beginning his finance career as a research assistant at Heine Securities in 1975, Price later bought the company after Michael Heine died in 1988.

He then increased the value of the firm's assets under management to $17 billion before selling it to Franklin Securities for $670 million in 1996, according to Forbes.

The top New Jersey billionaire was John Overdeck of Millburn who has a net worth of $6.1 billion. While Amazon CEO Jeff Bezos, who is worth about $131 billion, topped the world list for the second year in a row, followed by software magnate and philanthropist Bill Gates ($96.5 billion) and Berkshire Hathaway Chairman and CEO Warren Buffett ($82.5 billion).

Click here to see the full list of New Jersey and world billionaires.

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