Two Millburn Residents Appear On Forbes Billionaires List

MILLBURN, NJ — Forbes released its 35th annual World's Billionaires List this month. Eight New Jersey residents are on the list, two of whom live in Millburn.

The number of billionaires on the list jumped to an unprecedented 2,755 people this year, 660 more than a year ago. Together, they are worth $13.1 trillion, up from $8 trillion in 2020.

Citing data from Forbes, a 2020 study by three groups — Americans for Tax Fairness, For the Many Coalition, and the Center for Popular Democracy — said that New Jersey's wealthiest resident, John Overdeck of Millburn, the co-founder of Two Sigma Investments, saw a net worth growth of $345 million between March 18 and Aug. 5.

Rocco Commisso of Saddle River, the founder and CEO of Mediacom, saw a net worth growth of $926 million.

Peter Kellogg, an investor from the Short Hills section of Millburn, who sold his brokerage firm to Goldman Sachs, saw a net worth growth of $300 million. 'READ MORE: 'Pandemic Profiteers': Report Blasts NJ Companies, Billionaires

Forbes Chief Content Officer Randall Lane wrote that the numbers may spark frustration among those who struggled during the pandemic in the last year. However, in his piece, titled "Operation Wealth Speed," he also noted, "the underlying trends offer a road map to greater prosperity for all."

David Tepper is at the top of the New Jersey list. Forbes calls Tepper "arguably the greatest hedge fund manager of his generation." His hedge fund firm, Appaloosa Management, manages nearly $13 billion, down from a peak of $20 billion, Forbes reports.

Tepper also owns the National Football League's Carolina Panthers, which he bought in 2018.

Besides Tepper, the New Jersey billionaires on the list are:

• Rocco Commisso, founder and CEO of Mediacom, $7.2 billion, Saddle River
• John Overdeck, Two Sigma Investments, $3.6 billion, Millburn
• Peter Kellogg, Spear, Leeds & Kellogg (sold to Goldman Sachs), $3.6 billion, Short Hills
• Sheldon Lavin, OSI Group, $3 billion, Highland Park
• Larry Robbins, Glenview Capital Management, $1.9 billion, Alpine
• Duncan MacMillan, co-founder Bloomberg LP, $1.5 billion, Princeton
• Michael Price, MFP Investors Inc., $1.2 billion, Far Hills

Read more: These NJ Billionaires Are Among Riches In America: Forbes

To compile this year's list, Forbes used a snapshot of its real-time billionaires rankings by analyzing stock prices and exchange rates for March 5.

See the full 2021 Forbes Billionaires List here.

With reporting from Montana Samuels and Eric Kiefer.

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