The next wealthiest Bay Stater Valentin Gapontsev, 81, founded IPG Photonics, the creator of high-power fiber-optic lasers, according to. Philip Ragon and his wife, Susan, have given to various causes over the years. At age 48, he is the 831st richest person in the world. The 25 billionaires in Massachusetts are worth more than $104 billion combined. The top 10 nationally, and the richest person in America, may come as no surprise. The descendants of founder Fritz Hoffmann-La Roche have a 9% stake in the company. His late brother Edmond J. Safra is a notable philanthropist. . Conine, 48, founded the company in 2002 with Niraj Shaw, a friend from a summer program the two attended at Cornell University in high school. 7. Like the Johnsons, Daviss net worth took a dip in 2020, but has since bounced back to eclipse its pre-pandemic levels. The family owns 49% of the company; the other 51% is split among 108 Fidelity executives. Net worth: $15 billion; Source of wealth: Money management . Ned Johnson IV is president of family-owned Pembroke Real Estate, which he helped create in 1997, the Bloomberg article said. With her new position overseeing the leading financial services provider in the academic and research industry, she is one of just two Black women currently leading a Fortune 500 company, and is the fourth to ever do so. His daughter Abigail P. Johnson, Fidelity's president, has a net worth of $10.1 billion. Source of wealth:Self-made; Renaissance Technologies. 33: Ho Ching, Director, Temasek Trust, No. According to Forbes, the Fidelity CEO has a net worth estimated to be in the region of $15 billion. The Boston-based billionaire shares her fortune with three generations of her family. These three Mass. women are more powerful than Beyonc and Queen Griffin is the head of Chicago-based hedge fund Citadel. Canada's richest family derives their wealth from financial data and services provider Thomson Reuters, per Bloomberg. Receive the latest news and breaking updates, straight from our newsroom to your inbox. The net worth of Abigail Johnson is computed to be $16 Billion as of April 2023. No. Unlike the Johnsons, the wealth of Jim Davis, 77, and family has been on an upward trajectory since 2017, and in 2020 it reached $6.9 billion, according toForbes. Since being listed in the 1970s by Kwok Tak-seng, Sun Hung Kai Properties has evolved into one of the biggest property developers in Hong Kong. 41: Adena Friedman, President & CEO, Nasdaq, No. Share & Print. 47: Mary Callahan Erdoes, CEO, Asset Management, JPMorgan, No. You guessed it, another Johnson. Its origins trace back to the 1800s when Thierry Hermes began making riding gear for noblemen, Bloomberg reported. The closely held mutual fund operator reported revenue of $12.8 billion and operating income of $3.3 billion in 2011. Philip Ragon and his wife, Susan, have given to various causes over the years. In 1977, when Ned Johnson III became CEO of FMR, Americans had less than 3 percent of their financial assets in mutual funds, according to ICI data. Pritzker and sons Jay, Donald, and Robert created the family's wealth by founding theHyatt Hotel chainand investing in holdings, such as Marmon Group. Schwarzman took home a pay package of $786 million in 2017, making him the private equity industry's highest-paid executive. In 1977 he and his wife Lily founded theEdmond J. Safra Foundation, which continues to give to organizations all over the world today. Fidelity Trading Boom Lifts Johnson Family Wealth to $48 Billion A Dec. 31, 2000, report to Utahs Department of Insurance listed the pair as each owning 5.6 percent, according to a 2004 Bloomberg Markets magazine article. Advance Publications owns Cond Nast magazines including Vogue and The New Yorker and American City Business Journals, in addition to the majority stake in Reddit, according to its website. Shes grown Fidelitys discretionary assets by nearly $1.3 trillion, to $4.2 trillion, since last year. While its unusual to keep a tie in place for the Power list, the Wall Street analysts Forbes interviewed said the two women share equal power within the bank and have equal chances of succeeding CEO Jamie Dimon. Thomas Peterffy, who is often considered the father of modern trading, founded discount trading company Interactive Brokers in 1995. At 79 years of age, he is the 380th richest person in the world. In its biggest deal since the financial crisis, Blackstone last yearagreed to buy a majority stake in the Financial and Risk business of Thomson Reutersin a $20 billion deal. }Customer Service. (tie) Valerie Mars Net worth: $8 billion Age: 62 Source: Candy, Pet food . She holds a 5.56 percent stake of FMR, which you may remember is Fidelitys parent company. Together they created Ragon Institute, focused on creating an HIV vaccine, in 2009. The SC Johnson family Herbert Fisk. His wealth fell from $8.6 billion in 2018 to $7 billion in 2019. Abigail Johnson has served as CEO of Fidelity Investments since 2014, when she took over for her father, and has been chairman since 2016. Johnson owns around 24.5% stake of the firm, which manages $3.2 trillion. At the top of his industry and having amassed an enormous fortune, Dalio has more recently focused on giving away money and advice. The Boston-based company has about $3.9 trillion in discretionary managed assets. The New England Patriots owner, and chairman and CEO of The Kraft Group, placed just within the top 100 wealthiest people in the country with a net worth of $6.6 billion,Forbes said. Edward Johnson IV Another member of the Johnson family, Edward IV is Edward IIIs son and Abigails brother. Davis bought New Balance when it was a small Boston shoe company in 1972 and turned it into a company worth $4 billion in sales. # 40 Abigail Johnson $31.1B Random fact: Joined Fidelity in 1988 as analyst after receiving Harvard MBA. He also has a net worth of $2.8 billion. The next wealthiest Massachusetts resident? He took the company public in 2007, but still owns the majority of it. While his net worth climbed in the years before the pandemic, it has stayed the same the past two years. His daughter, Fidelity president Abigail P. Johnson, 50, has a net worth of $10.1 billion, making her the sixth-richest woman in America. Operating income reached a record $7.2 billion in 2020 and the number of retail accounts jumped 17% to 26 million. Edward Johnson IV, 55, is the brother of Fidelity CEO Abigail Johnson, the states wealthiest resident, and is the grandson of Edward Johnson II, who founded the company. 42 with her co-CEO, Marianne Lake. The firm went public in 1996 and now brings in more $1 billion in annual sales. That firm, now called Renaissance Technologies, has more than $57 billion in assets under management among its many funds. His grandsons, brothers Alain and Gerard Wertheimer, control Chanel today, which generated $12.3 billion in revenue last year. Today, it manages $1.4 trillion in mutual fund assets, about 12 percent of the U.S. market, according to data compiled by Investment Company Institute, a Washington, D.C.-based industry association. . 775 Amos Hostetter, Jr., $3.8 billion. Like the rest of his family, his worth took a dip in 2020 but doubled between 2020 and 2021. Doris Fisher, cofounder of retailer Gap, also dropped off this year, as did real estate heirs (and siblings) Amy Goldman Fowler and Diane Kemper of New York. The immense wealth of Saudi Arabia's royal family comes from a combination of proceeds from Saudi Arabia's oil industry (which the executive office of the King doles out to various family members) and the royals' personal earnings from negotiating government contracts and other investments, according to Bloomberg. Koch owns a 26 percent stake in the company. Use of editorial content without permission is strictly prohibited|All rights reserved, JPMorgans deal for First Republic fuels Dimons wealth management ambitions, Nonfungible tokens held in IRAs can trigger big tax hit, Bill to ease regulatory burden on small advisors sails through committee, Stifel to pay $3.2 million over former brokers predatory sales, About one-third of First Republic advisors have bolted since March, Dynasty Financial launches investment bank to capture a piece of the RIA M&A market, Many shareholder resolutions this year target workers well-being. Trading Frenzy Lifts Johnson Family Fortune to $60 Billion - Bloomberg 27 on the Forbes 400 list (published for 2012 on Wednesday), and making her the richest Bostonian on the list -. Ned Johnson, 82 is worth $6.9 billion. They also gifted a $200 million endowment for the Ragon Institute of Massachusetts General Hospital, MIT and Harvard, according to Forbes. Roofing supply billionaire Diane Hendricks is again the wealthiest of the self-made group, with an estimated $11 billion fortune, an increase of $3 billion due to revenue increase and a healthy year over year performance across the roofing industry. Once off the bus, many of the passengers hustle toward 82 Devonshire, the headquarters of Fidelity Investments, the second-largest U.S. mutual fund company. By clicking Sign up, you agree to receive marketing emails from Insider The company was founded by his father, Edward Johnson II, in 1946. Learn more about reprints and licensing for this article. Ray Dalio's hedge fund, Bridgewater Associates, is one of the biggest in the world, managing a portfolio of around $160 billion in global investments. Follow Boston.com on Instagram (Opens in a New Tab), Follow Boston.com on Twitter (Opens in a New Tab), Like Boston.com on Facebook (Opens in a New Tab), These 10 people from Mass. Today, Pierre-Alexis Dumas is the artistic director and Axel Dumas is the company chairman, according to the Herms Group's website. Since 2010, Simmons has been a part of The Giving Pledge, a group started by Bill and Melinda Gates and Warren Buffett to invite billionaires to pledge most of their wealth to charity. The family has also given more than $200 million to charities in the U.S. and Canada through the Salem, New Hampshire-based Fidelity Foundation. Her two siblings, Fidelity heirs Edward C.. Conine is cofounder and co-chairman of Wayfair. While her net worth took a $5 billion dive in 2020, it rebounded significantly in 2021, doubling from 2020. . She has been president of the company since it registered with the Florida Secretary of State in 2004. Bancel is the chief executive of Moderna, the Cambridge drug firm that developed a vaccine authorized by the FDA to fight COVID-19. She famously backed Teslaan early bet that paid off massivelyas she predicted it would surpass a valuation of $1 trillion. They also have stakes in Logwin, a German logistics company, and Gemalto, a security software company. Ant was valued at $150 billion in 2018, according to a Bloomberg News report. Her net worth took a dip and rise the past two years identical to her brother, Edward IV. 55. Prokhorov bought the team then known as the New Jersey Nets for less than $400 million in 2009 and sold it in 2019 for $2.35 billion. In 2018, institutional investors at the bank were given the ability to trade bitcoin and ether cryptocurrencies.