The Rich List: The 22nd Annual Ranking of the Highest-Earning Hedge Fund Managers

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Stocks may have plunged into a bear market in 2022 — but that didn’t stop hedge fund managers from bringing home billions of dollars in personal earnings. Although the market rout…

Stocks may have plunged into a bear market in 2022 — but that didn’t stop hedge fund managers from bringing home billions of dollars in personal earnings.

Although the market rout caused a large portion of long-short and long-only managers to lose money last year — with many performing even worse than the S&P 500 index’s 19 percent decline — 2022 was a very good year for multistrategy, macro, trend-following, and fixed-income managers.

It’s these managers who dominate Institutional Investor’s 22nd annual Rich List — the definitive ranking of the 25 highest-earning hedge fund managers, based on a combination of fee earnings and gains on their own capital.

Altogether, the top 25 made $21.5 billion in 2022, making last year’s total the third highest, after 2020 and 2021. This works out to an average of about $860 million each.

The median manager earned $570 million — the fourth best in 22 years — and the seven highest earners all made at least $1 billion.

The top earner was Ken Griffin, founder of multistrategy giant Citadel. He personally made $4.1 billion — the most any hedge fund manager has ever earned in the history of the Rich List.

Citadel’s flagship fund, Wellington, posted a better than 38 percent gain last year, making Griffin one of the top performers in his strategy. Firmwide assets under management swelled to $53.7 billion.

Griffin was followed by multistrat rival Izzy Englander of Millennium Management, who made $3.2 billion. Altogether, Englander has earned more than $10 billion over the past three years.

But though some famous managers had banner years, many stock pickers got crushed in the bear market — and only three long-short managers did well enough to make it onto the Rich List: Greenlight Capital’s David Einhorn and Marshall Wace’s Paul Marshall and Ian Wace.

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