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For the fifth straight year, Forbes ran the numbers to determine the wealthiest resident in each of the 50 states, with Dalio and his estimated $18.4 billion net worth tops in Connecticut
According to the report, 53 billionaires and centimillionaires (with wealth of $100 million or more) made the ranks - three states had ties - with a collective net worth of $875 billion, up from $832 billion last year. Overall, 60% of these business titans created their own fortunes, while 21 percent inherited them and 19 percent were handed a business but have actively expanded it.
To determine the rankings, Forbes “updates the net worths of the billionaires we are constantly tracking to make sure we have the latest figures. We then spend a significant amount of time hunting for the richest centimillionaires in the states with no billionaires. Our estimates represent a snapshot of wealth as of June 21.”
Dalio, 69, is the founder of the world's biggest hedge fund firm, Bridgewater Associates, which manages approximately $160 billion. Growing up in a middle class family on Long Island, Dalio began playing the markets at the age of 12, using tips from golfers for whom he caddied.
Forbes noted that Dalio went on to earn an MBA from the Harvard Business School in 1975 before launching Bridgewater from a two-bedroom New York City apartment. During his lifetime, Dalio is credited with giving $768.9 million to philanthropic causes.
According to Forbes, Dalio was ranked third on their 2019 Highest-Earning Hedge Fund Managers list, 57th in their 2019 Billionaires list and 25th in last year's Forbes 400.
The complete list can be found here.
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