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Friday, October 02, 2015

Nine of America's Richest People Are Fundsters

News summary by MFWire's editors

Nine fundsters (or fundster-like folk) made it onto the 2015 Forbes 400 list of the 400 richest people in the United States. All nine made last year's list, too; five rose in 2015, and four fell.

Abigail Johnson
Fidelity Investments
Chief Executive Officer
The wealthiest mutual fund industry insider on the list is also the sixth wealthiest woman on the list: 53-year-old Fidelity Investments [profile] CEO Abby Johnson ranks at 31 on the list, up five spots from last year. Her net worth is estimated at $14.2 billion thanks to her significant stake in the mutual fund and 401(k) titan. Her father, 85-year-old Fido chairman Ned Johnson, rose six spots to 59th, with an estimated net worth of $7.8 billion.

Next up is 78-year-old Chuck Schwab, chairman of brokerage giant Charles Schwab [profile] (which does have a mutual fund arm, too). Schwab rose two spots to 72, with $6.4 billion.

The West Coast Johnsons are next, though they both slipped a bit in the rankings this year; stock in their publicly-traded mutual fund firm, Franklin Templeton [profile] parent Franklin Resources, is down nearly a third year-over-year. 82-year-old Charles Johnson fell 18 to 90th, with $5.3 billion. And 74-year-old Rupert Johnson, Jr. fell 36 spots to 114th, with $4.7 billion.

Ken Fisher, 64-year-old founder of Fisher Investments [profile], rose 14 to 211th, with $3 billion.

72-year-old Ron Baron, CEO of Baron Capital [profile], fell five to 307th, with $2.2 billion.

59-year-old Joe Mansueto, chairman and CEO of mutual fund ratings giant Morningstar, rose 17 to tie Baron at 307th, with $2.2 billion. Mansueto is the sole fundster on the list not from the American heartland (in his case, Chitown) and not either of the coasts.

And the fallen bond king, 71-year-old Bill Gross of Janus [profile], fell 70 to 342nd, with $2 billion. 

Edited by: Neil Anderson, Managing Editor

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