Bloomberg Billionaires Index

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#83 Ray Dalio $14.6B

Random fact: Gave $6 million to David Lynch's transcendental meditation efforts.

Overview

Dalio is the founder and majority owner of Bridgewater Associates, a hedge fund that manages about $160 billion in assets. The Westport, Connecticut-based company has about 350 institutional clients including endowment, pension and sovereign wealth funds. Dalio has collected more than $7.9 billion in fees since 2004.

As of Oct. 17, 2017:
Last change No change
YTD change +$514M (+3.6%)
Industry Finance
Biggest asset Bridgewater Associates
Citizenship United States
Age 68
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Ray Dalio's net worth of $14.6B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
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Misc. liabilities
Confidence rating:

The majority of Dalio's fortune is derived from his 79 percent stake in closely held Bridgewater Associates Intermediate Holdings, which administers $160 billion in assets managed by Bridgewater Associates hedge funds on behalf of about 350 institutional clients, according to the firm's website in August 2017. 

The firm is valued at $10.9 billion, based on the $250 million paid for 2.3 percent of the company by the Teacher Retirement System of Texas in 2012. The percentage and price were confirmed in an e-mail and phone with a system representative who asked not to be identified because the information is private.

Other institutional investors own limited partner interests in Bridgewater, according to the Form ADV. Dalio's not credited with any cash from those investors other than the Texas investor because the details weren't disclosed.

Dalio probably collected at least $7.9 billion in Bridgewater profit in 2004 through 2016, according to data compiled by Bloomberg and data compiled by Absolute Return and Institutional Investor Alpha magazines. Bonuses paid to employees and capital gains taxes are deducted from this amount, as well as charitable giving since 2002, known through publicly filed foundation tax returns. The billionaire has given his Dalio Foundation more than $1.13 billion, according to these tax returns.

Dalio, through spokesperson Alexi Nabarro, declined to comment on his net worth.

Biography

Birthdate: 8/8/1949
Family: Married, 4 children
Education: 1973, Harvard University, MBA 1971, CW Post College, Finance, Bachelor's Degree

A self-described ordinary kid and less-than-ordinary student, Ray Dalio was raised on Long Island's Nassau County. He fell in love with the stock market while listening to the chatter of golfers he was caddying for as a young teenager. His understanding of the markets was good enough for him to get accepted to Harvard Business School, from which he graduated in 1973.

After a summer stint at Merrill Lynch, Dalio took a job heading commodities trading at a mid-sized brokerage. From there, he jumped to Sandy Weill's Citigroup-predecessor, where he was soon fired for insubordination. Dalio decided to start Bridgewater Associates in the spare bedroom of his Manhattan apartment.

Through the early 1980s, Dalio developed a methodology -- detailed in his "Principles," a collection of insights distributed to employees -- for a macro approach to investing that generated consistent returns. By late 1995, he had posted a 10-year average annual return of more than 13 percent after fees.

In 2011, Dalio was steward of the world's best performing hedge fund, Bridgewater's Pure Alpha I -- part of a run that has generated more than $50 billion in net gains since 1975.

A proponent of transcendental meditation and fighting poverty, Dalio is selling off parts of Bridgewater's management company to employees and outside investors as part of a 10-year plan to divest himself of control of the company.

Milestones
  • 1949 Raymond T. Dalio is born in Jackson Heights, Queens, New York.
  • 1971 Earns accounting degree from C.W. Post of Long Island University.
  • 1973 Graduates with master's degree from Harvard Business School.
  • 1975 Gets fired by Sandy Weill.
  • 1975 Opens Bridgewater Associates from his two-bedroom apartment.
  • 2002 Starts Dalio Family Foundation with initial gift of $11 million.
  • 2011 Earns more than $2.9 billion in profits from three funds.
  • 2012 Sells 2.3 percent stake in Bridgewater to Texas pension fund.