Key Takeaways
- • Izzy Englander of Millennium Management reclaimed the top position on Institutional Investor's 24th annual Rich List, earning $4 billion in 2024 on a 15% fund return, marking his first number-one ranking since 2020.
- • The combined earnings of the top 25 hedge fund managers totaled $30.045 billion in 2024, approaching but falling short of the 2020 record of $31.71 billion, with an average individual earner making $1.2 billion.
- • Ken Griffin of Citadel ranked second with $3.3 billion in earnings, while 11 of the top 25 managers surpassed the $1 billion threshold, signaling robust performance across the elite tier of the industry.
- • The minimum earnings required to qualify for the ranking reached $375 million—the highest threshold in the list's 24-year history—reflecting exceptionally strong hedge fund performance in 2024.
- • Tiger Cubs and Grandcubs (managers connected to Julian Robertson Jr.'s Tiger Management) comprised six of the top 25 earners, including O. Andreas Halvorsen of Viking Global Investors at number 12 with $970 million.
Summary
Izzy Englander's Millennium Management reclaimed the top position on the 2024 Rich List after a four-year absence, with Englander personally earning $4 billion last year. The multistrategy hedge fund posted a 15% return, sufficient to outpace Ken Griffin's Citadel, which ranked second with $3.3 billion in earnings. This marks the first time since 2020 that Englander has topped Institutional Investor's rankings of the highest-earning hedge fund managers.
The collective performance of the industry's elite remained robust, though just below historical highs. The 25 highest-earning managers generated $30.045 billion in total earnings during 2024, nearly matching but falling short of the 2020 record of $31.71 billion. The average earner on the list made approximately $1.2 billion, with the median earner taking home $930 million. Notably, 11 of the 25 qualifiers crossed the $1 billion threshold individually, reflecting widespread outperformance across the top tier.
A significant structural shift emerged in the minimum qualification threshold. At $375 million—the highest barrier in the ranking's 24-year history—entry to the list became increasingly exclusive. Dan Sundheim of D1 Capital Partners secured the 25th position at this minimum level, signaling that even lower-ranked performers on the list achieved exceptional absolute returns. This elevated floor contrasts with 2023 conditions, when many top earners relied primarily on capital appreciation while operating below their high-water marks; in 2024, few faced such constraints.
The Tiger Cub and Grandcub lineage remained prominent among top earners, with six managers tracing roots to Julian Robertson Jr.'s Tiger Management present on this year's ranking. O. Andreas Halvorsen of Viking Global Investors ranked 12th with $970 million in earnings, exemplifying the continued influence of Robertson's investment philosophy across the industry. The measurement methodology captures both gains on personal capital invested in funds and proportional fee income, providing a comprehensive view of actual manager compensation tied to both fund performance and asset base.
The collective performance of the industry's elite remained robust, though just below historical highs. The 25 highest-earning managers generated $30.045 billion in total earnings during 2024, nearly matching but falling short of the 2020 record of $31.71 billion. The average earner on the list made approximately $1.2 billion, with the median earner taking home $930 million. Notably, 11 of the 25 qualifiers crossed the $1 billion threshold individually, reflecting widespread outperformance across the top tier.
A significant structural shift emerged in the minimum qualification threshold. At $375 million—the highest barrier in the ranking's 24-year history—entry to the list became increasingly exclusive. Dan Sundheim of D1 Capital Partners secured the 25th position at this minimum level, signaling that even lower-ranked performers on the list achieved exceptional absolute returns. This elevated floor contrasts with 2023 conditions, when many top earners relied primarily on capital appreciation while operating below their high-water marks; in 2024, few faced such constraints.
The Tiger Cub and Grandcub lineage remained prominent among top earners, with six managers tracing roots to Julian Robertson Jr.'s Tiger Management present on this year's ranking. O. Andreas Halvorsen of Viking Global Investors ranked 12th with $970 million in earnings, exemplifying the continued influence of Robertson's investment philosophy across the industry. The measurement methodology captures both gains on personal capital invested in funds and proportional fee income, providing a comprehensive view of actual manager compensation tied to both fund performance and asset base.
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