SCARSDALE, N.Y. – Forbes has released its annual Forbes 400, ranking the richest people in America, and Scarsdale resident Daniel Och made the cut.
Och, 51, is chairman and CEO of the Och-Ziff Capital Management Group, a publicly traded hedge fund firm. He is No. 206 on the list, with a net worth of $2.3 billion. Och also landed at No. 464 on the “Forbes Billionaires” list.
Despite his lofty economic status, Och suffered a rough year in 2011, as his company’s stock lost more than a third of its value. His management group has enjoyed a more successful 2012, with net fees up nearly 7 percent.
“This year, the OZ Master Fund is outperforming the hedge fund industry average through eight months,” his Forbes profile says.
Och started at Goldman Sachs with other investors such as Edward Lampert and Thomas Steyer. In 1994, he went on his own with a reported $100 million in seed money from the Ziff brothers, according to Forbes.
He is a benefactor of the Golda Och Academy in West Orange, N.J. – named after his mother – donating $15 million from his family’s foundation. The University of Pennsylvania graduate is on the board of his alma mater and the Robin Hood Foundation, an organization dedicated to fighting poverty in New York City.
Och is tied on the list with 11 others, including Dallas Mavericks owner Mark Cuban, New England Patriots leader Robert Kraft and publishing giant William Hearst III. He was worth as much as $3.9 billion in October 2008.
Microsoft founder Bill Gates topped the list with a $66 billion net worth, followed by Warren Buffet at $46 billion and Larry Ellison at $41 billion.
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