MILLBURN, NJ - Every year, Forbes releases a ranking of billionaires around the world. The 33rd annual ranking, released on Tuesday, March 5, 2019, featured 2,153 billionaires. Among expected names, like Jeff Bezos and Kylie Jenner, three of the eight New Jersey billionaires call Millburn-Short Hills home.
John Overdeck, who resides in Millburn with his wife and 3 children, was ranked #267 overall with a net worth of $6.1 billion. He gained his profit from being the co-founder of Two Sigma Investments, which focuses is a hedge fund on quantitative trading.
Currently, the company has about $57 billion under management. Overdeck and his wife, Laura founded the Overdeck Family Foundation nonprofit to reinvent the modern school system in hopes of creating life-changing education to benefit the whole society. According to his tax filings, Overdeck’s family has donated $145 million to his nonprofit.
Peter Kellogg lives in Short Hills with a net worth of $3.4 billion and was ranked #645 overall. Kellogg’s wealth was mainly amassed through investments. Kellogg joined Goldman Sachs in 1973, later becoming a partner and leading the company to become the first specialist brokerage controlling more than 10% of the stocks on the NY Stock Exchange.
In 2000, he sold his brokerage house Spear, Leeds & Kellogg to Goldman Sachs. The result was $6.5 billion in cash and stock. Until 2015, Kellogg then led reinsurance outfit IAT as CEO. He still chairs with the company. Like Overdeck, Kellogg displays a strong philanthropic side.
Along with his wife, Cynthia, Kellogg created the Peter R. & Cynthia K. Kellogg Foundation, which has been donating to a variety of causes since 1980 including historical preservation and ski teams. Additionally, the couple founded the Ritt Kellogg Mountain Program, which supports environmental organizations to honor their son, the late Ritt Kellogg, who passed away in an avalanche.
Last but certainly not least, Leon G. Cooperman also lives in Short Hills. He was ranked #745 with a net worth of $3 billion and is truly self-made, as the son of a plumber from the Bronx. Cooperman worked at Goldman Sachs for 25 years, eventually becoming a legend for building up the company’s asset management division. From 1991-2019 he then worked at Omega Advisors.
Similarly to Overdeck and Kellogg, Cooperman’s wealth through the Leon and Toby Cooperman Family Foundation has aided in funding the arts, education, medical research, and Jewish organizations. Cooperman and his wife, Toby, additionally pledged $25 million to their alma mater, Huntington College, to create a need-based scholarship and a library.
While it is no surprise that several wealthy individuals reside in Millburn and Short Hills, the paths they took to get to the list are as unique as each individual themselves.