What Are The 10 Largest Hedge Funds In The World? And How Rich Are The Founders?

The hedge fund industry manages trillions of dollars on behalf of pension funds, sovereign wealth funds, university endowments, billionaires, and other institutional investors. At the very top of the industry, a remarkably small collection of firms controls hundreds of billions of dollars.

And, perhaps unsurprisingly, many of the people who founded those firms became extraordinarily wealthy themselves.

But compiling a list of the world's largest hedge funds is trickier than it sounds. Public rankings are often badly out of date, and firms don't all report assets the same way. Some disclose assets devoted specifically to hedge-fund strategies, while others report company-wide assets that also include mutual funds, long-only products, private credit, and other investments.

For example, Wikipedia currently lists Two Sigma as managing just $51 billion. Thanks to some court testimony, we know that number is off by about $30 billion. Two Sigma co-founder John Overdeck recently testified as part of his contentious divorce that Two Sigma actually manages $80 billion 🙂

Here's our best estimate of the world's 10 largest hedge-funds right now:

1. AQR Capital Management — $115 billion
2. Bridgewater Associates —  $102 billion
3. BlackRock hedge-fund strategies —  $98 billion
4. Millennium Management — $92 billion
5. Man Group — $90 billion
6. Two Sigma —  $80 billion
7. Elliott Investment Management — $80 billion
8. TCI Fund Management — a$77 billion
9. D.E. Shaw — $75 billion
10. Citadel — $70 billion

So, who created these enormous money machines? And how rich did they become? And would you believe that the richest person on this list actually manages the LEAST amount of money???

#1. AQR Capital Management — ~$115 Billion

Founder: Cliff Asness

Estimated Net Worth: $6.3 billion

Cliff Asness co-founded AQR Capital Management in 1998 alongside David Kabiller, John Liew, and Robert Krail after previously running quantitative strategies at Goldman Sachs. AQR, short for Applied Quantitative Research, built its reputation around using academic research, mathematical models, and systematic investment strategies rather than relying entirely on traditional stock picking.

AQR has experienced some spectacular ups and downs, but recent years have been extraordinary. Its hedge-fund assets reached $109.1 billion by the end of 2025 after nearly doubling in a single year, making AQR the largest hedge-fund manager by that measure. The broader AQR organization manages considerably more across all of its products. Clff Asness's net worth is $6.3 billion.

#2. Bridgewater Associates — ~$102 Billion

Founder: Ray Dalio

Net Worth: $16 billion

Ray Dalio founded Bridgewater Associates from his Manhattan apartment in 1975. What began as a small advisory operation evolved into arguably the most famous hedge fund in the world, particularly through strategies such as Pure Alpha and All Weather.

For many years, Bridgewater was unquestionably the world's largest hedge fund, at one point managing more than $150 billion. Its assets later declined as the firm returned money to investors and restructured following Dalio's departure. Reuters reported that Bridgewater managed about $102 billion in July 2026. Dalio stepped away from investment leadership and eventually sold his remaining ownership stake, but the fortune he accumulated over five decades remains enormous. CelebrityNetWorth estimates his net worth at $16 billion.

#3. BlackRock Hedge-Fund Strategies — ~$98 Billion

Co-Founder: Larry Fink

Net Worth: $1.4 billion

BlackRock needs an asterisk on this list. BlackRock itself is absolutely not a hedge fund. It is the world's largest traditional asset-management company, overseeing roughly $14 trillion across index funds, ETFs, bonds, equities, private markets, and other products.

But buried inside that gigantic organization is a hedge-fund operation that itself manages approximately $98 billion. If that business were an independent firm, it would rank among the largest hedge funds on Earth.

Larry Fink co-founded BlackRock in 1988 and remains its chairman and CEO. Despite overseeing vastly more money than anyone else on this list, Fink is actually one of its least wealthy founders. We currently estimate his fortune at around $1.4 billion. Unlike many hedge-fund founders, Fink never retained a massive controlling ownership stake in the company he built.

#4. Millennium Management — ~$92 Billion

Founder: Israel "Izzy" Englander

Estimated Net Worth: $27 billion

Israel Englander founded Millennium Management in 1989 with just $35 million. He eventually perfected what has become known as the hedge-fund "pod" model, employing hundreds of relatively autonomous investment teams while enforcing extremely strict centralized risk controls.

That structure proved remarkably scalable. Millennium now manages more than $90 billion and employs thousands of people worldwide. The firm also sold a minority stake in 2025 in a transaction that valued the management company itself at around $14 billion.

Englander's fortune has soared alongside Millennium. We currently estimate his net worth at approximately $27 billion, making him one of the richest hedge-fund managers alive.

#5. Man Group — ~$90 Billion In Hedge-Fund Strategies

Founder: James Man

Man Group is the oddball on this list for a different reason: its founder has been dead for more than 200 years.

James Man established the business in London in 1783 as a sugar cooperage and brokerage. It eventually became a major commodities business and, centuries later, evolved into the publicly traded investment manager now known as Man Group.

Today, Man manages around $250 billion across its entire organization, including traditional and alternative strategies. Roughly $90 billion can reasonably be categorized as hedge-fund or absolute-return assets for purposes of comparing it with the other firms on this list. Man is also the world's largest publicly traded hedge-fund-oriented investment manager.

Obviously, there is no meaningful modern net worth estimate for James Man. Today's Man Group is a publicly traded institution rather than the personal financial empire of one billionaire founder.

#6. Two Sigma — ~$80 Billion

Co-Founders: John Overdeck and David Siegel

Estimated Net Worth: $10 billion each

Two Sigma was founded in 2001 by former D.E. Shaw colleagues John Overdeck and David Siegel, along with Mark Picard, who retired several years later. The firm became one of the great success stories of quantitative finance by recruiting mathematicians, engineers, physicists, and computer scientists to develop data-driven trading strategies.

For years, public estimates generally placed Two Sigma's AUM between $50 billion and $70 billion. Then, in August 2026, we got an unusually authoritative update. While testifying in his bitter divorce trial, Overdeck revealed that Two Sigma now manages $80 billion.

Overdeck and Siegel each own roughly half of the company, and we estimate that each man has a net worth of approximately $10 billion.

Ironically, despite creating one of the most successful partnerships in financial history, the two men reportedly can't stand each other. Their feud became so severe that Two Sigma warned investors that the conflict posed a "material risk" to the company. Overdeck's ongoing no-prenup divorce has added yet another complication because any significant change to his ownership stake could potentially alter the balance of power at Two Sigma.

#7. Elliott Investment Management — ~$80 Billion

Founder: Paul Singer

Estimated Net Worth: $7 billion

Paul Singer launched Elliott Management in 1977 with just $1.3 million. Nearly half a century later, Elliott manages around $80 billion and has become perhaps the world's most feared activist investment firm.

Elliott is famous for buying stakes in companies and then aggressively pushing management teams for changes. Singer also became famous for Elliott's long battle with Argentina over defaulted sovereign debt, a campaign that ultimately produced a multibillion-dollar settlement.

We estimate Singer's personal net worth at approximately $7 billion.

#8. TCI Fund Management — ~$77 Billion

Founder: Chris Hohn

Estimated Net Worth: $11.8 billion

Chris Hohn founded The Children's Investment Fund Management, better known as TCI, in 2003. The London-based firm runs a highly concentrated portfolio and has become famous for taking enormous positions in a relatively small number of companies.

TCI had an absolutely spectacular 2025. The fund generated an estimated $18.9 billion in net investment gains, believed to be the largest single-year dollar gain ever produced by a hedge fund. That helped push assets to roughly $77 billion.

Hohn has also become one of Britain's most aggressive philanthropists, directing billions toward causes including children's health and climate change. We estimate his personal fortune at approximately $12 billion.

#9. D.E. Shaw — ~$75 Billion

Founder: David E. Shaw

Estimated Net Worth: $9 billion

Computer scientist David E. Shaw founded D.E. Shaw in 1988 after leaving a technology position at Morgan Stanley. His idea was revolutionary at the time: hire brilliant mathematicians and computer scientists and use computational power to find investment opportunities that traditional Wall Street traders couldn't see.

D.E. Shaw became one of the foundational quantitative hedge funds and an extraordinary incubator of talent. Two particularly notable former employees are Jeff Bezos, who left to start Amazon, and John Overdeck, who later co-founded Two Sigma.

The firm today manages more than $70 billion in hedge-fund assets, with broader investment and committed capital exceeding that figure. Shaw stepped away from daily management years ago and turned his attention toward computational biochemistry, but he retained a major ownership interest in the company. David Shaw's net worth is $9 billion.

#10. Citadel — ~$70 Billion

Founder: Ken Griffin

Estimated Net Worth: $55 billion

And finally, we have the richest hedge-fund founder on this list.

Ken Griffin began trading from his Harvard dorm room in the late 1980s, famously installing a satellite dish so he could receive real-time market data. He founded Citadel in 1990 with several million dollars in outside capital.

Citadel went on to become one of the most successful hedge funds ever created. Depending on the exact measurement date, it currently manages around $68–71 billion, but that number understates Griffin's overall financial empire. He also controls Citadel Securities, one of the world's dominant electronic market-making companies.

According to industry estimates, Citadel has generated more net profits for investors since inception than any hedge fund in history. Meanwhile, Citadel Securities has become an enormously profitable business in its own right.

Griffin's fortune is roughly $55 billion, making him by far the wealthiest founder represented on this list… even though his fund manages the least amount of money!

Larry Busacca/Getty Images

$800+ Billion Managed, Roughly $150 Billion In Founder Fortunes

Add it all together, and these 10 organizations oversee well over $800 billion in hedge-fund assets alone. Their broader organizations manage substantially more.

The founders are almost as remarkable.

Ken Griffin is worth more than $50 billion. Israel Englander is worth well over $20 billion. Ray Dalio, Chris Hohn, John Overdeck, David Siegel, David Shaw, Cliff Asness, and Paul Singer are all multi-billionaires.

Excluding Man Group's long-deceased founder, the founders and principal co-founders highlighted above control personal fortunes totaling roughly $150 billion.

And there's an interesting lesson buried in the numbers: managing the most money does not necessarily make you the richest hedge-fund founder.

Larry Fink oversees a company with trillions under management yet owns a comparatively modest percentage of BlackRock. Ken Griffin, on the other hand, built and retained enormous stakes in both Citadel and Citadel Securities. As a result, Griffin's personal fortune is more than eight times that of Cliff Asness, even though AQR currently manages considerably more hedge-fund money.

In hedge funds, apparently, it's not just how much money you manage.

It's how much of the machine you own.