Bloomberg Billionaires Index

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# 72 Ray Dalio $16.6B

Random fact: Fired early in career by Sandy Weill for insubordination.

Overview

Dalio is the founder and co-chief investment officer of Bridgewater Associates, a hedge fund firm that manages about $160 billion in assets. The Westport, Connecticut-based company invests globally and has about 350 institutional clients including endowments, governments, foundations, pensions and sovereign wealth funds.

As of :
Last change No change
YTD change +$2.12B ( +14.7%)
Industry Finance
Biggest asset Bridgewater Associates
Citizenship United States
Age 70
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Ray Dalio's net worth of $16.6B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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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
Public asset
Misc. liabilities
Confidence rating:

The majority of Dalio's fortune is derived from his stake in closely held Bridgewater Associates, 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. Dalio, who said he owns less than half the firm in a June 28, 2018 interview on Bloomberg Television, is credited with 49.9% of Bridgewater.

His stake is valued at $8 billion. That's derived from the $417 million valuation that Teacher Retirement System of Texas gave its 2.35% as of Sept. 30, 2018, according to a March 6, 2019 email from TRS Investment Management Division spokesman Rob Maxwell.

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.

This analysis estimates that Dalio has received more than $6.2 billion since 2002 from his share of the hedge fund's profits, according to data compiled by Bloomberg, Absolute Return, LCH Investments and Institutional Investor Alpha magazines. Bonuses paid to employees and capital gains taxes are deducted from this amount, as well as charitable giving, known through publicly filed foundation tax returns. The billionaire has given his Dalio Foundation more than $1.2 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: CW Post College, Harvard Business School

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 a corporate culture underpinned by "radical transparency," 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.