Does New Jersey’s high tax rate drive the richest Americans from its borders? The jury seems to be out on that, given that six of those listed on the Forbes 400 list, published this week, call New Jersey home. There were 70 New Yorkers on the list, five Pennsylvanians, and seven from Connecticut.
Topping the six is Livingston’s David Tepper, one of four hedge-fund moguls, with a fortune of $11.6 billion. He’s followed by Donald Newhouse, who is listed as living in Somerset County with a net worth of $10.4 billion. Newhouse is the former publisher of the Star-Ledger and co-owner of Advance Publications, which includes nj.com, the Star-Ledger and many New Jersey newspapers, and magazine publisher Conde Nast, among other things.
The four others on the list are Leon Cooperman, of Short Hills, worth $3.4 billion; Peter Kellog, also of Short Hills and also pegged at $3.4 billion; Millburn’s John Overdeck with $2.8 billion; and Alpine’s Larry Robbins with $2.3 billion.