#33 John Paulson
$6,800 million
Bear market billionaire keeps getting richer; fortune up 50% in past 12 months. Paulson Advantage fund returned 38% last year, up 12% through July. New York native earned M.B.A. at Harvard. Worked at Odyssey Partners, then Bear Stearns. Launched Paulson & Co. in 1994. Started exploiting perceived real estate bubble by executing debt trades, betting against ABX (mortgage) index in 2006. Personally pocketed $3.5 billion shorting subprime in 2007; Credit Opportunities fund soared 590% net of fees that year. Now betting on gold and banks. Largest public holdings this summer: Bank of America, Wyeth. Assets: $29 billion.
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