53rd Richest American Lives in Livingston

One of the richest men in America lives in Livingston, according to Forbes.com. 

Livingston resident David Tepper, president and founder of Appaloosa Management, was ranked 53rd on The Forbes 400 Richest People in America list. With a net worth of $7.9 billion, Tepper is the ranked the 166th richest billionaire in the world, according to Forbes. 

At 56 years old, Tepper's source of wealth comes from hedge funds, according to Forbes. In addition, the article says Tepper may be "one of the greatest hedge funds investors ever." Tepper's main hedge fund posted a net return of about 30 percent in 2012, according to Forbes, and his success is continuing in 2013. 

Tepper is also married with three children. 

The Livingston resident is only one of four New Jerseyans to make the Forbes 400 list. 

The richest person in New Jersey is Donald Newhouse, 83, of Somerset County, according to Forbes, with an estimated worth of $8.2 billion. Newhouse is ranked 52nd on the Forbes list.

The other two Garden State men to make the list are Leon Cooperman, 70, and Peter Kellogg, 71. Both men hail from the Short Hills section of Millburn and have a net worth of $3 billion. They are tied for 166th on the Forbes list.

Bill Gates, at age 57, came in as the richest man in America — a position he has held since 1994. Gates has a net worth of $72 billion which places him in the No. 2 billionaire in the world, according to Forbes.