2 Millburn Men Top Forbes List Of Richest People In America

MILLBURN, NJ — They've done it again. Two Millburn men who appeared on a Forbes list of American billionaires earlier this year appear on a new list: the Forbes list of richest Americans.

And among those from New Jersey, the two Millburn residents are in the top 3.

For the first time since the Great Recession, the 400 richest Americans didn’t get wealthier this year, according to the newly released 2022 Forbes 400, which includes only three billionaires from New Jersey.

Two of those "richest" have been listed in the past as living in Millburn:

• John Overdeck and
• Peter Kellogg

Peter Kellogg, an investor from the Short Hills section of Millburn, sold his brokerage firm to Goldman Sachs in 2000.

Forbes values New Jersey's wealthiest trio at a combined $20 billion, which would have totaled 3.6 percent of the state's 2021 Gross Domestic Product.

The Forbes list is based on stock prices from Sept. 2. In New Jersey, the wealthiest people are:

1. Rocco Commisso (ranked 93rd on the list), founder and CEO of cable company Mediacom. Commisso's real-time net worth Thursday was $7.7 billion, down from $8.4 billion last year.
2. John Overdeck (126th in the U.S.), co-founder of Two Sigma, a New York City-based hedge fund. Overdeck's net worth jumped from $6.5 billion in 2021 to $6.8 billion this year.
3. Peter Kellogg (317th in the U.S.), who sold brokerage house Spear, Leeds & Kellogg to Goldman Sachs for $6.5 billion in cash and stock in 2000. Kellogg's net worth Thursday was $3.5 billion, down from $3.8 billion last year.

"The rich don’t always get richer," said Chase Peterson-Withorn, Forbes’ deputy wealth editor, saying they're feeling the stock market slowdown. "But they’re doing just fine."

All three New Jersey billionaires became more wealthy during the pandemic.

Since 2019, Commisso's net worth increased $2.3 billion (41.8 percent).

Overdeck's increased by $700 million (11.5 percent) and Kellogg's by $100 million (2.9 percent).

Elon Musk, who co-founded six companies, including electric carmaker Tesla and rocket producer Space X, topped the real-time list of super-rich Americans for the first time with a real-time net worth Thursday of $263.2 billion.

He unseated Amazon founder Jeff Bezos, who had topped the list for four years. Bezos’ real-time net worth is $141.4 billion.

Former President Donald Trump returned to the list after falling out of the ranking in 2021. Forbes lists his real-time net worth at $3.2 billion.

The other billionaires in the top 10 are:

• No. 3: Bill Gates, Microsoft founder and Bill and Melinda Gates Foundation co-founder, $103 billion.
• No. 4: Larry Elison, Oracle founder and CTO, $89.9 billion.
• No. 5: Warren Buffett, Berkshire Hathaway CEO, $95 billion.
• No. 6: Larry Page, Google co-founder and board member, $86.6 billion.
• No. 7: Sergey Brin, Google co-founder and board member, $83.1 billion.
• No. 8: Steve Ballmer, Los Angeles Clippers owner, $78.8 billion.
• No. 9: Michael Bloomberg, Bloomberg LP CEO, $76.8 billion.
• No. 10: Jim Walton, Arvest Bank Group Inc. chairman and CEO, $57.9 billion.

Patch Editor Josh Bakan contributed to this story.