Stanley Druckenmiller Net Worth Is $2.9 Billion
Stanley Druckenmiller is a successful hedge fund manager and a self-made billionaire. According to Forbes, he is the 186th richest person in the United States with an estimated net worth of $2.9 billion (as of September 2013). Druckenmiller derived most of his wealth from hedge funds. He was born on June 14, 1953 in Pittsburgh, Pennsylvania, United States, and currently resides in New York City, New York, United States.
Druckenmiller is renowned to be a top-down investor whose trading style is similar to that of George Soros. He clings to a group of stocks long, a group of stocks short, and uses leverage to trade currency and futures. Druckenmiller’s financial career started in 1977 when he served as a management trainee at the Pittsburg National Bank. After one year, he became the head of the bank’s equity research group. He later established his own firm, the Duquesne Capital Management.
On August 2010, Druckenmiller made an announcement stating that he wished to retire. He announced the closing of his hedge fund informing investors that he would return their money and consequently end his firm that had been in operation for 30 years. At the time of the announcement of his retirement, Druckenmiller’s funds were down for about 5%. In 2008, Druckenmiller emerged as a prospective investor in the Pittsburgh Steelers franchise of the NFL. However, he later withdrew his bid to buy the team.
Besides being a renowned investor and hedge fund manager, Druckenmiller is also a well-known philanthropist. In 2009, he was named the most charitable man in America, having donated about $700 million to foundations that support causes related to education, anti-poverty and medical research. He currently serves as the Chairman of the Board of Harlem Children’s Zone, which is an all-round community-based project. Druckenmiller is married to Fiona Katharine Biggs, with whom he has 3 daughters.