25 hedge fund managers = $22 billion in pay

By Charles Riley, staff reporter

NEW YORK (CNNMoney) -- The 25 highest-paid hedge fund managers took home a combined $22.07 billion in 2010, according to a industry magazine's survey released Friday.

And, believe it or not, that's actually down nearly 13% from the prior year, when they earned $25.33 billion, AR Magazine said.

AR said pack leader was John Paulson, who earned a record $4.9 billion. That means he was making around $155 per second last year.

The founder and president of investment firm Paulson & Co. achieved fame and notoriety for betting against subprime mortgages on the eve of the market crash in 2007. But in 2010, he turned his attention to gold.

Nearly 90% of Paulson's personal money is invested in either his gold fund, which returned more than 35 percent last year, or in the gold shares of his other funds, according to AR.

"In 2001, the combined income of the top hedge fund managers was less than $5 billion -- about what Paulson alone made in 2010," Michelle Celarier, editor of AR, said in a statement.

Paulson wasn't the lone member of AR's billionaire's club. Also making the cut were Ray Dalio of Bridgewater Associates, at $3.1 billion, Jim Simons of Renaissance Technologies, at $2.5 billion, David Tepper of Appaloosa Management, at $2.2 billion, Steve Cohen of SAC Capital Advisors, at $1.3 billion, and Eddie Lampert of ESL Investments, at $1.1 billion.

And what was the lowest amount a manager could earn and still make the list? $210 million. To top of page

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