Last year was a tough one for hedge funds, but the 25 top-earning hedge fund managers still managed to pull in a combined $14.14 billion in 2012, according to an Institutional Investor magazine ranking.
The 12th annual "rich list" placed David Tepper, founder of the New Jersey-based Appaloosa Management, atop its ranking. Alpha magazine said he made $2.2 billion in 2012.
Three others earned more than $1 billion apiece: Bridgewater Associates' Raymond Dalio with $1.7 billion, SAC Capital Advisors' Steven Cohen with $1.4 billion and Renaissance Technologies' James Simons with $1.1 billion.
The rankings are based on combined earnings from performance fees and management fees. All managers on the list earned at least $200 million, up from a minimum of $100 million from a year earlier.