John Paulson, founder of the hedge fund Paulson & Company, made an unprecedented $3.7 billion last year by betting against subprime mortgages and the financial products that held them.

Paulson took the top place in Institutional Investor’s Alpha magazine’s ranking of the 50 most highly paid hedge fund managers. George Soros ranked second with $2.9 billion and James Simons came in third place with $2.8 billion in earnings. The top 25 managers on the list earned an average of $892 million.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.