Real estate investment has long been the playground of the wealthy, with top developers becoming some of the richest people in the world.
Today wealth intelligence firm Wealth-X released data on the top 20 real estate moguls in New York City, ranked according to their personal net worth.
Richard LeFrak, chairman, CEO, and president of LeFrak Organization, leads the list with a net worth of $4.9 billion. LeFrak's family has invested in New York real estate for more than a century, but he recently expanded his portfolio to include properties in Washington, Oregon, and California. His company owns LeFrak City, a 5,000-unit apartment unit in Queens, in addition to 16 million square feet of commercial and residential property in Newport, N.J.
Leonard Stern of Hartz Group was second with a net worth of $4.1 billion, while Stephen Ross of The Related Companies came in third with $3.6 billion.
Wealth-X Research uses a proprietary valuation model to assess all asset holdings, including privately and publicly held businesses and investible assets.
See the complete list below.
More From Business Insider
- The 10 Most Expensive Streets In The World
- Yuppies Are Moving Into Notorious East Harlem [PHOTOS]
- BROOKLYN STAR MAP: Celebrities Are Flocking To New York's Hippest Borough
- Real Estate
- LeFrak City
- Richard LeFrak