August 4, 2021

Meet the bottled water billionaire who dethroned Jack Ma to become China’s richest man

It’s no longer news that the world’s most powerful and wealthy people in finance are dominated by men, including Ray Dalio (net worth $ 17 billion), the founder of Bridgewater Associates, the world’s largest hedge fund; and Stephen Schwarzman (net worth $ 24 billion), the man who runs Blackstone, the world’s most influential private equity firm.

Yet US-born billionaire Abigail Johnson is currently the richest financial person in the world with a net worth of $ 26.2 billion.

He runs Fidelity Investments, the world’s first investment firm founded by his grandfather Edward C. Johnson II.

Fidelity Investments was established in 1946 and is one of the largest and most influential asset managers in the world with $ 4.9 trillion in assets under management as of June 2020 and a combined total value of client assets. of approximately $ 8.3 trillion.

Abigail Johnson, the Harvard and Cambridge-trained business executive at the time of writing, currently owns about 24.5% of FMR, which has around $ 5 trillion in assets under management.

His father, brother Ned IV and sister Elizabeth own nearly 50% of Fidelity’s parent company, FMR LLC, and have been the head of Fidelity Investment since 2014, further strengthening the company’s influence in major markets. financial, including crypto.

His family’s investments include Impresa Management, a leading hedge fund according to a Form ADV filed in March 2020. He has around $ 9 billion in assets.

Recall that a few days ago, Fidelity Investments announced plans to launch its own Bitcoin exchange-traded fund as the $ 5 trillion asset management company bolstered its position in the top financial asset class in the world. world.

FD Funds Management, a subsidiary of Fidelity, revealed a few days ago that it has devised a strategy to create an exchange-traded fund called the Wise Origin Bitcoin Trust.

Abigail Johnson’s current net valuation of $ 26.2 billion would be around 15.2 million troy ounces of gold or 406 million barrels of crude oil.

That said, Abigail Johnson is known to be intensely private, despite being among the richest in the world.