The number of billionaires on Forbes’ 35th annual list of the world’s wealthiest increased dramatically to an unprecedented 2,755—660 more than a year ago. Altogether they are worth $13.1 trillion, up from $8 trillion on the 2020 list.
Today, I will uncover the richest person in Philadelphia.
According to Forbes Magazine, seventeen billionaires consider Pennsylvania their home, and none is wealthier than Jeff Yass. He lives in Haverford, Pennsylvania, with a net worth of $12 Billion. He is the 58th richest man in the country.
Yass is the cofounder of Susquehanna International Group, one of Wall Street's largest and most successful and secretive trading firms in the world.
Jeff Yass grew up in a middle-class Jewish family in Queens, New York. Jeffrey Yass is the product of Queens public schools. He received a BA in mathematics and economics from Binghamton University. He continued graduate studies in economics at New York University but never graduated.
When he was studying at the State University of New York in Binghamton in the 1970s, Yass became friends with five students and later co-founded Susquehanna International Group (SIG), the largest trader of liquid stocks in the USA.
SIG's headquarters office is in Bala Cynwyd, a western suburb of Philadelphia, Pennsylvania. The firm employs more than 1,900 people in offices across North America. SIG is one of the largest employers in Lower Merion Township.
Since 2016, the company has built a Bitcoin trading desk. Susquehanna will be trading futures tied to Bitcoin prices and allow customers to buy and sell Bitcoin and other cryptocurrencies. According to Forbes, The firm recruits and trains traders using poker tournaments to sharpen decision-making skills; its traders have won 3 World Series of Poker bracelets.
Susquehanna invested in hundreds of private companies globally, including TikTok and payments firm Payoneer.
Yass is a member of the executive advisory council of the libertarian Cato Institute. Jeff Yass always donates money to Rand Paul and Club for Growth, focusing on cutting taxes and other economic policy issues.
According to their website, The Club for Growth is a national network of over 500,000 pro-growth, limited government Americans who believe that prosperity and opportunity come from economic freedom.
In the 2020 election cycle, Yass was the seventh-largest billionaire donor in America. He donated $25.3 million, all to Republican candidates, earning himself a lot of friends in Washington.
Yass flies somewhat under the radar, as does his philanthropy. He and his wife, Janine, do not yet appear to have a family foundation, but a vehicle called Choice Academics shows the couple's philanthropic focus.
Choice Academics give teachers the freedom to decide on the goal of the lesson or activity. Then give students a list of options for learning and how to go about their learning to reach the defined goal.
My favorite quotes from Jeff Yass
- We believe we can train any intelligent, quick-thinking person to be a trader. We feel traders are made, not born.
- The moral is that in trading, it’s important to examine the situation from as many angles as possible because your initial impulses are probably going to be wrong. There is never any money to be made in the obvious conclusions.
- Given the nature of the market, the chance of a crash is always greater than the chance of an overnight runaway euphoria.
Jeff Yass is a very secretive person. Have you heard about him before this article?