What is Stanley Druckenmiller's net worth?
Stanley Druckenmiller is an American hedge fund manager who has a net worth of $7 billion. Stanley Druckenmiller earned his fortune as the former Chairman and President of Duquesne Capital. H founded the fund in 1981. He closed the fund in August 2010 because he felt he was unable to deliver high return to his clients. At the time of closing, Duquesne Capital had just over $12 billion in assets.
Early Life
Stanley Druckenmiller was born on June 14, 1953 in Pittsburgh, Pennsylvania. He grew up in a middle-class household in the suburbs of Philadelphia until his parents divorced. At that point Stanley moved with his father at first to New Jersey, then Richmond, Virginia. His two sisters remained with their mother in Philadelphia.
Duquesne Capital Management
Stanley graduated with a BA in English and Economics from Bowdoin College. He dropped out of a three-year PhD program in economics at the University of Michigan to accept a position as an oil analyst for Pittsburgh National Bank. He became the head of bank's equity research group after one year on the job. His work there was marked by his innovative approaches to risk management and his keen understanding of market trends, both of which would become hallmarks of his investment style.
In 1981 founded his own firm, Duquesne Capital Management.
In 1985, Druckenmiller became a consultant to the Dreyfus Fund, splitting his time between Pittsburgh and New York. He moved to Pittsburgh full-time in 1986, when he was named head of the Dreyfus Fund. As part of his agreement with Dreyfus, he also maintained his management of Duquesne.
In 1988, he was hired by George Soros to replace Victor Niederhoffer at Quantum Fund. He and Soros famously "broke the Bank of England" when they shorted British pound sterling in 1992, making more than $1 billion in profits during the ordeal. They calculated that the Bank of England did not have enough foreign currency reserves with which to buy enough sterling to prop up the currency, and raising interest rates would be politically unsustainable.
Stanley left Soros' firm in 2000 after taking large losses in technology stocks and focused his full attention on Duquesne Capital. In 2010, Druckenmiller announced his retirement from institutional investing, citing the stress of maintaining his high standards as his reason for stepping back. However, he continued managing Duquesne as a family office, successfully navigating the financial markets and growing his personal fortune.
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Philanthropy
In 2009, Druckenmiller was the most charitable man in America, giving $705 million to foundations that support medical research, education, and anti-poverty causes. He is also Chairman of the Board of Harlem Children's Zone and he and his ex-wife are also principal sponsors of the New York City AIDS walk.
Personal Life
Druckenmiller has been married twice. In 1976, he married his high school sweetheart, but the couple divorced in 1980. In 1988, Druckeniller married Fiona Katharine Biggs, niece of investor Barton Biggs, and the couple have three daughters who they raised in New York.
Real Estate
In 2019 Stanley Druckenmiller paid $53 million for a 12,000 square foot mansion Fifth Avenue duplex co-op apartment. The duplex had once been asking $120 million, so it could be considered a bargain at $53 million.
He previously owned a 20-acre estate in Greenwich, Connecticut, called Sabine Farm. Stanley bought Sabine Farm in 2004 for $23 million. He listed the property, which features a 12,200 square foot home, at one point for $31.5 million, ultimately selling it for $25 million in November 2017. Here is a video of Sabine Farm:
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