Paul Elliott Singer, born on the 22nd August 1944, is an American businessman, investor and philanthropist who became known for his companies in Elliott Management Corporation (EMC) which specialize in distressed debts, and NML Capital Limited, an offshore unit of EMC located in the Cayman Islands.
So how much is Singer’s net worth? As of late 2016 it is reported by authoritative sources to be $2.2 billion, acquired from his years in the investment world.
Paul Singer Net Worth $2.2 billion
Born in New Jersey, Singer grew up in a Jewish household with his father a pharmacist and his mother a homemaker. He studied in the University of Rochester and finished with a degree in Psychology, and later on got his J.D. from Harvard Law School in 1969.
Right after finishing his studies, Singer was able to get a job at an investment bank named Donaldson, Lufkin & Jenrette, working in the company as an attorney in their real estate division, which introduced him in the world of finance, and increased his wealth.
After a few years, in 1977 Singer decided to venture out on his own and started his investment company, Elliott Associates L.P. He managed to borrow money from various family members and friends to be able to set up his company, and believed that he had a winning formula.
From a small company with only just over a million in seed money, soon his company rose to be one of the most aggressive investment companies in the industry. Singer became known for purchasing distressed bonds from various companies, banks and sovereign states that were near bankruptcy or quite literally in distress. He then manages to make a profit by turning around the company, to make money from dividends or from ‘flipping’. His business spiked his net worth tremendously, dealing with multi-million projects over time.
Although Singer faced controversies along the way with his style of doing business, he believes that this is his way of forcing companies or states to play by the proper rules and not running away from their obligations. Today, his company is known to be one of the oldest hedge funds in Wall Street. He has also earned credit for himself as an ‘activist investor’.
Aside from his successful career in the business world, Singer also shares his knowledge and expertise with others by writing columns in the Wall Street Journal. He also participates in various conferences, and offers consultation to various world leaders.
In terms of his personal life, Singer is divorced and has two children, Andrew and Gordon. His passion for the LGBT community started when one of his sons came out as a homosexual.
Singer is also a philanthropist, known to support the LGBT community and is also a big supporter of the Republican Party. Although his two endeavours don’t necessarily coincide, he also aims to persuade Republicans to support the rights of the LGBT community.