How Tom Steyer Made His $1.6 Billion Fortune

Michael Bloomberg refused to run. Howard Schultz is still on the fence. That makes Tom Steyer, a former hedge fund manager from California, the first billionaire to officially challenge America’s first billionaire commander-in-chief for the presidency.

Forbes estimates Steyer’s net worth to be $1.6 billion, making him about half as rich as Trump (worth $3.1 billion) but far wealthier than any other presidential candidate. He has an 1,800-acre cattle ranch and a San Francisco mansion with views of the Golden Gate Bridge. But he mostly focuses his fortune on charity (he was among the first to sign the Giving Pledge, promising to donate much of his riches) and politics (he has spent hundreds of millions). When Forbes interviewed Steyer for a 2011 story, he was flying economy and driving a used Honda Accord hybrid.