Ray Dalio

Raymond Thomas Dalio (born August 8, 1949) is an American billionaire investor and founder of Bridgewater Associates, one of the world's largest hedge funds. As of June 2026, he has a net worth of $21.5 billion, which ranks 126th on the Bloomberg Billionaire Index.

Early life and education

Dalio was born in the Jackson Heights neighborhood of New York City's Queens Borough. , jazz musician Marino Dallolio (1911–2002), and Ann, a homemaker. When he was 8, his family moved from Jackson Heights to Manhasset in Nassau County, Long Island, New York.

He attended Herricks High School.

He then received a bachelor's degree in finance from C.W. Post College of Long Island University. After graduating from C.W. Post College, Dalio worked as a clerk on the New York Stock Exchange.

He received an MBA from Harvard Business School in 1973. Its goal was to trade commodities, but the venture yielded little fruit. He then worked on the floor of the New York Stock Exchange and traded commodity futures. In 1974, he became a futures trader and broker at Shearson Hayden Stone, a securities firm Dalio was fired from Shearson Hayden Stone after punching his boss in the face while drunk at a New Year's Eve party in 1974. Bridgewater started out as a wealth advisory firm, which served numerous corporate clients, mostly retained from Dalio's job at Shearson Hayden Stone. Dalio's big break came when McDonald's signed on as a client of his firm. Bridgewater then began to grow rapidly. The firm signed on larger clients, including the pension funds for the World Bank and Eastman Kodak. In 1996, Dalio launched All Weather, a fund that pioneered a steady, low-risk strategy that later became known as risk parity. In 2012, he appeared on the annual Time 100 list of the 100 most influential people in the world. In 2011 and 2012, Bloomberg Markets listed him as one of the 50 Most Influential people.

The Teacher Retirement System of Texas (TRS) purchased a stake in Bridgewater Associates Intermediate Holdings, LP, for $250 million in February 2012. This stake was non-voting and thus provided the pension fund with very little control of corporate governance. Institutional Investor's Alpha ranked Dalio No. 2 on its 2012 Rich List. Dalio has controlled Bridgewater Associates alongside co-chief investment officers Bob Prince and Greg Jensen since its inception.

In 2013, Bridgewater was listed as the largest hedge fund in the world.

Dalio was co-CEO of Bridgewater for 10 months before announcing in March 2017 that he would step down as part of a company-wide shakeup by April 15. In September 2022, Dalio handed over his voting rights to Bridgewater's board of directors and stepped down as co-chief investment officer, completing his operational exit from the firm. Dalio sold his last shares in Bridgewater and left its board of directors in 2025, completing his full separation from the firm he had founded nearly five decades earlier.

Since late 2025, Dalio has managed his personal investments directly through the Dalio Family Office, assuming the role of de-facto chief investment officer following the unexpected departure of a previous Wall Street executive who had held that position. He subsequently recruited Steven Kryger, a former Bridgewater executive who had led Dalio's research team, as co-chief investment officer for global macro strategy, and appointed Alma DeMetropolis, a former JPMorgan Chase executive, as deputy CEO of the family office.

In early 2026, the Dalio Family Office disclosed its U.S. stock portfolio for the first time since the pandemic via a regulatory 13F filing, reporting approximately $503 million in U.S. equities, more than 75 percent of which was allocated to gold-based exchange-traded funds.

Investment philosophy According to Dalio, Bridgewater Associates is a "global macro firm", investing around economic trends, such as changes in exchange rates, inflation, and GDP growth. Dalio also popularized the risk parity approach, which he uses for risk management and diversification within Bridgewater. Dalio began using the term "d-process" in February 2009 to describe the deleveraging and deflationary process of the subprime mortgage industry as distinct from a recession, and subsequently incorporated the term into his investment philosophy.

Controversy A November 2023 New York Times investigative report by journalist Rob Copeland raised questions about claims that Dalio and the fund had made about its investment philosophy and methodology. For example, the report indicated that the fund's investments are based largely on Dalio's own picks, not by the sophisticated investment system that Dalio and the firm had presented; and that investment choices are driven by insider information, legally obtained, derived from Dalio's personal associations with prominent government actors. The book became an instant New York Times Best Seller and was named one of the 33 nonfiction books to read that fall by The New York Times. It argued that Dalio's celebrated "radical transparency" principles had fostered a culture of paranoia, surveillance, and backstabbing at Bridgewater.

Dalio strongly rejected the book, calling it "fiction, created as fact" and a "sensational and inaccurate tabloid," and claimed Copeland had a personal vendetta stemming from a rejected job application to Bridgewater. Bridgewater independently described the book as a "false and misleading depiction of our past."

Views

Capitalism and inequality While Dalio has stated that capitalism is generally the best economic system, he has argued that it needs to be reformed. In July 2019, he again called for the refinement of capitalism and called wealth inequality a national emergency. In May 2020, he stressed the importance of reforming capitalism, not abandoning it.

China

In October 2020, Dalio cautioned people to not be blind to China's rise, arguing that it had continued to emerge as a superpower.

Principles To follow the 2017 New York Times bestseller Principles: Life & Work, Dalio published an illustrated version in 2019 called Principles for Success. In 2018, Dalio published Principles for Navigating Big Debt Crises. In 2021, he published Principles for Dealing with the Changing World Order and produced a free online personality assessment called PrinciplesYou.

Personal life

Family

Dalio lives with his wife Barbara, a descendant of sculptor Gertrude Vanderbilt Whitney, Their second son, Paul Dalio (born 1979), is a film director.

Wealth In 2014, he reportedly earned $1.1 billion, including a share of his firm's management and performance fees, cash compensation and stock and option awards. In 2015, Forbes estimated his net worth at $15.4 billion, making him the second-wealthiest hedge fund manager after George Soros. In 2018, Dalio was estimated to have personally received $2 billion in compensation for the year, after his fund posted a 14.6% return. In March 2019, Forbes named Dalio one of the highest-earning hedge fund managers and traders.

According to Forbes, Dalio has an estimated net worth of $20 billion as of January 21, 2022, ranking him 88th on their billionaires list Bloomberg News reported his net worth as $15.7 billion in the same month, reflecting different valuation methodologies for his Bridgewater stake.

The Dalio family has donated more than $5 billion to his Dalio Foundation, and the foundation has given out more than $1 billion in charitable grants. In April 2011, Dalio and his wife joined the Giving Pledge, vowing to donate more than half his fortune to charitable causes within his lifetime.

Dalio has sat on NewYork–Presbyterian Hospital's board of trustees since 2020. In February 2020, the Dalio Foundation donated $10 million to support China's coronavirus recovery efforts in response to the COVID-19 pandemic. In March 2020, the foundation gave $4 million to the state of Connecticut to fund healthcare and nutrition. On October 13, 2020, NYP launched the Dalio Center for Health Justice with a gift of $50 million.

The foundation has supported the Fund for Teachers, David Lynch Foundation, National Philanthropic Trust, and TED's Audacious Project. Dalio's research yacht and submarine have appeared on the Discovery Channel during Shark Week and have been used to hunt for a giant squid. committed $185 million over four years to protect the oceans. In 2019, he pledged $100 million to Connecticut public schools.

Dalio has backed the Volcker Alliance, the public policy group headed by former Federal Reserve chair Paul Volcker. which is pioneering researches to understand cetacean languages.

Hobbies Dalio practices transcendental meditation. He is also fond of bowhunting.

Published works How the Economic Machine Works; A Template for Understanding What is Happening Now is Dalio's first book, published in 2007. Principles: Life & Work is Dalio's second book, published in 2017 by Simon & Schuster. It was a New York Times #1 bestseller and Amazon's #1 business book of 2017. CNBC listed Principles among the 13 Best Business Books of 2017. Principles for Navigating Big Debt Crises is Dalio's third book, published in 2018. The Changing World Order: Why Nations Succeed and Fail was published in 2021. How Countries Go Broke, Principles for Navigating the Big Debt Cycle, Where We Are Headed, and What We Should Do published in 2025. It became a New York Times Best Seller.