Hedge funds came roaring back last year, according to The Rich List, a survey published by Absolute Return+Alpha.com.
In its 10th annual poll, the Web site says the top 25 hedge funders netted just over $22 billion for the year.
John Paulson took the gold -- literally -- earning $4.9 billion with his bet on the precious metal. Paulson regained the crown after being bested by David Tepper in 2009.
Tepper dropped out of the "money" in 2010 to fourth place. The Appaloosa Management chief took an earnings haircut of almost 50 percent, bringing home $2.2 billion, vs. $4.0 billion in 2009.
"In 2001, the combined income of the top hedge-fund managers was less than $5 billion -- about what Paulson alone made in 2010," said AR Editor Michelle Celarier.
In second place for 2010 was Ray Dalio, chief of the largest hedge fund, Bridgewater Associates. Dalio earned $3.1 billion, roughly $2 billion more than in 2009.
Retired James Simons of Renaissance Technologies banked $2.5 billion, Steven Cohen of SAC Capital Advisors was at $1.3 billion while Eddie Lampert of ESL Investments came in at $1.1 billion.
Finishing in the top 10 were: Carl Icahn, with $900 million in earnings, down from $1.3 billion in 2009; Bruce Kovner of Caxton Associates, with $640 million; George Soros, at $450 million, down from $3.3 billion in 2009 and Paul Tudor Jones of tudor investment, with $440 million.
Some notables fell off the top 25. John Arnold of Centaurus Energy, who made $900 million in 2009, didn't rank last year. Also missing from this year's list was Philip Falcone of Harbinger Capital Partners, who earned $825 million in 2009.
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