The JPMorgan Chase & Co stock is up, and along with it, so is CEO Jamie Dimon's wealth.
According to today's Bloomberg Billionaires Index, Dimon is now a billionaire, with an estimated $1.1 billion in net worth. It helps that shares of JPMorgan (JPM) closed yesterday at $66.08, just pennies away from an all-time high of $66.39. The bank has been performing exceedingly well in recent months, along with many of its peers, as the American economy comes surging back.
Dimon is extremely well paid—the executive took home a reported $20 million last year in combined cash and stock, and earned the same in 2013.
But that kind of pay, on its own, isn't enough to create a billionaire. Nearly half of Dimon's estimated wealth comes from his $485 million stake in JPMorgan, which he helped build into the world's biggest investment bank. The rest comes from a strong investment portfolio derived from selling 2.3 million shares of Citigroup in 1998 when he left that company.
It's rare for a retail bank executive to achieve the billionaire mark. Typically, it's hedge fund managers that obtain such high net worth. As Bloomberg notes, this news puts Dimon in rare company along with titans like George Soros as well as Dimon's own mentor, Sandy Weill.