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Updated: June 15, 2022 / 2022 Wealthiest people in CT

Wealthiest People in CT: 14. Mario Gabelli

Founder Gabelli Asset Management, New York 2022 Net Worth: $1.9 billion
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Greenwich resident Mario J. Gabelli is chairman and CEO of GAMCO [Gabelli Asset Management Co.] Investors Inc., a firm he founded in 1977.

A 1965 summa cum laude graduate of Fordham University’s College of Business Administration, he also holds an MBA from the Columbia University Graduate School of Business.

Gabelli, 80, gained a reputation as a stock-picker in the 1980s when he successfully bet on the media and telecom sectors, according to published reports.

In an interview at the end of 2020, Gabelli — whose net worth is estimated at $1.9 billion, according to Forbes — said he sees consumers as driving the economy, noting that COVID-19 vaccines are likely to help spur the travel and leisure segments.

But “you also need an element of [government] support for a certain part of the population,” he added, particularly “restaurants and small businesses.” He also called for infrastructure improvements.

Gabelli sees opportunity in some cyclical industries, like auto, construction and housing.

“We understand growth and cyclicality,” he said. “Sports betting and sports are coming back [with the vaccines] … .”

He said a big catalyst was Murphy v. National Collegiate Athletic Association, a May 2018 U.S. Supreme Court decision that basically overturned a two-decade-plus restriction on sports betting.

“That’s a terrific new business that’s gonna unfold,” according to Gabelli.

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