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The richest hedge fund manager is...

Pity David Tepper.

The noted hedge fund manager and richest guy in the hedge industry for three years running, got knocked off his perch in 2014.

Tepper, the head of Appaloosa Management, tumbled all the way to 11th on Institutional Investors Alpha's Rich List, after making a mere $400 million last year, which represented just a 2.2 percent gain for his firm, the worst of anyone in the rankings.

Taking over the top spot this year was Citadel's Ken Griffin, who raked in $1.3 billion in fees and earnings on his capital.

In total, it was a rough year for hedge fund industry honchos. The 25 managers on the list made a mere $11.62 billion, which was only a bit more than half of what last year's group pulled in. Average earnings were only $467 million, tumbling from 2013's lofty $846 million, according to Alpha.

The list:

10 Rich Guys

Manager
Firm
Income
Ken Griffin Citadel $1.3 billion
James Simons Renaissance $1.2 billion
Ray Dalio Bridgewater $1.1 billion
Bill Ackman Pershing Square $950 million
Izzy Englander Millennium $900 million
Michael Platt Bluecrest $800 million
Larry Robbins Glenview $570 million
David Shaw D.E. Shaw $530 million
O. Andreas Halvorsen Viking Global $450 million
Charles (Chase) Coleman Tiger Global $425 million
Source: Institutional Investors Alpha

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