Hedge-fund manager John Paulson personally netted more than $5bn in profits in 2010—likely the largest one-year haul in investing history, trumping the nearly $4 billion he made with his "short" bets against sub-prime mortgages in 2007.

Paulson's take, described by investors and people close to investment firm Paulson & Co., shows how profits continue to pile up for elite hedge-fund managers.