Bloomberg Billionaires Index

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# 140 Charles Schwab $12.7B

Random fact: Schwab was captain of his high school golf team.

Overview

Schwab is the chairman of Charles Schwab Corp., a discount brokerage that has nearly $8 trillion in client assets. The Raonoke, Texas-based business was founded by Schwab in 1971 has been publicly traded for more than three decades. It provides financial services to individual investors, managers and for retirement plans.

As of :
Last change +$279M ( +2.2%)
YTD change -$1.30B ( -9.3%)
Biggest asset SCHW US Equity
Country / Region United States
Age 85
Industry Finance
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Charles Schwab's net worth of $12.7B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Schwab's fortune is derived from his roughly 6% stake in Charles Schwab Corp., the discount brokerage he founded in 1971. He owns the shares through trusts, partnerships and his spouse, according to the 2022 proxy statement.

The company has nearly $8 trillion in client assets as of March 31, 2022, according to its website. 

Since the company's initial public offering in 1987, Schwab has collected more than $3.4 billion from share sales and dividends, based on an analysis of Bloomberg data. The value of his cash investments is based on these proceeds as well as insider transactions, market performance, charitable giving and taxes.

Greg Gable, a spokesman for Schwab, declined to comment on Bloomberg's net worth calculation.

Biography

Birthdate: 7/29/1937
Family: Married, 5 children
Education: Stanford Graduate School of Business, Stanford University

Born in 1937, Charles Schwab was 26 when he started an investment newsletter that would serve as the precursor to one of the largest financial service companies in the U.S. He founded First Commander Corp. in 1971, which took over publication of the newsletter and also began a securities brokerage. The company was renamed Charles Schwab & Co. two years later.

After the U.S. Securities and Exchange Commission deregulated parts of the brokerage industry, Schwab pioneered the discount brokerage business, eventually building the company's asset base to more than $1.5 trillion. He sold shares in a public offering in 1987.

Schwab and one of his five sons suffer from dyslexia. His charitable organization, the Charles Schwab Foundation, has been active in helping children with dyslexia and other neurological disorders.

Milestones
  • 1937 Charles Schwab is born in Sacramento, California.
  • 1961 Earns an MBA from Stanford Graduate School of Business.
  • 1963 Begins writing a financial newsletter called Investment Indicator.
  • 1971 Starts the Charles Schwab Corp. as First Commander Corporation.
  • 1983 Schwab is acquired by Bank of America for $55 million.
  • 1986 Buys back Charles Schwab Corp. from Bank of America.
  • 1987 Sells shares in an initial public offering.
  • 2012 Client assets surpass $2 trillion.