Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

# 459 Howard Schultz $4.49B

Random fact: Inspired by popularity of espresso bars in Milan in the 1980s.

Overview

Schultz is the chairman emeritus and largest individual shareholder of Starbucks, the world's biggest chain of coffee-shops. The Seattle-based company has 30,000 retail stores in 80 countries. Starbucks reported revenue of $26.5 billion in the year to Sept. 29, 2019. Schultz stepped down from the Starbucks board in June 2018.

As of :
Last change +$3.38M ( +0.1%)
YTD change +$990M ( +28.3%)
Industry Food & Beverage
Biggest asset SBUX US Equity
Citizenship United States
Age 66
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Howard Schultz's net worth of $4.49B can buy ...

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troy ounces of gold
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barrels of crude oil

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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 Schultz's fortune is derived from a 2.9% stake in publicly traded Starbucks, according to the company's 2019 proxy filing. He isn't credited with the 2 million shares held by his family's charitable foundation that are disclosed in the proxy statement. Starbucks has 30,000 retail stores in 80 countries as of June 30, 2019, according to its website.

The billionaire also owns about 7 million exercisable options, according to the company's 2019 proxy. He's collected about $1 billion from the sale of stock and Starbucks dividends, based on company filings and an analysis of Bloomberg data as of June 2019. The value of his cash investments is based on these proceeds, as well as market performance, taxes and charitable contributions. It includes his purchase and sale of the Seattle Supersonics NBA franchise, personal real estate as well as the value of his investments in venture capital firm Maveron.

The company declined to comment on Schultz's net worth, according to spokeswoman Linda Mills.

Biography

Birthdate: 7/19/1953
Family: Married, 2 children
Education: Northern Michigan University

Howard Schultz was born in Brooklyn, New York, to ex-US Army trooper turned truck driver Fred and his wife Elaine, in July 1953. He grew up in Canarsie Bayview House of the New York City Housing Authority, where he attended the Canarsie High School, graduating in 1971. He excelled in sports and received an athletic scholarship to study at Northern Michigan University. He was the first person in his family to go to college and received a bachelor's degree in communications four years later.

He worked as a salesperson for Xerox Corporation before becoming a general manager for Hammarplast, a Swedish drip coffee maker. He visited one of Hammarplast's clients in Seattle's Pike Place Market, called Starbucks Coffee, in 1981. He moved from New York to join them a year later as the director of operations and marketing of the four-store operation.

After observing the popularity of Milan's espresso bars, Schultz decided to bring the Italian coffeehouse tradition to America in 1983. He left Starbucks to start his own Il Giornale coffeehouses. Four years later he bought Starbucks with the help of local investors. Starbucks Corp. completed its initial public offering five years later.

He stepped down as chief executive officer in 2000, and led an ownership group that bought the Seattle Supersonics, an NBA franchise in 2001. Unable to persuade the city of Seattle to fund a new arena he sold the team to a group of investors in 2006, who would subsequently move the team to Oklahoma. Two years later he returned to the helm of Starbucks and oversaw a resurgence in its stock price. He retired as chief executive officer on April 3, 2017 and stepped down from the company's board in June 2018. He said in January 2019 he's seriously thinking of running for president in 2020 as a centrist independent candidate.

Howard Schultz lives in Seattle, Washington with his wife and two children.

Milestones
  • 1953 Howard Schultz is born in Brooklyn, New York.
  • 1971 Starbucks opens first store in Seattle's Pike Place Market.
  • 1982 Joins Starbucks as director of retail operations and marketing.
  • 1983 Travels to Italy and discovers popular espresso bars in Milan.
  • 1985 Founds Il Giornale, which acquires Starbucks two years later.
  • 1992 Completes initial public offering.
  • 2008 Returns as chief executive officer after eight year break.
  • 2018 Schultz announces his departure from the Starbucks board.