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# 462 Mark Shoen $5.56B

Random fact: With brothers, forced father, Amerco's founder, out of the company.


Shoen is a major shareholder in U-Haul Holdings, a moving and storage business with over 23,000 locations in the US and Canada. He owns facilities under the U-Haul as well as Private Mini Storage brands, and through Mercury Partners. U-Haul has more than 73 million square feet of storage space across North America.

As of :
Last change +$68.9M ( +1.3%)
YTD change +$465M ( +9.1%)
Biggest asset UHAL/B US Equity
Country / Region United States
Age 72
Industry Services
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Mark Shoen's net worth of $5.56B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Mark Shoen's net worth is derived from his stake in U-Haul Holding, owner of the U-Haul moving and storage business. U-Haul has more than 23,000 locations and more than 73 million square feet of storage space across North America, according to a 2022 quarterly-earnings report. He holds the shares in his own name and through Willow Grove Holdings, which he owns with a brother, Edward Shoen. Another brother, James, and a sister, Sophia, independently own smaller stakes in the company, according to regulatory filings.

He also controls Blackwater Investments Inc, which owns self-storage companies Private Mini and SAC Holdings. These are managed by parent company Amerco on Shoen's behalf, according to a Bloomberg News story detailing his business interests. Blackwater is assumed to have had revenue of more than $475 million in the year ending March 31, 2022. This is calculated from the fees Amerco collects as a proportion of gross sales at the self-storage properties owned by Blackwater but managed by Amerco.

Aside from SAC Holding and Private Mini, the third Amerco self-storage property is Mercury Partners. Shoen is credited with 51% ownership in Mercury Partners.

The self-storage businesses are valued on the enterprise value-to-sales multiples of three publicly traded peer companies: Extra Space Storage, Life Storage Inc. and CubeSmart. The business of renting U-Haul equipment is valued using the enterprise-to-sales multiple of Amerco and Ryder System. A 15% liquidity discount is applied to the closely held businesses.

Jeff Lockridge, a U-Haul spokesperson, declined to comment on the net worth calculation.


Family: Married, No children

Mark V. Shoen was born in November 1950, one of 12 children born to the five wives of his father, Leonard S. Shoen. After serving in World War II, Leonard Shoen moved with his wife to Oregon from California, and recognized an opportunity to offer people one-way trailer and truck rentals. The business, formed in 1945, was U-Haul. It was later renamed Amerco as Shoen added insurance and real estate businesses. U-Haul is the largest equipment-rental company to do-it-yourself movers in North America.

Leonard Shoen had given 92 percent of his ownership of Amerco to his 12 children by 1986. At the time, Amerco was valued at about $4.4 billion, according to court documents. That year, Mark, along with brothers Joe and James, led a proxy battle that landed them control of Amerco. Leonard led one faction of his children against the trio's takeover, the first in more than two decades of family lawsuits. Leonard committed suicide in Las Vegas in 1999 by driving his car into a wooden utility pole, according to an Associated Press report of the time.

Mark, Joe, and James formed closely held SAC Holdings in 1993 to buy self-storage facilities from Amerco, where the three were board members. Joe and James later sold their stakes to Mark. During the next 20 years, about three dozen SAC Holdings subsidiaries and three other related entities -- PM Partners, Galaxy Storage Two and Mercury Partners -- grew to be owners of more than 435 self-storage facilities in the U.S. and Canada. Most or all of the facilities were purchased from Amerco using loans provided by the company, according to regulatory filings and a shareholder lawsuit. James is a minority owner in one entity that holds 78 of the properties.

  • 1945 Leonard S. Shoen founds U-Haul trailer rentals in Oregon.
  • 1950 Mark V. Shoen is born, one of 12 children of Amerco founder L.S. Shoen.
  • 1973 Father, L.S. Shoen, is discharged from the Navy.
  • 1986 Amerco valued at $4.4 billion. L.S. Shoen gives 92 percent of shares to kids.
  • 1986 U-Haul founder L.S. Shoen forced from company in family proxy battle.
  • 1990 Eva Shoen, wife of Amerco shareholder Sam Shoen, killed in Telluride, Colorado.
  • 1993 Mark, brothers Joe and James, form entity to buy Amerco facilities.
  • 1994 Brother, Joe, becomes billionaire as Amerco shares surge.
  • 1999 L.S. Shoen commits suicide by driving car into Las Vegas utility pole.
  • 2013 Self-storage businesses top $480 million in sales.