Bloomberg Billionaires Index

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# 400 Dick Schulze $5.50B

Random fact: Quit job as a stock boy at a supermarket in St. Paul, Minnesota.

Overview

Schulze is the founder of Best Buy, a North American electronics retailer. The Richfield, Minnesota-based company reported revenue of $42.9 billion in the year to Feb. 2, 2019. Schulze stepped down as chief executive officer in 2002 and as chairman in 2012. He retains the title of chairman emeritus at Best Buy.

As of :
Last change +$44.2M ( +0.8%)
YTD change +$719M ( +15.0%)
Industry Retail
Biggest asset BBY US Equity
Citizenship United States
Age 79
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Dick Schulze's net worth of $5.50B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Schulze's fortune is derived from his stake in Best Buy, a publicly traded electronics retailer with about $42.9 billion in revenue for the year to Feb. 2, 2019.

Schulze owns more than 13 percent of Best Buy, according to the company's 2019 proxy. Schulze has pledged shares to a maximum value of $150 million for a line of credit, according to the proxy, and this is accounted for in the analysis as a liability.

The value of his cash investments reflects an analysis of dividends, insider transactions, market performance, philanthropy and taxes.

Jeffrey Shelman, a spokesperson for Best Buy, didn't respond to an email requesting comment on the net worth calculation.

Biography

Birthdate: 1/1/1941
Family: Unmarried, No children
Education: University of St Thomas

Schulze was born and raised in St. Paul, Minnesota. After working as a manufacturer's representative for electronics components, Schulze left the company in 1966 to start his own business. The company began as a small stereo retailer called Sound of Music, but quickly grew and had expanded to six stores throughout Minnesota by 1983.

He renamed electronics retailer Best Buy in the same year and began to expand to other kinds of consumer products, taking the company public shortly after. Schulze served as Best Buy's CEO from 1983 to 2002. He held the position of chairman until stepping down in 2012 following an independent investigation that found Schulze had failed to tell the board about allegations that then-CEO Brian Dunn was having an inappropriate relationship with a female employee.

Despite publicly stating his interest to buy Best Buy in 2012, plans to take the company private never came to fruition. Schulze rejoined the company in 2013, however, as founder and chairman emeritus.

Schulze married his wife Maureen in 2002. The couple live in Florida and have 10 children and 29 grandchildren.

Milestones
  • 1941 Born in St. Paul, Minnesota.
  • 1966 Mortgaged his home to start his Sound of Music audio equipment store.
  • 1983 Renames The Sound of Music to Best Buy and adopts a warehouse format.
  • 1998 University of St. Thomas awards him an honorary doctorate.
  • 2002 Steps down as CEO of Best Buy.
  • 2004 Starts The Richard M. Schulze Family Foundation.
  • 2012 Steps down as Best Buy chairman after a probe of his hand-picked CEO.
  • 2013 Rejoins Best Buy as chairman emeritus.