Bloomberg Billionaires Index

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

# 464 Bob Kraft $4.45B

Random fact: Elected senior class president at Columbia University.

Overview

Kraft is the owner of the New England Patriots football team, which he bought in 1994. Through his Foxboro, Massachusetts-based Kraft Group, he also owns Gillette Stadium, the adjacent Patriot Place mall, Revolution soccer team, paper companies Rand-Whitney, International Forest Products and half of New-Indy paper.

As of :
Last change +$3.49k ( 0%)
YTD change +$279M ( +6.7%)
Industry Entertainment
Biggest asset New England Patriots
Citizenship United States
Age 78
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Bob Kraft's net worth of $4.45B 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 bulk of Kraft's wealth is in the New England Patriots, the National Football League franchise he purchased all of in 1994, according to the team website. The team, one of the most valuable in the NFL, is valued at $3.5 billion based on information provided by sports consultant Peter J. Schwartz and a Bloomberg analysis.

Kraft owns paper companies Rand-Whitney, International Forest Products and half of New-Indy. The operations are valued based on comparable prices for mills and box plants, according to Joshua Zaret, an analyst at Bloomberg Intelligence. His box plants are valued at $35 million each on the recommendation of Zaret.

His mill business is valued at $500 per ton of capacity, inflated over the years from $485 in 2016, which was about middle of the market for mill sales and equivalent to what Kraft paid for two mills from International Paper in 2012, according to Zaret. Kraft has 275,000 tons of capacity at wholly owned Rand-Whitney and 570,000 tons at New-Indy, of which he is credited with half. International Forest Products, a broker and exporter of wood products, isn't valued due to lack of information.

Kraft also owns Patriot Place, a mall and office park in Foxboro. It has 700,000 leaseable retail feet, according to its broker, Blackline Retail Group, of which 20,000 was vacant in January 2019. All 50,000 feet of office space is leased. The property is valued using average lease for suburban Providence, Rhode Island, according to data compiled by brokerage MG Commercial.

The billionaire also owns the New England Revolution soccer team, which is valued at $200 million, the fee for an expansion franchise charged by the league in 2019. His stock ownership is taken from public disclosures.

Stacey James, a Kraft spokesperson, didn't return phone calls and emails seeking comment.

Biography

Birthdate: 7/5/1941
Family: Widowed, 4 children
Education: Harvard Business School, Columbia College

Robert Kraft was born in 1941 in Brookline, Massachusetts, an enclave adjacent to Boston where his father was a textile worker and synagogue leader. Kraft attended Columbia University, where he played on the freshman football squad. On a visit home in 1962, he found himself sitting next to Myra Hiatt in a Boston delicatessen. The pair would marry the next year.

After receiving his degree in 1963, he went on to earn a graduate degree at Harvard Business School. During that period he began attending games of the Patriots, the Boston franchise of the upstart American Football League and the team he would buy some three decades later.

Kraft's career began in Worcester, Massachusetts, where he took a job at Rand-Whitney Group, a packaging company owned by Myra's father. After three years in the business, Kraft acquired a majority stake in the company through a leveraged buyout in 1968. He expanded his paper and packaging business by founding International Paper Products in 1972, a paper commodities trading house that is now the 15th largest U.S. exporter as measured by shipping container volume, according to the Journal of Commerce.

The billionaire's path to football team ownership began in 1985, when he purchased an option on the land surrounding the team's Sullivan Stadium in Foxboro, Massachusetts, and then, in 1988, the stadium itself out of bankruptcy court. He paid a then-record $172 million to buy the Patriots in 1994. Under his ownership, the franchise shifted from being one of the least successful football teams to the most successful, winning four Super Bowls since 2001.

Kraft has four sons -- Jonathan, Robert, Joshua and David -- from his 50-year marriage to Myra, who died of cancer in 2011. He lives in Brookline and is active in local institutions, sitting on the boards of the Dana-Farber Cancer Institute, Boston College and the Massachusetts Competitive Partnership.

Milestones
  • 1941 Kraft is born in Brookline, Massachusetts, to Orthodox Jewish parents.
  • 1963 Graduates from Columbia University.
  • 1965 Receives his MBA from Harvard Business School.
  • 1968 Acquires majority stake in Rand-Whitney Group.
  • 1994 Pays $172 million to buy the New England Patriots.
  • 2002 Kraft Group opens self-financed Gillette Stadium in Foxboro, Massachusetts.
  • 2011 His wife of 50 years, Myra, dies of cancer.
  • 2015 Patriots win their fourth Super Bowl title, all under Kraft's ownership.