How Much Is The Owner Of Starbucks Worth – As Howard Schultz prepares for his final day as CEO of Starbucks, it’s hard to understate his impact on the business world. The man who convinced a country to spend $4 or more on a cup of coffee created an industry that his rivals quickly adopted. And built an enviable net worth in the process.
Schultz’s net worth is estimated at $3.2 billion, according to Bloomberg. That doesn’t put him among the world’s 500 richest, and it’s a far cry from Jeff Bezos’ $138 billion, but Schultz’s net worth is a far cry from the Brooklyn public housing in which he grew up.
How Much Is The Owner Of Starbucks Worth
Schultz’s departure from Starbucks doesn’t mean we’ve heard the last of him. In fact, Schultz left Starbucks earlier, in the mid-1980s, amid disagreements over its expansion plans.
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This Starbucks departure, however, seems more permanent. Although Schultz has officially said he wants to spend more time with his family, there is growing speculation that he is considering a run for political office, perhaps the presidency. (Schultz has always held strong political beliefs and has been a frequent critic of Donald Trump’s presidency.)
As for Starbucks, Myron E. Ullman, the former CEO of J.C. Penney, will assume the presidency of the company. At the same time, Mellody Hobson, president of Chicago-based investment firm Ariel Investments, will move into a role as vice president of Starbucks. Two crossed lines forming an “X”. Indicates a way to close an interaction or dismiss a notification.
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How Howard Schultz went from living in Brooklyn public housing to ending his decades at the helm of Starbucks as a billionaire with rumored political aspirations
Rags To Riches Story Of Starbucks’ Howard Schultz
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Howard Schultz announced last June that he would be leaving Starbucks after more than three decades. AP/Elaine Thompson
It’s thanks to Howard Schultz that Americans know what a latte is and are willing to drop $4 on a cup of coffee.
Coming from humble beginnings in Brooklyn, Schultz has always brought a sense of social justice to the way he runs Starbucks. Over the past few years, that underlying quest for justice has exploded with new force, inspiring both support and boycotts of Starbucks, especially when Schultz took a stand against some of President Donald Trump’s policies.
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On Sunday, Schultz said in an interview with “60 Minutes” that he is “seriously considering running for president as a centrist independent.” In the interview, Schultz criticized both Trump and the modern American political landscape.
Correspondent Scott Pelley further noted that Schultz is richer than Trump, according to a Forbes report that estimated his net worth at $3.4 billion. Schultz responded that his campaign would be “fully resourced,” due to his immense wealth, and that he would be willing to immediately release his tax returns.
While Schultz left Starbucks in 2018, he still owns more than 37.7 million shares — or roughly 3% — of the company’s stock. In 2018, Schultz’s salary at Starbucks was $1, and he received $30.1 million in total compensation from the company, including stock and options granted.
Howard Schultz at the Tokyo ribbon cutting of the first Starbucks store outside of North America in August 1996. AP Photo/Koji Sasahara
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Schultz was born in Brooklyn, New York, in 1953. The son of two high school dropouts, Schultz grew up in a public housing project.
At the age of seven, Schultz came home one day to find his father “lying on the sofa in a cast from his hip to his ankle” after being injured on the job. His father was an Army vet and truck driver with no workers’ compensation, no benefits, no health insurance, Schultz told Arizona State University’s 2017 graduates.
“When I was seven years old, I had a turning point in my life,” Schultz said. “I saw the fracture of the American dream and I saw my parents go through hopelessness and despair… And those scars, that shame, that are with me even today.”
Schultz’s mother, however, encouraged him to pursue an education to open more doors for him. He won an athletic scholarship to attend Northern Michigan University, but when he got to college, he decided he wasn’t going to play any sports.
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Schultz took on a wide variety of odd jobs in school and after graduation. To pay for college, he worked as a bartender and even sold blood. After graduation, Schultz worked at a ski lodge in Michigan, in sales at Xerox, and at a home goods business called Hammarplast.
Starbucks employees Tracy Bryant, right, and Roland Smith, (center), watch as manager Justin Chapple makes an espresso at a Starbucks in New York, Tuesday, Feb. 26, 2008. AP Photo/Seth Wenig
Throughout the 1970s and much of the 1980s, Starbucks was a coffee roaster first and coffee second. But in the early 1980s, Schultz joined the company and became convinced that Starbucks could achieve a seemingly impossible goal: to remain premium while becoming ubiquitous.
Schultz had never wanted Starbucks to be small like other regional chains like Peet’s. In fact, Schultz briefly left the company in the mid-1980s because he couldn’t convince Starbucks’ founders that the company could be an international chain, not just a coffee roaster.
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In 1987, Schultz acquired the Starbucks brand and 17 locations from its founders, who decided to focus their energy on Peet’s. Then Schultz began planting the seeds of one of the most ambitious business expansions in history.
When the first Starbucks opened in New York City, The New York Times had to define what a latte was (and explain that it was pronounced “LAH-tay”). Starbucks highlighted its exotic nature in everything it made, right down to its sizes, with “grande” and “venti” providing a connection to the Italian coffee culture that inspired Schultz.
“Customers believed that their large lattes proved that they were better than others: fresher, richer, more sophisticated,” wrote Bryant Simon in his book on Starbucks, “Everything But the Coffee.” “Whenever they could get all this for the price of a cup of coffee, even an inflated one, they eagerly handed over their money, three and four dollars a clip.”
Between 1998 and 2008, Starbucks grew from 1,886 stores to 16,680. Schultz took the chain from an idea to an entirely new type of store that didn’t exist before.
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Starbucks now has more than 28,000 stores in 77 countries. The chain reported net income of $22.4 billion in 2017, and the company’s market capitalization is approximately $84 billion.
While Schultz led the company to incredible growth, particularly after returning as CEO in 2008 after a stint as chairman, his leadership was also marked by his continued commitment to social issues.
In 2011, Schultz encouraged people not to donate to political campaigns until the government addressed the national debt. In 2015, he led the “Race Together” campaign to address police brutality and racism. In a 2015 New York Times op-ed celebrating bipartisan leadership, Schultz said he was not running for office “despite the encouragement of others.”
Schultz’s political efforts have increased further in recent years. In September 2016, Schultz endorsed Hillary Clinton for president, the first time she had publicly endorsed a candidate.
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In December 2016, he announced his plans to step down as CEO, saying he would focus on Starbucks’ “social missions” as chairman. Since then, he has criticized Trump’s attempt to block refugees from entering the United States, written in the Financial Times about national identity after white supremacists rallied in Charlottesville, and launched the second season of “Upstanders,” an engaged series to highlight people who make a difference in their communities.
“A year and a half ago, during the campaign season, we became quite concerned about the vitriol, hate and disrespect in American society,” Schultz said at an event promoting “Upstanders.” “And we know there’s a different narrative. There’s different stories. And those stories are in every town, every city and every state in America.” Copyright © 2023 Media, Inc. All rights reserved. ® and related marks are registered trademarks of Media Inc.
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The former Starbucks CEO first worked at a ski lodge. His next moves were casual and strategic.
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There are many billionaires in business, but it is often difficult to relate to their journeys because they are not self-made. Even the term “self-made” is slippery these days; remember Kylie Jenner’s controversial Forbes cover in 2018? Whether self-made means coming from a wealthy family or having millions in unencumbered capital, I’m not sure how my hot boot would be classified.
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