Bloomberg Billionaires Index

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

#143 Charles Schwab $9.92B

Random fact: Says his own biggest investing mistakes come from procrastination.

Overview

Schwab is the chairman of Charles Schwab Corp., a discount brokerage that holds more than $3 trillion in client assets. He owns about 10 percent of the business, which provides financial services to individual investors, independent managers and retirement plans. The publicly traded company was founded by Schwab in 1971.

As of April 26, 2018:
Last change +$12.4M (+0.1%)
YTD change +$375M (+3.9%)
Industry Finance
Biggest asset SCHW US Equity
Citizenship United States
Age 80
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Charles Schwab's net worth of $9.92B 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 Schwab's fortune is derived from his 10 percent stake in Charles Schwab Corp., the discount brokerage he founded in 1971. The company holds $3.31 trillion in client assets as of Feb. 28, 2018, according to its website. 

The billionaire owns his shares directly and through trusts and partnerships. He's also credited with 1.9 million vested, in-the-money options and shares held in his wife's name, to reflect his status as founder, based on the company's 2017 proxy statement and a Sept. 13, 2017 Form 4 filing.

Since the company's initial public offering in 1987 and through Dec. 26, 2017, the billionaire has collected more than $2 billion from share sales and dividends, based on an analysis of Bloomberg data. The value of his cash investments is based on these proceeds as well as insider transactions, market performance, charitable giving and taxes.

Schwab declined to comment on his net worth through a company spokesperson.

Biography

Birthdate: 7/29/1937
Family: Married, 5 children
Education: 1961, Stanford Graduate School of Business, MBA 1959, Stanford University, Bachelor's Degree, Economics

Born in 1937, Charles Schwab was 26 when he started an investment newsletter that would serve as the precursor to one of the largest financial service companies in the U.S. He founded First Commander Corp. in 1971, which took over publication of the newsletter and also began a securities brokerage. The company was renamed Charles Schwab & Co. two years later.

After the U.S. Securities and Exchange Commission deregulated parts of the brokerage industry, Schwab pioneered the discount brokerage business, eventually building the company's asset base to more than $1.5 trillion. He sold shares in a public offering in 1987.

Schwab and one of his five sons suffer from dyslexia. His charitable organization, the Charles Schwab Foundation, has been active in helping children with dyslexia and other neurological disorders.

Milestones
  • 1937 Charles Schwab is born in Sacramento, California.
  • 1961 Earns an MBA from Stanford Graduate School of Business.
  • 1963 Begins writing a financial newsletter called Investment Indicator.
  • 1971 Starts the Charles Schwab Corp. as First Commander Corporation.
  • 1983 Schwab is acquired by Bank of America for $55 million.
  • 1986 Buys back Charles Schwab Corp. from Bank of America.
  • 1987 Sells shares in an initial public offering.
  • 2012 Client assets surpass $2 trillion.