Bloomberg Billionaires Index

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

#107 Eric Schmidt $11.9B

Random fact: Backs venture with Larry Page to mine asteroids.

Overview

Schmidt is the chairman of Alphabet, the holding company that owns Google, the world's largest Internet search operator. He owns about 1.3 percent of the Mountain View, California-based company that handles more than 3.5 billion daily search requests, employs more than 70,000 people and had revenue of $90.3 billion in 2016.

As of Aug. 20, 2017:
Last change -$33.4M (-0.3%)
YTD change +$1.31B (+12.3%)
Industry Technology
Biggest asset GOOGL US Equity
Citizenship United States
Age 62
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Eric Schmidt's net worth of $11.9B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

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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 majority of Schmidt's fortune is derived from his 1.3 percent economic interest in Alphabet, the parent company of Google, the world's largest search engine, according to Net Market Share. He owns about 4.5 million of the company's class A and B shares, which are convertible on a share-for-share basis into the publicly traded class A stock, according to a February 2017 SEC filing. He owns these shares directly, through a family trust and two limited partnerships.

He also owns about 4.5 million shares of class C stock and about 360,000 shares in the form of stock options, according to the filing.

Since Google's public offering in 2004, Schmidt has sold more than $3.5 billion of the company's stock, according to data compiled by Bloomberg. The value of his cash investments is based on an analysis of dividends, market performance, insider transactions, taxes and charitable contributions. Some of the proceeds have been used to finance his two investment companies, TomorrowVentures, a venture capital firm that has invested in scores of startup companies, and Innovation Endeavors, which funds young entrepreneurs.

Schmidt's family office Hillspire bought a 20 percent stake in hedge fund D.E. Shaw in April 2015, according to a company statement. No price was disclosed. Stake is valued by price-to-AUM ratio of three public hedge funds - Man, Janus Henderson and Och-Ziff - using firm-stated AUM as of October 1, 2016 of $40 billion. A key-man risk of 25 percent is deducted to reach the value.

No response was received to requests for comment on Schmidt's net worth e-mailed to Hillspire.

Biography

Birthdate: 4/27/1955
Family: Married, 2 children
Education: 1982, University of California Berkeley, Computer Science, PhD 1979, University of California Berkeley, Computer Science, Master's Degree 1976, Princeton University, Electrical Engineering, Bachelor's Degree

Eric Emerson Schmidt was born in Washington, D.C. in 1955. After studying at Princeton University, he earned a doctorate in computer science at the University of California at Berkeley. He soon joined Sun Microsystems as the company's first software manager, and worked his way up to become Sun's chief technology officer. He left to join Novell as its chief executive officer.

In 2001, he was recruited by Sergey Brin and Larry Page to be the "grown up" at Google. The company sold shares in a public offering in 2004, mostly bypassing the Wall Street investment banks in favor of a so-called Dutch auction that opened the offering to outside bidders. Under Schmidt's watch, revenue climbed twelvefold to $38 billion and the company's Android operating system became the most widely used mobile platform in the market. He announced that he was handing over day-to-day management of the company to Larry Page in January 2011. He became Alphabet's chairman in October 2015.

Active in politics, Schmidt was appointed by President Obama to serve on the President's Council of Advisors on Science and Technology. He also serves as chairman of the nonprofit think tank, New America Foundation. His Schmidt Family Foundation has assets of about $175 million.

Milestones
  • 1955 Eric Emerson Schmidt is born in Washington, D.C.
  • 1982 PhD in computer engineering from the University of California, Berkeley.
  • 1983 Becomes a software manager at Sun Microsystems.
  • 1997 Appointed chairman and chief executive officer at Novell.
  • 2001 Joins Google as chairman in March; later becomes CEO.
  • 2004 Google sells shares in an initial public offering.
  • 2011 Steps down as CEO of Google; remains chairman.
  • 2015 Alphabet holding company structure is announced.