Bloomberg Billionaires Index

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

#491 John Catsimatidis $4.03B

Random fact: Eats breakfast at Cipriani restaurant in Midtown most days.


Catsimatidis is the founder and chairman of Red Apple Group, a New York-based conglomerate with interests in energy, real estate and grocery stores. He owns United Refining, which operates a Pennsylvania refinery that produces about 70,000 oil barrels a day, and was a New York City Republican mayoral candidate in 2013.

As of Sept. 21, 2017:
Last change -$1.14M (-0.0%)
YTD change -$35.0M (-0.9%)
Industry Diversified
Biggest asset Real Estate
Citizenship United States
Age 66
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

John Catsimatidis's net worth of $4.03B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

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

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Catsimatidis's fortune is derived from real estate investments throughout New York City and other parts of the U.S., as well as food retailing (including Gristedes' supermarkets), and other investments.

He also owns United Refining, which averaged saleable production of 65,600 barrels per day during fiscal 2016, according to its annual report. It had $2.1 billion in revenue, $60 million in earnings before interest, taxes, depreciation and amortization (Ebitda) and $15 million in net income in the 12 months ended Feb. 28, 2017, according to its annual and quarterly reports filed with the U.S. Securities and Exchange Commission. The company is valued using the average enterprise value-to-Ebitda multiple of two publicly traded peer companies: PBF Energy and HollyFrontier.

Mark Kassner, United Refining's CFO, says the refinery's value is about $2.3 billion based on the average Ebitda of the last four years and applying a multiple of eight times Ebitda, as reflected by valuations conducted by Credit Suisse and Citibank in 2012. The calculation in this analysis is lower than Kassner's valuation because Bloomberg's standard methodology is applied.

The company also owns more than 350 Kwik Fill and Country Fair gasoline and convenience store locations in three states, according to its website. It values them at about $500 million.

The billionaire also owns Riverhead, New York-based United Riverhead Terminal, a waterfront bulk storage facility for crude oil, heating oil and gasoline. He owns United Metro Energy, a fuel supplier in New York, and United Energy Plus Terminal, a supplier in the Mid-Atlantic region. These three investments are valued at $500 million, according to Kassner.

Kassner said the billionaire's net worth was at least $6 billion in an e-mail to Bloomberg News on Feb. 25, 2016.


Birthdate: 9/7/1948
Family: Married, 2 children
Education: 1970, New York University, Bachelor's Degree

John Andreas Catsimatidis was born on the Greek island of Nisyros in 1948. His family emigrated to the U.S. when he was six months old, and settled in upper Manhattan. He attended Brooklyn Technical High School, and studied engineering at New York University. Eight credits shy of a degree, he dropped out to work in a friend's grocery store. He took an ownership stake in exchange for $10,000, paid in $1,000 installments over 10 months.

Catsimatidis opened his own grocery chain, Red Apple, in 1971, and owned 10 stores by age 25. He plowed $5 million in profits into New York City real estate. Five years later, the property was worth $100 million.

Catsimatidis earned his pilot's license at age 30, and soon after bought a some jet planes to fly gamblers from New England to Atlantic City. While in bankruptcy proceedings for his airline, Capitol Air, the future billionaire wandered into another hearing during a break. United Refining, a Pennsylvania-based refinery, was filing for Chapter 11. He bought the company on the spot for $7.5 million, and agreed to assume its $120 million in debt.

A longtime Democrat, Catsimatidis raised money for Bill Clinton in the 1990s, and later became a Republican, supporting Mitt Romney in the 2012 U.S. Presidential election. He announced his candidacy for mayor of New York in January 2013, and lost the Republican mayoral primary to Joe Lhota in November 2013.

  • 1948 John Andreas Catsimatidis is born on the island of Nisyros, Greece.
  • 1948 Family settles in Manhattan, where is father became a busboy.
  • 1966 Graduates from Brooklyn Technical High School.
  • 1971 Opens his first Red Apple grocery story.
  • 1977 Buys $5 million in New York property. Soon valued at $100 million.
  • 1987 Acquires United Refining out of bankruptcy for $7.5 million.
  • 2013 Declares Republican candidacy for New York City mayor.
  • 2013 Lost the Republican New York Mayoral primary to Joe Lhota in 2013.