Bloomberg Billionaires Index

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#202 Reinhold Schmieding $7.60B

Random fact: Autobiography: "Helping Surgeons Treat Their Patients Better."

Overview

Schmieding is the founder and president of Arthrex, a closely held surgical device maker that has develops orthopedic products and procedures for shoulders, knees and other joints. The Naples, Florida-based has annual revenue of more than $2 billion and has offices in Asia, Canada, Dubai, Europe and the Americas.

As of June 19, 2018:
Last change No change
YTD change +$2.08B (+37.7%)
Industry Health Care
Biggest asset Arthrex
Citizenship United States
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Reinhold Schmieding's net worth of $7.60B 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:

Schmieding is credited with all of closely held Arthrex based on his status as the company's sole founder and comments in his autobiography that he avoided taking venture capital or other financial investors. Arthrex exports to more than 100 countries, according to its website.

It's valued using the average enterprise value-to-sales multiples of three peer companies: Smith & Nephew, Stryker and ConMed. Arthrex doesn't disclose its financials. The company has annual revenue of $2.25 billion, according to an Jan, 3, 2018 report in Naples Daily News. It had revenue of $1.8 billion in 2016, according to an earlier report in the same publication. The net wealth calculation was updated on May 9, 2018 to reflect the higher revenue figure and this led to an increase of about $1 billion.

Lisa Gardiner, a spokersperson for Arthrex, didn't respond to requests for comment on Bloomberg's net worth valuation.

Biography

Birthdate:
Family: Unmarried, No children

Reinhold Schmieding was born in Michigan to German parents who moved to the U.S. six months before he was born. He graduated from Michigan State University in 1977 before moving to Germany to work as a salesman for medical device supplier Richards Medical, according to a 2015 press release on Junior Achievement of Southwest Florida.

He started Arthrex in Munich in 1981, focusing on supplying local surgeons with orthopedic devices specializing in shoulder, knee, hip and small joint surgery. Two decades later he moved the company's headquarters to Naples, Florida. The company has developed more than 10,000 products and surgical procedures.

The billionaire lives in Florida and Munich and has two children, according to a 2012 article in the Naples Daily News.

Milestones
  • 1977 Graduates from Michigan State University.
  • 1981 Founds Arthrex GmbH in Munich, Germany.
  • 1991 Relocates Arthrex to Naples, Florida from Germany.
  • 2006 Publishes autobiography, "Helping Surgeons Treat Their Patients Better."
  • 2013 Opens manufacturing facility in Florida.
  • 2015 Court upholds $85 million damage award against Arthrex for patent infringement.
  • 2015 Inducted into Collier County's Business Hall of Fame.
  • 2016 U.S. Supreme Court rejects Arthrex appeal on infringement payment.