Bloomberg Billionaires Index

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#358 Rich Devos $5.22B

Random fact: Bought Orlando Magic basketball team in 1991.

Overview

DeVos is a co-founder of Alticor, the parent of closely held direct-seller Amway. The Ada, Michigan-based company's products include Nutrilite vitamins, Artistry skin care and eSpring water filters, and are sold by 3 million independent business owners in 100 countries. He also owns the Orlando Magic basketball team.

As of Sept. 21, 2017:
Last change -$18.2M (-0.3%)
YTD change +$596M (+12.9%)
Industry Consumer
Biggest asset Amway
Citizenship United States
Age 91
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Rich Devos's net worth of $5.22B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
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 DeVos's fortune is derived from his 50 percent interest in Alticor, the parent company of Amway, a direct seller that had revenue of $8.8 billion in 2016, according to the company's website. Amway's valuation is based on the average enterprise value-to-Ebitda and enterprise value-to-sales multiples of four publicly traded peer companies: Avon Products, Tupperware Brands, Nu Skin Enterprises and Herbalife.

Alticor owns businesses outside of Amway. Its Amway Hotel Group has three hotels and more than 1,200 rooms. The valuation of these properties is based on 2016 room value data from the Penn State University Index of U.S. Hotel Values. It owns 20 percent of Interleuken Genetics, a publicly traded company, according to the company's 2016 proxy statement. Not enough information is available to value Alticor's other businesses, including Gurwitch Products, a makeup company Alticor paid Neiman Marcus $48 million for 51 percent of in 2006, as well as Kindex, a diabetes drug developer, and a series of other early stage biotech companies.

DeVos acquired the Orlando Magic basketball team for $85 million in 1991. The franchise is valued at about $600 million, according to Marc Ganis, president of Chicago-based consultancy company Sportscorp. He's also a minority owner of the Chicago Cubs baseball team, having bought a portion in 2015, according to a report by the Chicago Tribune newspaper citing the team's 2015 media guide. This stake isn't valued because ownership level and price paid hasn't been disclosed. His daughter-in-law, Betsy Devos, as part of her nomination as U.S. secretary of education, disclosed her stakes in Alticor and the Magic in January 2017. These are included in Richard Devos's net worth calculation because he's the founder of the family fortune and ultimately controls it.

Nick Wasmiller, a spokesman for Amway, declined to comment on the net worth calculation.

Biography

Birthdate: 3/4/1926
Family: Married, 4 children
Education: Grand Rapids Crstn High School, Graduated

Richard DeVos was born in Michigan in 1926. After serving in the U.S. Air Force for two years at the end of the World War II, he started a flight school and sold vitamins. Soon after, he and his partner, Jay Van Andel, opened a health-food store. DeVos and Van Andel started Amway in 1959, a company that would grow into a multibillion dollar direct-selling operation.

As the company grew, so did DeVos's profile and engagement in the political and philanthropic arena. He and his wife founded the Richard and Helen DeVos Foundation in 1970, donating to such groups as the Heritage Foundation and the Acton Institute for the Study of Religion and Liberty.

A supporter of anti-gay marriage initiatives, DeVos served on President Reagan's Commission on the HIV Epidemic, drawing the ire of gay-rights activists who criticized him for his views.

In 1991, he purchased the Orlando Magic basketball team. In 2015, he and his family bought a minority interest in the Chicago Cubs baseball team.

Milestones
  • 1926 Richard DeVos is born in Grand Rapids, Michigan.
  • 1944 Begins serving in the U.S. Air Force.
  • 1949 Forms Ja-Ri Corporation. Begins distributing consumer products.
  • 1953 Marries Helen Van Wesep.
  • 1959 Founds Amway with partner Jay Van Andel.
  • 1993 Steps down from running Amway.
  • 2000 Amway becomes a subsidiary of newly formed Alticor.
  • 2012 Suffers a mild stroke.