Bloomberg Billionaires Index

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#284 Bob Rich $5.70B

Random fact: His father developed the first frozen nondairy whipped topping.

Overview

Rich is the majority owner of Rich Products, a frozen food company based in Buffalo, New York. The closely held business his father founded in 1945 sells more than 4,000 products including desserts, pizzas, shrimp, baked goods and beverages to caterers, bakeries and retailers in more than 100 countries. It had revenue of $3.6 billion in 2016, according to the company.

As of July 26, 2017:
Last change -$79.5M (-1.4%)
YTD change +$409M (+7.7%)
Industry Food & Beverage
Biggest asset Rich Products Corp.
Citizenship United States
Age 76
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Bob Rich's net worth of $5.70B can buy ...

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troy ounces of gold
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barrels of crude oil

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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
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Misc. liabilities
Confidence rating:

The majority of Rich's wealth is derived from his 75 percent stake in Rich Products, a Buffalo, New York-based frozen food company his father founded in 1945. The closely held business had revenue of $3.6 billion in 2016, according to its website. It's valued using the average enterprise value-to-sales and enterprise value-to-Ebitda multiples of four publicly traded peer companies: Pinnacle Foods, Nestle, J&J Snack Foods and Kellogg.

The billionaire also owns two minor league baseball teams, a minor league hockey team, three restaurants and a golf club. Those assets aren't included in his net worth calculation due to a lack of financial information about them.

Biography

Birthdate: 1/25/1941
Family: Married, 4 children
Education: 1969, University of Rochester, MBA 1963, Williams College, Bachelor's Degree

Robert E. Rich Jr was born in Buffalo, New York, to Rich Products founder Robert Rich Sr. and his wife, Janet. He graduated from Williams College in 1963 and received an MBA from the University of Rochester's Simon School of Business six years later. After graduating, he played professional hockey for the Buffalo Bisons minor league team as a back-up goalkeeper and tried out for the 1964 U.S. Olympic team. He was unsuccessful, and soon joined the family's frozen food business as president of its Canadian subsidiary.

The company's origins trace to 1945, when Robert Sr. was serving as Michigan's War Food Administrator during World War II. Tipped off about research being done on the different properties of soybeans, he put together a laboratory team and developed "Rich Whip," the first non-dairy whipped topping.

When Rich Jr. joined the business in 1964, the company had expanded to other non-dairy products, such as coffee creamer and a commercial line of frozen eclairs and cream puffs. In 1969, the elder Rich sold the family's dairy farm, Wilber Farms Dairy, to fund the company's expansion. They became the first father-and-son to enter the Frozen Food Industry Hall of Fame in 1996. Rich Sr. died ten years later at the age of 92.

Rich Jr. became president of the company in 1978 and chairman in 2006. In addition to his 75 percent interest in Rich Products, he owns two minor league baseball teams and his former hockey team, the Buffalo Bisons. He's also authored five books, including three on fishing, one novel and a self-help guide to attaining happiness.

The billionaire lives in Florida. He has eight grandchildren and three of his four children work for the family business.

Milestones
  • 1945 Father, Rich Sr. founds Rich Products Corporation.
  • 1963 Graduates with a bachelor's degree from Williams College.
  • 1964 Tries out for the U.S. Olympic hockey team.
  • 1964 Begins working at Rich Products as president of its Canadian subsidiary.
  • 1969 Receives MBA from the University of Rochester Simon School of Business.
  • 1978 Becomes president of Rich's.
  • 1984 Son Robert plays Robert Redford's son in movie "The Natural."
  • 2011 Publishes "The Right Angle: Tales From a Sporting Life."