Howard Schultz is an American businessman, entrepreneur, and philanthropist. He is the founder of Starbucks coffee company and was the owner of Seattle Supersonic NBA team. Here is a quick summary of Howard Schultz’s net worth in 2018, career and earnings.
Howard Schultz was born on July 19, 1953, in Brooklyn, New York. His father Fred Schultz was an Army trooper and a truck driver while his mother Elaine was a homemaker. He studied at Canarsie High School and did his graduation in communication from North Michigan University in 1975.
He married Sheri Kersch in 1982 and have two children, son Jordan, and daughter Addison.
After completing his graduation, Howard Schultz first worked in Xerox Corporation as a salesman and was later promoted to a sales representative. In 1979 he joined a Swedish drip coffee maker in1979 as General Manager responsible for US operations, and in 1982 he joined Starbucks coffee company as director of marketing.
When on a visit to Milan, Italy for Starbucks he found that coffee bars existed in every street of Milan which served espresso coffee. These bars also served as a meeting place for people. These were a part of a cultural ethos of Italy. He tried to introduce the Italian system in Starbucks, but he did not found support from management for his proposal.
He left Starbucks in 1985 and raised all the money he needed to open a store which he named ‘IIGiornale’ a name of an Italian newspaper. In 1988 he purchased the retail outlets of Starbucks for $3.8 million and made his company with a wide network of retail outlets.
On June 26, 1992, Starbucks floated an IPO to make it a limited company with still wider reach and turnover. Howard Schultz wrote two books on the in 1997 and 2011 on Starbucks. He wrote about how the company rose to an enviable position in the face of many problems and competition.
Howard Schultz owned ‘Seattle Supersonic team’ of NBA and was a co-founder of Maveron Investment Group. He was also pursuing social work to support initiatives for employment of uneducated and rehabilitation of military personnel in civilian life. He also funded an organisation to fight AIDS.
Awards & Achievements
In the year 1998 Howard Schultz was awarded- Israel 50th anniversary Tribute award Jerusalem Fund- for playing a key role in promoting a close alliance between US and Israel.
In the year 1999, Howard Schultz was awarded ‘National Leadership award for philanthropic and educational efforts to battle AIDS.
In the year 2004, he was awarded ‘International Distinguished entrepreneur award’ by University of Manitoba.
In the year 2007, he was awarded Rev. Theodore M. Hesburgh CSE award for ethics in business. In the same year, he was also awarded ‘First Responsible Capitalism award.’
In the year 2011 Fortune Magazine awarded him ‘2011 Business Person of the year for his initiative in economy and job market.
In 2017 he was awarded NAACP Legal Defence and Educational Fund- National Equal Justice award.
Net Worth of Howard Schultz
Howard Schultz Net worth is estimated at $3 billion. Major contributions to his net worth are from his earnings from Starbucks and his corporate compensation from the same.
He owned Seattle Supersonic team of NBA and was a co-founder of Maveron investment groups. He also wrote two books on how the Starbucks company rose from a single retail outlet to a multinational corporation. All these efforts contributed to his net worth.
Forbes Magazine ranked Howard Schultz as 232nd richest person in the US as of September 2016.
Howard Schultz has risen from an impoverished position, his father being a blue-collar worker, to an enviable position in the corporate world by dint of his hard work and acute business sense.
A business which he started mostly with borrowed funds grew by leap and bounds reinforced by his strong business ethics and an abundantly customer-oriented approach to serve his clients as a topmost priority. This built a great brand name for Starbucks. He said that he wanted to provide decent employment in his company to many, what his father could not get.
His liberal contribution to promoting employment, education, AIDS control and helping US military, shows his philanthropy and his exemplary corporate social responsibility for the society at large.