Akio Toyoda was born on 3 May 1956, in Nagoya, Archi Prefecture, Japan, and is the great- grandson of Sakichi Toyoda, who founded what was originally Toyoda Automatic Loom Works and which became incorporated as Toyota in 1937. The family keep close tabs on the positions of ultimate authority within the company.
So just how rich is Akio Toyoda? Sources estimate that Akio’s net worth is now well over $1 billion – including company shares alone being worth almost $300 million – his wealth having been accumulated partly through inheriting the senior positions in Toyota, and partly through his own efforts in improving the profitability of the company since he took over as president in 2009. However, Toyoda is reputed to have earned a salary package of over $1 billion in the latest financial year, which includes further shares in the company, so his overall net worth is likely to rise as well. He is currently ranked in the top 30 richest Japanese citizens by Forbes magazine.
Akio Toyoda Net Worth $1 Billion
Akio graduated from Keio University in 1979 with a law degree, and then with an MBA from Babson College, Massachusetts USA in 1982. During his time in the US, Akio served as the Executive Vice President at NUMMI, Toyota’s joint operation with General Motors in California, dealing with both car and truck manufacturing.
Akio formally joined Toyota in Japan in 1984, and served in various positions as he moved upwards in the company. In 2000 he was appointed to Toyota’s board of directors, and in 2005 he was promoted to executive vice president. He renewed his association with the North American arm of operations in 2008, being appointed Chairman and CEO. However, in 2009, Akio became the President and CEO of the whole company, supplanting Katsuaki Watanabe, whose performance in the top position was assessed as being below requirements anyway.
Toyoda is credited with leading his company through very difficult economic times, brought about successively by global recession, recalls, and the 2011 earthquake and tsunami which struck Japan. He is quoted as saying that he didn’t think that he had the ability to do the job so well – too young (most of the vice-presidents were 10 years older than him) and therefore not up to the task, and didn’t really deserve it, only being there because of his family connections, but of course is immensely pleased to have proved himself wrong.
Akio Toyoda is now ranked within the top 30 most powerful people in the world, as Toyota is again ranked number one car maker in world in car sales, and is the most profitable in the world with $228 billion in revenue, (Volkswagen $222 billion) over $19 billion profit in 2014-15, the sixth most profitable company in the world.
As to the future, Akio Toyoda is known to favor hydrogen fuel cell technology in its next generation of vehicles over battery-powered cars, which could be an interesting contest between leading world car makers. However, Toyoda’s philosophy is that he wants to make his company “…the greatest car manufacturer, rather than the biggest…”. Perhaps his net worth will also rise even further as he attempts to achieve this goal – who is to say that he will not succeed.
In his personal life, Akio Toyoda remains single; little else is known of his private affairs.
