Franz Strohsack was born on the 6th September 1932, in Kleinsemmering, Styria, Austria, and as Frank Stronach is a Canadian businessman and politician, probably best known for being the founder of the global auto parts manufacturing giant Magna International Inc. as well as one of the biggest thoroughbred horse racing companies in the world – Stronach Group. He is also the founder and the honorary chairman of Team Stronach, an Austrian political party.
Have you ever wondered how much wealth this veteran industrialist has accumulated so far? How rich Frank Stronach is? According to sources, it is estimated that the total of Frank Stronach’s net worth, as of mid-2017, revolves around the sum of $1.5 billion his impressive wealth acquired through his lucrative business endeavors which began in 1957.
Frank Stronach Net Worth $1.47 billion
Frank was born into a working-class family, and grew up in Austria during World War II. Although he enrolled at high school, at the age of 14 he abandoned it in order to begin his apprenticeship as a tool-and-die maker. At the age of 22 in 1954, Frank immigrated to Canada, initially to Montreal, but later transferring to Quebec before, finally settling in Ontario. He landed his first job at a hospital where he served as a dishwasher, but three years later in 1957, Frank launched his own company named Multimatic Investments Ltd., which provided the basis for his, nowadays quite impressive, net worth.
In 1969, Frank enlarged his business empire when he acquired Magna Electronics, which in 1973 rebranded to Magna International Inc. In the course of the next several decades, under Frank’s visionary leadership and several prosperous mergers, Magna International Inc. positioned itself among the global leaders in the auto parts manufacturing industry – it currently employs 159,000 people with annual revenue of over $36 billion. It is certain that this venture has provided the major part of Frank Stronach’s huge wealth.
Frank is also the founder and owner of the Stronach Group, a horse racing and gambling holding company which is the largest thoroughbred racing conglomerate on the American continent. He also owns several racetracks, including Florida’s Gulfstream Park as well as Santa Anita in California. Apart from those already mentioned above, Frank’s assets also include the 95,000-acre Adena Ranch where he’s ranching grass-fed cattle and processing beef, which is later distributed across the states to retail outlets, and delivered to a the chain of his own restaurants. Doubtlessly, all these accomplishments have impacted Frank Stronach’s net worth in a positive manner, further increasing the size of his wealth.
Besides business, over the years Frank Stronach has also put some efforts towards his career in politics – in 2012 he launched the Team Stronach for Austria political party, which proposes health, tax as well as education reform through “intellectual revolution”, and abandoning the euro as an official currency.
When it comes to his personal life, Frank Stronach is married to Elfriede Sallmutter with whom he welcomed two children, a daughter Belinda who serves as Magna’s CEO and son Andrew who chairs Adena Springs Farm’s breeding operations.
