Richard M. Schulze Net Worth

February 2, 2023
1 min read

Richard Michael Schulze was born in January 1941, in Saint Paul, Minnesota USA, and is a businessman probably best known as founder of The Richard M. Schulze Family Foundation, and also founder of the retail company entitled Best Buy, in which he has also served as the CEO and chairman. Schulze has been ranked 722nd in the list of the world’s billionaires, and 157th richest person in the US by Forbes magazine. He is also known for his philanthropic efforts.

How much is the net worth of Richard Schulze? It has been reported by authoritative sources that the overall size of his wealth is as much as $3.1 billion, as of the data given in the middle of 2017. The multinational consumer electronics corporation Best Buy is the major source of Schulze’s fortune net worth, which began building in the mid-1960s.

Richard M. Schulze Net Worth $3.1 Billion

To begin with, Richard M. Schulze grew up in Saint Paul, raised in Catholic household, and was educated at St. Paul Central High School from 1958, but he left without matriculating. He completed his military service in the Minnesota Air National Guard. Later, Richard M. Schulze was awarded an honorary degree from the University of St. Thomas.

Concerning his professional career, Schulze, together with his business partner Gary Smoliak, founded the American retail company Best Buy in 1966. Best Buy is a leading provider of technology products, services and solutions. The company offers expert service at an unbeatable price more than 1.5 billion times a year to the consumers, small business owners and educators. The Company now grown to employ over 155,000 employees, generating and sales of over $50 billion. From 1966 to 2002, Schulze served as the CEO and later as a Member of the Board of the retail company Best Buy. According to Forbes Magazine, Schulze is one of the richest Americans and was first listed in The World’s Billionaires in 2005. In 2012, Schulze had to resign from the position of the chairman and CEO after he had a relationship with an employee. Currently, he owns 20% of the retail company Best Buy; he has made several attempts to buy more, but failed. Subsequently in 2013, it was announced that he now held the position of the chairman emeritus. Overall, the corporation is headquartered in Minnesota, Best Buy remains the major source of Richard Schulze’s net worth.

Finally, in the personal life of the businessman, he married Sandra J. Schulze and lived with her until her death (2001); they had four children together. Later, he married Maureen Schulze and they have six children. They now live in Bonita Springs, Florida.

Schulze is well known for his philanthropic activities – he established his own family foundation for supporting education, and in 2005 Schulze Hall was built on the grounds of the University of St. Thomas. It includes The Schulze School of Entrepreneurship and the UST School of Law. He serves on the Board of Governors of the above mentioned school.

Daniel Wanburg

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications.

At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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