Ronald Perelman Net worth: $14 Billion
Ronald Perelman is an American entrepreneur, investor and philanthropist. He is the owner of MacAndrews & Forbes Holdings, and has also invested in several companies focusing on jewelry, photography, makeup, television, cigar, grocery, licorice, camping, banks, car and security among others. Perelman has an estimated net worth of $14 billion, and is considered to be one of the richest person in America and in the world as well.
Perelman was born on 1st January, 1943 in Greensboro, North Carolina to a Jewish family. His father, Raymond G. Perelman, managed the American Paper Products Corporation alongside his father and brother. After some time, Raymond left the company and acquired a manufacturer of structural steel known as Belmont Iron Works, later renamed Belmont Industries. Perelman, on the other hand, attended the University of Pennsylvania, where he majored in business just like his father. He graduated from the institution in 1964, and completed his masters two years later.
In 1961, Perelman and his father acquired the Esslinger Brewery for the price of $800,000. They sold the company 3 years later for a $1 million profit. During all the years that Perelman worked at Belmont Industries, he helped his father on numerous other deals that earned them millions of dollars. 12 years after he joined the company, Perelman formally assumed the role of Vice President. He, however, resigned from his position after his father showed no intention of stepping down. Perelman went on to New York and wasn’t in speaking terms with his father for the next 6 years.
In the year 1978, Perelman arranged for the purchase of Cohen-Hatfield Jewelers. He purchased control of the company with a $1.9 billion loan that he borrowed from his wife, Faith Golding. In just one year, he had sold the entire company’s retail locations. He also earned a total of $15 million after reducing the company to its lucrative wholesale jewelry division. His efforts and monies were then focused on the acquisition of MacAndrews & Forbes, distributor of chocolate and licorice extract. The investors and management of the company consistently turned down his bid to purchase the company, but Perelman was lucky enough to acquire the company that his father had failed to purchase ten years earlier.
MacAndrews & Forbes is now a holding company with interests in a wide range of portfolio of both private and public companies. Perelman is the sole owner of the MacAndrews & Forbes, and also serves as the Chairman and Chief Executive officer of the company.
Besides being a highly industrious businessman, Perelman is also an avid philanthropist, who has contributed millions of dollars towards various causes. Through MacAndrews & Forbes, he founded the Revlon/UCLA Women’s Cancer Research Program. In 2006, he made a donation of at least $60 million to a number of charitable groups.
In 2008, he made a donation of $50 million to the New York Presbyterian Hospital. In the same year, he was listed as the 26th largest donor in the United States. He is currently married to Anna Chapman, with whom he has 2 children. He has 6 other children from his previous marriages.