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Grizzly Bulls’ Billionaires Index

⬅ # 885 Richard LeFrak|# 887 Thomas Siebel ➡

# 886 Ira Rennert 

$3.69B

Real Time Net Worth
as of 7/25/2024

# 886 Ira Rennert 

$3.69B

Real Time Net Worth
as of 7/25/2024
OccupationFounder, Chair and CEO of Renco Group
Source of WealthInvestments
Age90
ResidenceNew York, New York
Marital StatusMarried
Children3
EducationBS, Brooklyn College; MBA, Leonard N. Stern School of Business
Age-Adjusted Net Worth$484.88M
Ira Rennert
Ira Rennert
United States
Net worth: $3.69B

Self-Made Score 

Wealth History

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Biography

Overview

Ira Leon Rennert, born May 31, 1934, is an American billionaire businessman, chairman, and CEO of Renco Group.
Rennert's wealth stems from founding Renco Group, an industrial empire with annual revenues of approximately $5 billion.
He gained prominence in the 1980s by investing in junk bonds, utilizing high-risk financing to acquire struggling companies.
Rennert's business holdings include AM General, Doe Run Company, and U.S. Magnesium Corp among others.
His career has been marked by both business successes and controversies, including legal disputes over financial practices and environmental concerns.
Rennert is known for his significant philanthropic contributions and active involvement in political donations, particularly supporting Republican candidates.

Background and Education

Rennert's parents were immigrants from Poland and Romania.
He graduated from Brooklyn College in 1954 and earned a master's degree from NYU's Stern School of Business in 1956.
While on Wall Street, Rennert served as a credit analyst and later founded I. L. Rennert & Co. in 1962.
However, his career faced setbacks, including censure from the National Association of Securities Dealers and license revocation in 1964 due to insufficient capital.
Rennert's entry into junk bond financing was influenced by Michael Milken's success in the 1980s, leading him to utilize high-yield bonds to finance acquisitions.
His strategy involved acquiring struggling companies and financing the acquisitions with junk bonds.

Transactions and Subsidiaries

In 1988, Rennert acquired WCI Steel from LTV Steel Co., eventually selling bonds totaling $300 million and paying significant dividends to Renco.
Renco's acquisition of US Magnesium in 1989 and subsequent bond issues led to legal disputes with the DOJ over hazardous waste and financial practices.
Renco purchased AM General in 1993 and later sold a majority stake to MacAndrews & Forbes Holdings in 2004.
Renco's environmental record, particularly with Doe Run Company, has faced scrutiny and legal challenges, including fines and lawsuits related to pollution.
Despite environmental controversies, Renco subsidiaries like US Magnesium have made substantial reductions in emissions and received awards for environmental improvements.
Renco's international holdings, like Doe Run Peru, have also faced environmental challenges and negative publicity.

Philanthropy and Political Activity

Rennert's charitable donations include funding academic chairs, establishing centers for study and research, and contributing to religious institutions and cultural centers.
Rennert is a major Republican donor, supporting candidates such as John McCain, Rudy Giuliani, and Donald Trump.
His philanthropic endeavors extend to religious and educational institutions, including Jewish studies and entrepreneurial finance programs.
Rennert's political donations, particularly to Republican causes, have drawn attention and speculation.
He and his wife Ingeborg have supported numerous causes, including healthcare research, educational initiatives, and cultural preservation.

Personal Life

Married to Ingeborg Hanna Rennert, he has three children: Tamara, Yonina, and Ari.
Rennert is a member of the Fifth Avenue Synagogue and actively participates in its activities.
His real estate holdings include a controversial mansion in Sagaponack, NY, known as Fairfield Pond.
The mansion, one of the largest in the U.S., boasts extravagant features and has faced criticism from locals for its size and alleged initial intended uses.
Rennert also owns properties in Manhattan and Israel, showcasing his diverse real estate portfolio.
Despite controversies surrounding his real estate ventures, Rennert remains an influential figure in both business and philanthropy.

How long would it take you to become as rich as Ira Rennert?

If you started with $10,000 and invested an additional $500 each month at a 44.11% CAGR, it would take you 5 years to reach Ira Rennert's net worth of $3.69B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 52.22% compared to 16.62% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Ira Rennert is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Ira Rennert, Investments is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey