⬅ # 335 Jack Dangermond|# 337 Wolfgang Herz

# 336 Ken Langone 

$8.20B

Real Time Net Worth
as of 5/18/2024
$12.0M (0.15%)

# 336 Ken Langone 

$8.20B

Real Time Net Worth
as of 5/18/2024
$12.0M (0.15%)
OccupationCofounder, The Home Depot
Source of WealthInvestments
Age88
ResidenceSands Point, New York
Marital StatusMarried
Children3
EducationBS, Bucknell University; MBA, Leonard N. Stern School of Business
Age-Adjusted Net Worth$1.23B
Ken Langone
Ken Langone
United States
Net worth: $8.20B

Self-Made Score 

Wealth History

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Biography

Early Life

Kenneth Gerard Langone Sr. was born on September 16, 1935, in Roslyn Heights, New York, to Italian American parents.
Langone's father was a plumber, and his mother worked as a cafeteria worker.
He attended Bucknell University and later the New York University Stern School of Business.
Langone dug ditches for the Long Island Expressway before pursuing his education at Bucknell University, where he studied economics.
After two years in the U.S. Army, Langone began his career on Wall Street in the early 1960s at R.W. Pressprich.
In 1968, he played a significant role in taking Ross Perot Sr.'s Electronic Data Systems public, marking a milestone in his career.

Business Ventures

In 1974, Langone established the venture capital firm Invemed.
He co-founded Home Depot in 1978 alongside Arthur Blank and Bernard Marcus, making a pivotal early investment in the company.
Langone served on the board of directors of General Electric from 1999 to 2005.
He was chairman of the New York Stock Exchange's Compensation Committee from 1999 to 2003, and was involved in the controversy surrounding Richard Grasso's pay package.

Philanthropy and Personal Life

Langone and his wife, Elaine Langone, have three children: Kenneth G. Jr., Stephen, and Bruce Langone.
He is a devout Catholic and has contributed financially to the church, including sitting on the board of St. Patrick's Cathedral.
Langone has been a generous philanthropist, donating extensively to various causes.
He pledged $200 million to NYU Langone Health in the past and pledged $100 million to NYU School of Medicine in August 2018.
Langone has also supported educational initiatives, including making significant donations to Bucknell University.

Political Involvement and Donations

Langone is a major donor to the Republican Party and describes himself as a loyal Republican.
He has supported various Republican candidates, including Rudy Giuliani, Mitt Romney, and Donald Trump.
Langone has been critical of policies such as single-payer healthcare, free college tuition, and guaranteed minimum income, which he views as socialist.
He was involved in Ross Perot's 1992 presidential campaign and has been a prominent figure in Republican fundraising efforts.
In July 2022, Langone helped found a group of U.S. business and policy leaders aiming to improve U.S.-China relations.

How long would it take you to become as rich as Ken Langone?

If you started with $10,000 and invested an additional $500 each month at a 44.10% CAGR, it would take you 5 years to reach Ken Langone's net worth of $8.20B.

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 42.76% compared to 11.89% for the S&P 500 benchmark.

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Ken Langone 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 Ken Langone, 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