⬅ # 924 T.S. Kalyanaraman|# 926 Timur Turlov

# 925 Richard LeFrak 

$3.52B

Real Time Net Worth
as of 6/24/2024
$185.9k (0.01%)

# 925 Richard LeFrak 

$3.52B

Real Time Net Worth
as of 6/24/2024
$185.9k (0.01%)
OccupationCEO, LeFrak Organization
Source of WealthReal Estate
Age78
ResidenceNew York, New York
Marital StatusMarried
Children2
EducationBS, Amherst College; JD, Columbia University
Age-Adjusted Net Worth$1.04B
Richard LeFrak
Richard LeFrak
United States
Net worth: $3.52B

Self-Made Score 

Wealth History

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Biography

Overview

Richard S. LeFrak, born in 1945 in New York City, is an American billionaire businessman.
He became CEO of the LeFrak Organization in 2003, succeeding his father, Samuel J. LeFrak.
Under his leadership, the LeFrak Organization has become one of the largest real estate developers in the New York area, known for its focus on apartments for moderate-income tenants.
LeFrak's notable holdings include LeFrak City, a massive apartment complex in Queens, and SoLe Mia, a major mixed-use project in North Miami.
He has expanded the company's reach into luxury markets and diversified its portfolio beyond the New York tri-state area.
LeFrak is recognized as one of the biggest landlords in the New York area.

Early Life and Education

Richard S. LeFrak was born in 1945 in New York City to Samuel J. LeFrak, a prominent real estate developer.
He earned a B.A. from Amherst College, graduating cum laude, and later obtained a J.D. from Columbia University.
In 1998, LeFrak was awarded an honorary doctorate degree from Amherst College.

Career

LeFrak joined the family real estate firm in 1968 and was appointed president in 1975.
Following his father's death in 2003, he became chairman and CEO of the LeFrak Organization.
He spearheaded the development of Newport, a 600-acre neighborhood in Jersey City, transforming abandoned piers and rail yards into a vibrant community.
Under his leadership, the company expanded beyond New York, acquiring properties in California and Florida.
LeFrak's ventures include luxury mixed-use developments like the 1 Hotel Homes in South Beach, Miami.
He has been consistently ranked among the most influential figures in real estate.

Boards and Philanthropy

LeFrak serves on the board of directors of the Prostate Cancer Foundation and the board of trustees of the American Museum of Natural History.
He presides over the Richard S. and Karen LeFrak Charitable Foundation, supporting various charitable organizations.
Additionally, LeFrak has served on the boards of Smith & Wollensky, Amherst College, and Trinity School, among others.
He is committed to philanthropic endeavors and has contributed to numerous causes.
LeFrak has been a trustee of New York-Presbyterian Hospital since 2016.

Controversy

In 2017, a management company affiliated with LeFrak threatened to close St. Joseph's Chapel, the Catholic September 11 Memorial, due to rent disputes.
The situation sparked controversy and public outcry over the potential closure of the memorial.
It highlighted tensions between commercial interests and the preservation of sacred spaces.

Personal Life

Richard LeFrak is married to Karen Tucker, a children's author, and they reside in New York and Southampton.
The couple has two sons, James 'Jamie' Tucker LeFrak and Harrison 'Harry' Tucker LeFrak, both involved in managing LeFrak.
LeFrak's family is deeply rooted in the real estate business, with multiple generations contributing to its success.

Politics

LeFrak has been involved in political contributions, notably donating $100,000 to Donald Trump's 2020 presidential campaign.
He has described Trump as a 'dear friend,' reflecting their shared backgrounds in real estate development.
LeFrak's political affiliations have drawn attention given his significant business interests and connections.

How long would it take you to become as rich as Richard LeFrak?

If you started with $10,000 and invested an additional $500 each month at a 44.13% CAGR, it would take you 5 years to reach Richard LeFrak's net worth of $3.52B.

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 48.35% compared to 16.28% for the S&P 500 benchmark.

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Richard LeFrak 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 Richard LeFrak, Real Estate 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