⬅ # 395 Pang Kang|# 397 Viktor Kharitonin

# 396 Robert Rich Jr 

$6.95B

Real Time Net Worth
as of 6/24/2024

# 396 Robert Rich Jr 

$6.95B

Real Time Net Worth
as of 6/24/2024
OccupationChair, Rich Products
Source of WealthFrozen Foods
Age83
ResidenceIslamorada, Florida
Marital StatusMarried
Children4
EducationMBA, Simon School of Business; BS, Williams College
Age-Adjusted Net Worth$1.47B
Robert Rich Jr
Robert Rich Jr
United States
Net worth: $6.95B

Self-Made Score 

Wealth History

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Biography

Early Life and Education

Robert E. Rich Jr. was born on January 25, 1941, in the United States.
He graduated from Williams College with a bachelor's degree in 1963.
In 1969, he earned an MBA degree with honors from Simon Business School.

Career at Rich Products

Rich Jr. joined Rich Products, his father's company, in 1964.
He became President of Rich's American headquarters in 1969, establishing the company's first marketing department.
In 1978, he was appointed President of Rich Products.
Upon his father's death in 2006, Robert Jr. assumed the role of chairman of the board of Rich Products.
In August 2022, he transitioned to the position of Senior Chairman.

Business Ventures

Rich Products, founded in 1945 by his father, became well-known for innovations such as the first nondairy whipped cream.
The company produces a wide range of food items including cakes, icings, pizza dough, and meatballs.
Robert Rich Jr. owns an estimated 75% of Rich Products, a privately-held company based in Buffalo, New York.

Outside Activities and Affiliations

In 1969, Rich became an investor and member of the inaugural board of directors of the Buffalo Sabres of the NHL.
He later served as Vice Chairman of the Buffalo Sabres.
In 1983, Rich Products Corp. acquired the Buffalo Bisons minor league baseball team, where Rich serves as chairman.
He also chairs the Northwest Arkansas Naturals and the West Virginia Black Bears, both affiliated with Major League Baseball teams.
Rich has chaired various industry organizations including the National Frozen Food Association, the Uniform Code Council, the Grocery Manufacturers Association, and ENACTUS.
He was elected to the board of directors of Cleveland Clinic in 2002 and served as Chairman from 2011 to 2019.

Philanthropy and Personal Life

Rich is married to Mindy, who serves as vice chairman of Rich Products.
The couple has four children.
Robert Rich Jr. is an author of six books, with proceeds donated to various charities including the Cystic Fibrosis Foundation and Boys and Girls Clubs of Western New York.
Politically, he identifies as an Independent.

How long would it take you to become as rich as Robert Rich Jr?

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 Robert Rich Jr's net worth of $6.95B.

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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Robert Rich Jr 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 Robert Rich Jr, Frozen Foods 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