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Grizzly Bulls’ Billionaires Index

⬅ # 424 Finn Rausing|# 426 Bruce Kovner ➡

# 425 Thomas Hagen 

$6.89B

Real Time Net Worth
as of 6/29/2024
$3.6M (0.05%)

# 425 Thomas Hagen 

$6.89B

Real Time Net Worth
as of 6/29/2024
$3.6M (0.05%)
OccupationOwner, Erie Insurance Group
Source of WealthInsurance
Age88
ResidenceErie, Pennsylvania
Marital StatusWidowed
Children2
EducationBS, Ohio State University
Age-Adjusted Net Worth$1.04B
Thomas Hagen
Thomas Hagen
United States
Net worth: $6.89B

Self-Made Score 

Wealth History

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Biography

Overview

Thomas Bailey Hagen was born on September 19, 1935 in Buffalo.
He attended Penn State Behrend from 1953 to 1955, and earned a bachelor's degree from Ohio State University in 1957.
Hagen has worked for Erie for over 40 years.
He served as CEO of Erie Insurance Group from 1990 to 1993.
Hagen was Secretary of Commerce and Secretary of Community & Economic Development for Pennsylvania from January 1995 to March 1997.

Family and Personal Life

Hagen was married to Susan Hirt Hagen, daughter of Erie Insurance's co-founder H. O. Hirt.
Susan Hagen, Erie's longest serving director, passed away in June 2015.
They had two children: Jonathan Hirt Hagen and Sarah Hagen McWilliams.

Philanthropy

In 2017, Hagen donated $1.5 million to Mercyhurst University's history department, which was renamed in his honor.

Company History

Erie Insurance Group, headquartered in Erie, Pennsylvania, was co-founded by Hagen's late wife Susan's father, H. O. Hirt, and O. G. Crawford.
The company, initially conceived in a 10-cent notebook in 1925, has grown into one of the nation's largest insurance firms.
It began operations on April 20, 1925, as Erie Insurance Exchange, focusing on auto insurance.
Over the years, Erie expanded its offerings to include home, business, and life insurance.
Notable milestones include being listed on NASDAQ as 'ERIE' in 1995 and making the Fortune 500 list in 2003.

Company Overview

Erie Insurance Group is a property and casualty insurance company operating in 12 states and the District of Columbia.
As of 2021, Erie Insurance Group is ranked 347th on the Fortune 500 list.
It boasts more than 6 million policies in force and is rated A+ (Superior) by A.M. Best.
The company sells its products exclusively through a network of over 2,200 independent agencies.

Notable Contributions

Erie Insurance Group has been involved in restoration efforts in Erie, Pennsylvania.
In 2021, the Thomas B. Hagen Building was opened by Erie Insurance.
The company also donated to the creation of Mercyhurst University's history department, which now bears Hagen's name.

How long would it take you to become as rich as Thomas Hagen?

If you started with $10,000 and invested an additional $500 each month at a 44.06% CAGR, it would take you 5 years to reach Thomas Hagen's net worth of $6.89B.

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 48.24% compared to 16.19% for the S&P 500 benchmark.

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Thomas Hagen 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 Thomas Hagen, Insurance 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