Table of Contents
What is Eric Schmidt’s Net Worth?
Eric Schmidt, a prominent American businessman and former CEO of Google, has an estimated s net worth of $33.6 billion, placing him among the wealthiest individuals globally.
Schmidt’s wealth primarily stems from his long tenure at Google, where he served as CEO from 2001 to 2011 and later as executive chairman until 2015. His substantial ownership stake in Alphabet Inc., Google’s parent company, is a significant contributor to his net worth. Schmidt holds around 1% of Alphabet’s shares, which have appreciated considerably, especially with the recent surge in the company’s stock price driven by advancements in artificial intelligence. Over the years, he has sold billions of dollars worth of Alphabet stock, further bolstering his financial standing.
In addition to his Google-related wealth, Schmidt has diversified his investments across various sectors. He owns a 20% stake in the hedge fund D.E. Shaw & Co., which manages $60 billion in assets.
His investment portfolio also includes stakes in numerous technology startups and companies through his investment firms, TomorrowVentures and Innovation Endeavors.
Here’s the breakdown of Eric Schmidt’s net worth:
Name: | Eric Schmidt |
Net Worth: | $33.6 Billion |
Date of Birth: | April 27, 1955 |
Profession: | Electrical engineer, Engineer, Businessperson, Software Engineer |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Eric Emerson Schmidt was born on April 27, 1955, in Falls Church, Virginia. He grew up in Falls Church and Blacksburg, Virginia, as one of three sons of Eleanor, who had a master’s degree in psychology, and Wilson Emerson Schmidt, a professor of international economics at Virginia Tech and Johns Hopkins University.
His father’s work at the U.S. Treasury Department during the Nixon Administration and his time spent in Italy during his childhood significantly influenced Schmidt’s outlook on life.
Schmidt graduated from Yorktown High School in Arlington County, Virginia, in 1972, where he earned eight varsity letter awards in long-distance running.
He then attended Princeton University, initially majoring in architecture before switching to electrical engineering, earning a Bachelor of Science in Engineering degree in 1976. Schmidt continued his education at the University of California, Berkeley, where he earned a Master of Science degree in 1979 and a Ph.D. in computer science in 1982, focusing on managing distributed software development and tools for solving these problems.
Early Career
Before joining Google, Eric Schmidt held several significant positions in the technology industry. He began his career with technical roles at Byzromotti Design, Bell Labs, Zilog, and the Xerox Palo Alto Research Center (PARC). During his summers at Bell Labs, Schmidt co-authored Lex, a software program used in compiler construction.
In 1983, he joined Sun Microsystems as the first software manager and rose through the ranks to become the president of Sun Technology Enterprises.
In April 1997, Schmidt became the CEO and chairman of the board of Novell, a software and services company.
However, his tenure at Novell was marked by challenges as the company’s IPX protocol was replaced by open TCP/IP products, leading to his departure in 2001 after the acquisition of Cambridge Technology Partners.
Eric Schmidt’s most notable career move came in 2001 when he was recruited by Google founders Larry Page and Sergey Brin to serve as the company’s CEO.
Schmidt joined Google’s board of directors as chair in March 2001 and became CEO in August of the same year. Under his leadership, Google transformed from a Silicon Valley startup into a global technology leader.
Schmidt shared responsibility for daily operations with Page and Brin, focusing on building corporate infrastructure and maintaining rapid growth while ensuring quality.
He served as Google’s CEO until 2011, then as executive chairman until 2015, and as executive chairman of Alphabet Inc., Google’s parent company, from 2015 to 2018.
Schmidt’s tenure at Google was marked by significant advancements in the company’s infrastructure, product diversification, and a strong culture of innovation.
Apple Board
Eric Schmidt joined Apple’s board of directors in August 2006, a position he held until August 2009. His tenure on the board was marked by increasing conflicts of interest as Google and Apple began to compete more directly, particularly with the introduction of Google’s Android operating system, which rivaled Apple’s iOS.
Schmidt’s effectiveness as an Apple board member was significantly diminished as he had to recuse himself from larger portions of meetings due to these conflicts.
Ultimately, Schmidt resigned from Apple’s board, a decision mutually agreed upon by him and Apple CEO Steve Jobs, to avoid further conflicts as the two companies’ core businesses increasingly overlapped.
Recruiting Scandal
Eric Schmidt was involved in a notable Silicon Valley scandal regarding anti-poaching agreements between major tech companies, including Google, Apple, Adobe, Intel, and Intuit. These companies had agreements not to poach each other’s employees, which came to light through a series of email exchanges.
In one instance, Steve Jobs personally asked Schmidt to stop Google’s recruiting department from contacting Apple employees. Schmidt responded by ensuring that the recruiter involved was terminated. This practice was against federal law, leading to a federal investigation and a class-action lawsuit.
Eric Schmidt’s substantial wealth is significantly tied to his ownership stake in Alphabet Inc., the parent company of Google. He holds approximately 1% of Alphabet’s shares, which have appreciated considerably over the years, especially with the company’s advancements in artificial intelligence and other technologies.
Schmidt has also sold billions of dollars worth of Alphabet stock over time, further bolstering his financial standing. His strategic investments and continued involvement in various technology ventures have ensured the growth and diversification of his wealth.
Politics
Eric Schmidt has been an influential figure in American politics, particularly within the Democratic Party. Over the years, he has made substantial political contributions, focusing on progressive causes and Democratic candidates.
Since 2016, Schmidt has donated over $13 million to Democratic campaigns and political action committees, with significant contributions during the 2020 election cycle, where he donated $8.5 million.
Schmidt has also provided technological support to Democratic campaigns through his startup, STAC Labs, which offers data and voter analysis services to state Democratic parties.
He has held advisory roles under multiple presidential administrations, including serving on President Obama’s Council of Advisors on Science and Technology.
More recently, Schmidt has been involved in shaping public policy related to artificial intelligence and technology through his work with the National Security Commission on AI and the Special Competitive Studies Project, a think tank he founded to focus on emerging technologies and their implications for national security.
His deep connections in Washington have allowed him to play a significant role in policy discussions, particularly those concerning technology and innovation.
Personal Life
Schmidt and his wife have committed significant resources to various charitable initiatives, including the Schmidt Futures program, which supports scientific and technological research.
In 2019, Schmidt pledged an additional $1 billion to charity, emphasizing his commitment to fostering talent and innovation worldwide.
His philanthropic efforts reflect his broader interest in leveraging technology and education to address global challenges.
Real Estate
Eric Schmidt’s primary residence is a five-bedroom home in Atherton, California, which he purchased for $2 million in 1990. The property, now valued at approximately $6.97 million, features over 4,800 square feet of living space and a swimming pool. In addition to his Atherton home, Schmidt owns several high-value properties across the United States.
In Southern California, Schmidt owns a 7,000-square-foot home in Montecito, purchased from Ellen DeGeneres and Portia de Rossi for $20 million in 2007.
He also acquired a French chateau in Los Angeles’ Holmby Hills neighborhood for $31 million in 2014. On the East Coast, Schmidt owns a $15 million penthouse in New York City’s Flatiron District and a historic mansion in Washington, D.C.’s Georgetown neighborhood, once home to Jackie Kennedy.
His real estate holdings extend to Miami Beach, where he has invested over $114 million in waterfront properties on the Sunset Islands since 2020.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
