Eric Smidt Net Worth (Updated 2024)

What is Eric Smidt’s Net Worth?

Eric Smidt, the chairman and CEO of Harbor Freight Tools, has an estimated net worth of $7.5 billion. Smidt’s wealth is primarily derived from his ownership of Harbor Freight Tools, a company he co-founded with his father in 1977. The business started as a mail-order tool company and has since evolved into a major retail empire.

Under Smidt’s leadership, the company has expanded rapidly, opening new stores at a rate of up to two per week. This expansion has been fueled by the company’s strategy of cutting out the middleman, allowing it to offer lower prices and attract a large customer base.

In addition to his retail ventures, Smidt has a diverse real estate portfolio, including the Knoll Estate in Beverly Hills, valued at an estimated $54 million. His investments in real estate further contribute to his substantial net worth.

Moreover, Smidt’s philanthropic work, especially through The Smidt Foundation, shows his commitment to giving back. The foundation, which reported close to $300 million in assets as of the end of 2021, supports various causes, including education and disaster relief.

Here’s the breakdown of Eric Smidt’s net worth:

Name:	Eric Smidt
Net Worth:	$7.5 Billion
Date of Birth:	1960
Profession:	Businessperson

If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.

Early Life

Eric L. Smidt was born in 1960 in Los Angeles, California. His early years were marked by significant challenges. When Eric was nine years old, his father, overwhelmed by caring for Eric’s mother who had multiple sclerosis, sent him to an orphanage. 

After four years, Eric went to live with an aunt in Tennessee for two years before returning home. 

At the age of 16, he moved into his own apartment. Despite these hardships, Eric persevered and graduated from Grant High School in Van Nuys, a public school in Los Angeles.

Career

Eric Smidt’s career began in 1977 when, as a teenager, he co-founded Harbor Freight Tools with his father, Allan Smidt. The company started as a small mail-order tool business in North Hollywood, California. 

Under Eric’s leadership, Harbor Freight Tools grew significantly. He introduced the company’s defining innovation of cutting out the middleman, allowing tools to be sent directly from factories to customers.

In 1985, at the age of 25, Smidt became president of Harbor Freight Tools. He later assumed the role of CEO in 1999. Under his guidance, the company has expanded to operate over 1,500 retail hardware stores across 48 states in the United States, generating approximately $8 billion in annual sales as of 2023.

Philanthropy

Eric Smidt, through The Smidt Foundation, has made significant philanthropic contributions. The foundation’s signature program, Harbor Freight Tools for Schools, supports skilled trades education in U.S. public high schools. As of 2023, The Smidt Foundation has given more than $6 million to teachers and their programs through the Harbor Freight Tools for Schools Prize for Teaching Excellence.

In 2018, The Smidt Foundation made a $50 million gift to Cedars-Sinai Medical Center to establish the Smidt Heart Institute. This donation, the largest single gift received by Cedars-Sinai at the time, was earmarked for cardiovascular disease and cardiology research efforts.

In 2020, during the COVID-19 pandemic, Smidt directed Harbor Freight to donate its entire supply of N95 masks, face shields, and nitrile gloves to hospitals with 24-hour emergency rooms.

Personal Life

Eric Smidt is known for his passion for modern art and serves on the board of the Los Angeles County Museum of Art. He is married to Susan Smidt, and together they have made significant contributions to various causes.

In the political sphere, Smidt is a prominent Los Angeles Democrat who has hosted fundraiser dinners for both Bill and Hillary Clinton. He has also made substantial political contributions, including $114,300 to Democratic campaigns in 2012.