Arnold Palmer's net worth

The estimated net worth of Arnold Palmer at the time of his death was $875 million.

Early life

Arnold Palmer, AKA Arnold Kevin NMI Palmer, was born on September 10, 1929, in Latrobe, Pennsylvania. His parents were Doris and Milfred Jerome Palmer. Palmer attended Wake Forest College.

Education

Palmer attended Wake Forest College on a golfing scholarship. After the death of his friend, Bud Worsham, Palmer left college and enlisted in the U.S. Coast Guard. During his time serving, he built a 9-hole course. After 3 years, he returned to college and golf.

Family life

Palmer was married to Winnie Walzer until she died in 1999, after which he married Kathleen Gawthrop. Palmer died in 2016 and is survived by two children.

How did Arnold Palmer build his net worth?

Considered one of the best golfers of all time, it is estimated that Arnold Palmer was worth approximately $875 million when he died. Adjusting for inflation, he would be worth approximately $1.3 billion in today's money.

Among his many titles and accolades, Palmer was the first person to make a million dollars from golf.

Professional golf

Arnold Palmer was a prolific golf player. He won the PGA tour 62 times and the Championship Tour ten.

Jack Niklaus, Garry Player, and Arnold Palmer formed the Big Three, making golf the worldwide commercial success it is today. Palmer started his career as an amateur, choosing to go professional in 1954 at the age of 25 after winning the US Amateur in Detroit. The following year he won the Canadian Open, bagging $2,400 of prize money.

In 1958, he made his first big win, taking $11,250 in prize money at the 1958 Masters Tournament. In 1960, Palmer partnered with sporting agent Mark McCormack, and together they began the golf marketing work that would set golf onto the global center stage.

He was awarded PGA Player of the Year in 1960 and 1962. Endorsements, licensing royalties, and course design fees took these earnings up to $1.3 billion. Over a golf career that spanned 52 years, Palmer earned $3.6 million in prizes on the PGA and Championship Tours.

Palmer continued to earn millions of dollars from endorsements even after his death in 2016 at the age of 87. His estate had contracts with 39 license holders. Forbes reported that Palmer's estate had grown by $40 million in the year following his death. Michael Jackson is the only person to make more in the year following his death.

Endorsements and other income

Arnold Palmer was the proud owner of several golf courses and clubs. He designed more than 300 golf courses across 25 countries. China's first modern golf course, built in 1988, was among his designs. He promoted apparel and other consumer goods.

Palmer loved cars and owned several car dealerships selling mostly Cadillacs and Buicks.

Arnold Palmer beverages launched in 2001 in partnership with Arizona Beverages, carrying his name and image. They were based on his favorite drink, iced tea and lemonade.

How has Arnold Palmer spent his wealth?

Considering the size of Arnold Palmer's estate at his death, he appears to have been relatively thrifty in life. His four-bedroomed house hit the market in 2019 for $880,000. It was built on a property he bought in 1957.

Palmer owned car dealerships that specialized in Buick and Cadillac, both brands that he endorsed. He is fondly remembered driving his Eldorado all over the links in the mid-1970s.

FAQs

How rich was Arnold Palmer?

Arnold Palmer was estimated to be have been worth approximately $875 million at the time of his death in 2016.

Was Arnold Palmer a millionaire?

Yes. Arnold Palmer was a millionaire. He was the first golfer to earn $1 million from golf.

Was Arnold Palmer a billionaire?

Although he was not a billionaire at the time of his death, he would be a billionaire today if his net worth was adjusted for inflation

Was Arnold Palmer born rich?

Arnold Palmer was not born into wealth. His father was a greenskeeper at Latrobe Country Club.