Glenn Youngkin's net worth is estimated at $470 million.
Overview
Glenn Youngkin's net worth stats
| Net worth: | $470 million |
|---|---|
| Source of wealth: | Carlyle Group, investments |
| Date of birth: | December 9, 1966 |
| Place of birth: | Richmond, Virginia |
How did Glenn Youngkin build his net worth?
Glenn Youngkin's net worth is primarily due to his 2% stake in the Carlyle Group, a private equity firm.
Described by Forbes as one of the nation's wealthiest politicians, Youngkin's net worth is estimated to be $470 million due to the value of his 2% stake (approximately $370 million) and $100 million of dividends from stock holdings in a portfolio of companies such as Apple, Alphabet and Microsoft, and more.
He beat out his democratic rival in November 2021 to earn a governor's salary of $175,000 a year, which pales compared to what he has in his bank account.
In January 2020, Youngkin received $8.5 million due to a deal code-named "Project Phoenix." Simultaneously, he exchanged $200 million worth of stock for an equal amount of tax-free shares. According to filings with the Securities and Exchange Commission, he forfeited more than $100 million in stock options after he left Carlyle to pursue his political fortunes. Still, he had received as remuneration $12 million in 2020, $16 million the previous year, and $37 million before that.
Youngkin and his wife successfully petitioned Fairfax County to designate the more than 30 acres of property around their horse farm in Great Falls as agricultural land, the Richmond Times-Dispatch reported. You could say that the nearly $152,000 saved in 2020/21 went directly into their bank accounts.
How has Glenn Youngkin spent his wealth?
Glenn Youngkin generously donated his first quarter's earnings to the Law Enforcement Assistance Program. That amounts to $43,750 for the nonprofit. This money went toward assisting first responders to recover from traumatic incidents incurred in their personal lives or while serving in the line of duty.
His farm comprised seven parcels of land, which have been assessed as being worth $6.5 million.
Youngkin spent $12 million of his own money to win the race for the governorship in 2021.
It seems that any information on Glenn's property holdings and any forms of personal transport is held close to his chest.
Free money making ideas
Start building up your net worth
Get our free guide to making money online and offline. Includes 90+ passive and active income stream ideas.
FAQs
How rich is Glenn Youngkin?
Glenn Youngkin is worth approximately $470 million thanks to his stock portfolio and stake in the Carlyle Group.
Is Glenn Youngkin a millionaire?
Yes, Glenn Youngkin is a millionaire and one of the wealthiest politicians in the Republican Party.
How did Glenn Youngkin make his money?
Glenn Youngkin made most of his fortune from his minority stake in the Carlyle Group, the multinational private equity and investment management company where he served as co-CEO with Kewsong Lee. Youngkin also owns a substantial stock portfolio, from which he earns dividends.
Image: Wikimedia
