Charles Butt Net Worth

Charles Clarence Butt Net Worth

Real Name: Charles Clarence Butt
Date of Birth: 02/03/1938
Place of Birth: San Antonio, Texas

2019 Net Worth: $11.3 Billion
2018 Earnings: $1.25 Billion

Profession: Owner of grocery store chain HEB

Charles Butt Biography

Charles Butt was born in San Antonio, Texas. His grandmother, Florence Butt, founded H.E. Butt Grocery in 1905 from a small house in Kerrville, Texas, after Butts grandfather was diagnosed with tuberculosis, which made him unable to work and support his family. The supermarket chain is named after Charles’ father, Howard E. Butt. Butt worked from the time he was 8 years old, as a bag boy, for his grandmother’s store. He went to college at the University of Pennsylvania, where he earned a BA in Arts/Science, then attended Harvard Business School, where he received an MBA.

Butt began to run the family business in 1971 and remains the majority shareholder, with two siblings and two nephews having a stake in the company as well. The HEB grocery chain now has more than 500 stores with locations in Texas, Louisiana and northern Mexico, and employs more than 56,000 people.  Headquarters remain in San Antonio. The company’s Central Market stores, which feature organic and gourmet foods, are fierce completion for Whole Foods stores.

HEB donates 5 percent of its pretax profits to charity each year and has annual sales of around $15 billion. Butt is waging a fierce battle with Wal-Mart for Texas market share. Butt was very angry when Wal-Mart ran ads stating that, by shopping at Wal-Mart- shoppers would save more than $700 dollars each year. In response, Butt has begun to offer services Wal-Mart does not including flower delivery, life, health, and pet insurance, and defensive driving lessons. These additions have paid off well for Butt as their earnings have greatly increased at these locations.

Butt shows that hard work and smart planning can pay off big. The company’s motto, “Here, Everything is Better”, certainly seems to be a winning slogan with the public, as well as for the Butt family. With a current net worth of $11.3 billion and more store openings in the works, Butt is sure to increase his family’s net worth and earnings in the foreseeable future.

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