Frederick Smith Net WorthReal Name: Frederick Smith
Date of Birth: 08/11/1944
Place of Birth: Marks, Mississippi
2017 Net Worth: $4.1 Billion
2016 Earnings: $13.7 Million
Profession: Founder of FedEx
Frederick Smith Biography
Frederick “Fred” Smith was born in August of 1944 in Marks, Mississippi. His father died when he was 4, leaving the boy to be raised by his mother and uncles. He was crippled by a bone disease but completely regained his health by the time he was 10. He showed great interest in flying and earned his pilot’s license when he was still a teenager attending Memphis University High School.
Smith attended Yale University where he wrote a paper for his economics class, outlining an overnight delivery service in the computer information age. He received only a “C” grade because his teacher told him that his idea was not feasible. The idea Smith expressed on his paper became the base idea for FedEx. Smith received a bachelor’s degree in 1966, and he served in the US Marine Corps after graduation where he got first-hand experience using the logistics system employed by the military.
Smith purchased a controlling interest in Ark Aviation Sales, a company which did aircraft maintenance, in 1970 using some of the money he received as his inheritance and some of his own money. The early years were tough for the company, with Smith telling people that he went to Las Vegas at one time and played blackjack to pay some of the company’s bills. Today, FedEx is one of the largest overnight express delivery companies in the world.
Smith was offered a job by his college friend, President George W. Bush, as the US Defense Secretary, but he declined. In addition to his successful FedEx business, Smith is also the co-owner of the NFL’s Washington Redskins.
Although he has had several legal issues lately, including indictments for forgery and a deadly hit and run accident, Smith shows no signs of slowing down or retreating into retirement. Smith has 10 children and lives with his second wife in Memphis, Tennessee. His current net worth is a remarkable $4.1 billion, up from last year.