David Sainsbury’s profile picture

David Sainsbury

David Sainsbury’s profile picture
Net worth 2018: $1.1 Billion
BirthDay: 24 October 1940
Sigh: Scorpio
Children: 3
Education: Bachelor of Arts / Science, University of Cambridge; Master of Business Administration, Columbia Business School
BIOGRAPHY

David Sainsbury was bornon 24 October 1940 in United Kingdom. David Sainsbury inherited his stake in $36 billion-in-sales Sainsbury's in 2000 from his father. It's the second largest retail chain in Britain. Sainsbury ran the company as the firm's finance director and then chairman for 6 years before stepping down from the widely diverse company (supermarkets, convenience stores, banks, and even a streaming-video division) to join the U. K. government. Sainsbury, known formally as the Lord of Turville, spent eight years as Minister of Science, resigning in 2006. He's donated both to political causes and philanthropic ones--giving money to the British Labour Party as well as funding neurology and botanology research and African economic development projects. He was elected chancellor of Cambridge in 2011.

NET WORTH STATISTIC
2010

$1.1 Billion

2011

$1.3 Billion

2012

$1.1 Billion

2013

$1.1 Billion

2014

$1.3 Billion

2015

$1.1 Billion

2018

$1.1 Billion

TIMELINE
2017

After the 2017 general election Sainsbury announced he will no longer provide financial backing to party political causes, but will donate to charitable causes

2016

During 2016 he had donated £260,000 to Progress in addition to backing "Remain" organisations

2013

"In 2013, together with his wife Susie, joined the Giving Pledge, the group started by Warren Buffett and Bill and Melinda Gates, pledging to donate half his fortune to charitable trusts during his lifetime

2011

5% turnout and he was confirmed to the position on 16 October 2011

2009

In 2009, he allocated a further £465 million to the foundation, making him the first Briton to donate more than £1 billion to charity

2008

He was also made an honorary fellow of the Royal Society in 2008

2007

He donated a further £2 million on 7 September 2007, stating that he was impressed by Gordon Brown's leadership and believed "that Labour is the only party which is committed to delivering both social justice and economic prosperity"

2006

On 10 November 2006, he resigned as Science Minister, stating that he wanted to focus on business and charity work

2005

Sainsbury has donated £127 million of the Gatsby Charitable Foundation's money to Cambridge University in the last decade: he gave £45 million to the Cambridge University Botanic Garden in 2005

2001

Between 2001 and 2011 he provided £2 million of funding for Progress

2000

surpassed only by a 2000 gift to the university by the Bill and Melinda Gates Foundation

1998

From July 1998 to November 2006, he held the post of Parliamentary Under-Secretary of State at the Department of Trade and Industry, as the Minister for Science and Innovation in the House of Lords, a government position for which he accepted no salary

1997

A year later, he entered the House of Lords as a Labour peer, being created Baron Sainsbury of Turville, of Turville in the County of Buckinghamshire on 3 October 1997

1996

Between 1996, the year he rejoined Labour, and 2006, when he stood down as a government minister, Sainsbury donated £16 million to the Labour Party, usually in batches of £1 million or £2 million each year

1994

He was also appointed as a Honorary Fellow of the Royal Academy of Engineering in 1994

1993

In 1993, he donated £200 million of Sainsbury's shares to the Foundation's assets

1992

On JD Sainsbury's retirement as chairman and chief executive on 2 November 1992, David Sainsbury became chairman

1990

That party was wound up in 1990, and Sainsbury changed allegiance back to the Labour Party, rejoining them in 1996

1987

He set up the Sainsbury Management Fellowship scheme in 1987 to develop UK engineers into leaders in industry

1984

He was Chair of Savacentre from 1984 to 1993, during which time the hypermarkets business grew slowly

1983

After the 1983 election Sainsbury prompted the party to give more priority to recruiting members and finding a firm financial base; he was by far the biggest donor to the party, and a trustee, giving about £750,000 between 1981 and 1987

1981

David Sainsbury joined the Labour Party in the 1960s, but was one of the 100 signatories of the 'Limehouse Declaration' in an advertisement in The Guardian on 5 February 1981; he went on to be a member of the Social Democratic Party formed by the authors of the Declaration

1973

He was the group's Finance Director from 1973 to 1990, during which time the company grew rapidly

1971

He was Financial Controller from 1971 to 1973, just before the company's flotation

1969

John Davan Sainsbury became chairman in 1969 on Sir Robert Sainsbury's retirement

1967

David Sainsbury founded the Gatsby Charitable Foundation in 1967

1940

David John Sainsbury, Baron Sainsbury of Turville, FRS, HonFREng (born 24 October 1940) is a British businessman and politician

1938

His elder sister was Elizabeth (married name Clark, 19 July 1938 – 14 August 1977) and his younger sisters are Celia and Annabel

1869

His great-grandparents, John James Sainsbury and Mary Ann Staples, established a grocer's at 173 Drury Lane in 1869 which became the British supermarket chain Sainsbury's

1547

The Manor once belonged to the abbey at St Albans, but was seized by the Crown in the Dissolution of the Monasteries in 1547

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