Marc Rich’s profile picture

Marc Rich

Marc Rich’s profile picture
Net worth 2018: $1 Billion
Industry: Investments
Country: United States
BirthDay: 18 December 1934
Sigh: Capricorn
Died On: 26/06/2013
Children: 2
Education: Drop Out, New York University
BIOGRAPHY

Marc Rich was bornon 18 December 1934 in United States. NYU dropout started career in mail room of Philipp Brothers in 1954. With long-term partner Pincus Green, built Phibro into world's largest trader of oil, grain, metals. Left mid-1970s, founded Marc Rich & Co. Fled to Europe 1983 after being indicted for trading with Iran during hostage crisis, evading $50 million in taxes. Duo pardoned by Clinton 2001. Born in Antwerp, Belgium 1934, spent childhood in Philadelphia, Kansas City, New York. Now resides in Switzerland; has given more than $100 million to Jewish causes and leukemia research. Lost millions to Madoff. Net worth estimate likely low. Recent book by Swiss journalist Daniel Ammann says Rich revealed in interviews his extensive dealings with Iran, Cuba, South Africa; said he provided intelligence to U.S. diplomats about regimes while on the run.

NET WORTH STATISTIC
2010

$1 Billion

2018

$1 Billion

TIMELINE
2017

In 5 November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that Appleby had worked for Rich and Glencore on major projects in the past, even after his indictment in 1983

2016

”On November 1, 2016, the FBI released documents related to the pardon, stating it was an FOIA release

2013

Rich died of a stroke on June 26, 2013, at a Lucerne hospital

2011

Until the 2011 Glencore IPO, and the Glencore/Xstrata merger of 2013, Glencore was run as a private partnership

2008

The Chaim Sheba Medical Center at Tel Hashomer in suburban Tel-Aviv, Israel, honored Rich with the Sheba Humanitarian Award 2008

2007

He received the same honor from Ben-Gurion University of the Negev, Beersheba, Israel, on 18 November 2007

2005

Six months later he married Gisela Rossi, although that marriage also ended in divorce, in 2005

2002

Ivan Glasenberg was appointed chief executive in 2002

2001

In a February 18, 2001 op-ed essay in The New York Times, Clinton (by then out of office) explained why he had pardoned Rich, noting that U

1996

The couple divorced in 1996; she continued to use the name Denise Rich

1993

It was created in March 1993, the name acquired from an existing company registered in Amsterdam

1991

Although Rich believed that he had relinquished his United States citizenship when he became a citizen of Spain, an appeals court ruled in 1991 that, for purposes of U

1985

In 1985, Rich helped with the compensation to the families of the victims of Israelis from Ras Burka in the Sinai

1984

trade sanctions against his deals with Iran while Rich was living in Switzerland, Rich arranged for Davis to sell Rich's interest in 20th Century Fox to Rupert Murdoch for $250 million during March 1984

1983

In 1983 Rich and partner Pincus Green were indicted on 65 criminal counts, including income tax evasion, wire fraud, racketeering, and trading with Iran during the oil embargo (at a time when Iranian revolutionaries were still holding American citizens hostage)

1981

Rich and Marvin Davis bought 20th Century Fox in 1981

1979

Later, following the overthrow of Mohammad Reza Pahlavi, the Shah of Iran, during the Iranian Revolution in 1979, Rich used his special relationship with Ayatollah Khomeini, the leader of the revolution, to buy oil from Iran despite the American embargo

1974

Following the merger, while Glencore's website says that the company was founded in 1974, there is no mention of the actual founder, Marc Rich

1973

"One of his biggest market coups came during the 1973-1974 Arab oil embargo, when he used his Middle Eastern contacts to circumvent the embargo and buy crude oil from Iran and Iraq

1970

Nicknamed "the King of Oil" by his business partners, Rich has been said to have expanded the spot market for crude oil in the early 1970s, drawing business away from the larger established oil companies that had relied on traditional long-term contracts for future purchases

1966

Rich married Denise Eisenberg, a songwriter and heir to a New England shoe manufacturing fortune, in 1966

1954

He later attended New York University, but dropped out after one semester to go work for Philipp Brothers (now known as Phibro LLC) in 1954 where he worked with Pincus Green

1950

His father opened a jewelry store in Kansas City, Missouri, then moved the family to Queens, New York City in 1950, where he started a company that imported Bengali jute to make burlap bags, and later started a business trading agricultural products and helped found the American Bolivian Bank

1941

His parents were working-class Jews who emigrated with their son to the United States in 1941 to escape the Nazis

1934

Rich was born in 1934 to a Jewish family in Antwerp, Belgium

20

He was best known for developing modern 20th century financial markets for commodities and founding the commodities company Glencore

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