Stewart Rahr’s profile picture

Stewart Rahr

Stewart Rahr’s profile picture
Net worth 2018: $2.2 Billion
Industry: Health care
Residence: New York, New York
Country: United States
BirthDay: 1946
Children: 2
Education: Bachelor of Arts / Science, New York University
BIOGRAPHY

Stewart Rahr was bornon 1946 in New York, New York, United States. Stewart Rahr is #1099 in List Billionaires People In The World. Stewart Rahr expanded Kinray, a pharmaceutical distributor his father founded in 1944 and sold it to Cardinal Health in 2010 for $1.3 billion in cash. Rahr is known for his extravagant lifestyle, which he funds through conservative investments in private equity, hedge funds and natural resources. After getting a bachelor's in history at NYU, he briefly attended NYU Law before dropping out to run the family business. He has a sizable art collection that includes works by Picasso, Damien Hirst, Jeff Koons and Alexander Calder.

NET WORTH STATISTIC
2009

$1.95 Billion

2010

$2.1 Billion

2011

$1.3 Billion

2012

$1.6 Billion

2013

$1.7 Billion

2014

$1.9 Billion

2015

$2.2 Billion

2016

$2.2 Billion

2017

$2.2 Billion

2018

$2.2 Billion

"Happiness just doesn't happen. You have to force yourself."

Stewart Rahr
TIMELINE
Stewart J. Rahr is an American entrepreneur, investor and philanthropist. A billionaire, Rahr was founder and owner of pharmaceutical and generics wholesaler Kinray, the largest privately owned pharmaceutical distributor in the world until it was bought out by Cardinal Health in 2010.Stewart Rahr was raised in a Jewish family in Far Rockaway section of Queens, New York. He has an older brother, Elliot. As a youth, he worked at his father's retail pharmacy store in Brooklyn and in 1963, he graduated from Poly Prep Country Day School also in Brooklyn. He graduated with a B.A. from New York University and attended New York University Law School before dropping out to take over his family's pharmacy business which then had $50,000 in sales.As the family business also served as a wholesaler for several other pharmacies, Rahr focused on the wholesaling side of the business. He expanded it into a large operation named Kinray Inc that served over 4,000 pharmacies in the Northeastern United States with revenues of over $5 billion. Rahr was able to grow the business rapidly through the stockpiling of pharmaceuticals, relying on drug price inflation to maximize his profit margin when he sold the extra inventory to retail pharmacies at a later date. This practice later became controversial due to consumer ethics issues, and pharmaceutical manufacturers now monitor their distributors to ensure that they do not hold more than one month's supply of any given drug. In 2010, Rahr sold Kinray to Cardinal Health for $1.3 billion. He became a "self-made billionaire" in this way.In 2012, Rahr donated $640,000 to the Israel Cancer Research Fund, the single largest source of private funds for cancer research in Israel.In late 2012, Rahr donated $100,000 to the Salvation Army for Hurricane Sandy relief efforts. He also donated $50,000 to help repair the Russian American Jewish Experience (RAJE) in Brighton Beach which was also severely damaged by Hurricane Sandy.Rahr is the largest individual donor to the Metro New York chapter of the Make-A-Wish Foundation. In 2013, Rahr donated $10 million to the Make-A-Wish Foundation, the largest contribution in its history.In November 2013, Rahr donated $15 million to the Prostate Cancer Foundation bringing his total contributions to PCF to over $25 million to help find a cure for the disease.In January 2014, Rahr sponsored the flight of 64 members of the Knesset to the memorial service at Auschwitz for Holocaust Remembrance Day.On a visit to Israel, Rahr donated 50 ambulances to United Hatzalah, an organization dedicated to improving response time to those in medical need throughout Israel.Rahr made a $500,000 donation to the North Shore Animal League America in 2014.In 1969, he married Carol K. Rahr. They had two children, Robert and Felicia. In 2012, they announced that they were divorcing. In 2013, Rahr agreed to pay Carol $250 million as a settlement.In November 2012, Rahr was banned from the restaurant Nobu in New York. Also in November 2012, Rahr allegedly pulled a gun on a Trump Tower elevator operator in midtown Manhattan. As a result, police took Rahr to the psychiatric ward of St. Luke's-Roosevelt Hospital Center for evaluation and confiscated his guns. Rahr was released the same day and no criminal charges were pressed against him.Rahr has an apartment in the Trump Park Avenue building. In 2005, Rahr purchased a house in The Hamptons for $45 million, reportedly the highest price ever paid in the state of New York for a single-family home. He sold a 32nd-floor apartment at 422 East 72nd Street in 2013.
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