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Henry Kravis, known for his remarkable success in the world of finance, is an American billionaire and private equity investor. With a net worth that has skyrocketed over the years, Kravis is one of the most influential figures in the business industry.
He co-founded the renowned private equity firm Kohlberg Kravis Roberts & Co. (KKR) in 1976, alongside Jerome Kohlberg Jr. and George R. Roberts. Kravis played a pivotal role in pioneering leveraged buyouts and reshaping the landscape of corporate takeovers.
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What is Henry Kravis’s Net Worth and Salary in 2023?
Henry Kravis is an American businessman, investor, and philanthropist with an estimated net worth of $8 billion in 2023. Kohlberg Kravis Roberts (KKR), one of the biggest private equity companies in the world, was started with him in 1976.
Throughout his career, Kravis has participated in numerous leveraged buyouts and has invested in over 50 businesses. As a senior partner at KKR, he has earned over 3 billion dollars in checks and bonuses from the firm. In addition to his income, Kravis is known for his charitable work. In the last decade, he has donated over $1 billion.
Henry Kravis Overview: Why is Henry Kravis Famous?
Early Life and Education
Henry Kravis was born on January 6, 1944 in Tulsa, Oklahoma in 1944 into a family involved in the oil business. As a young student, he attended Eaglebrook School and later completed his high school education at the Loomis Chaffee School.
Kravis studied political science and economics at Claremont Men’s College, now Claremont McKenna College, in California.
During his time at Claremont, he did well in classes in political science and finance, and he also played competitive golf.
After completing his bachelor’s degree, Kravis went on to earn an MBA from Columbia University in 1969. At Columbia, he worked on Wall Street for Goldman Sachs and other financial companies.
Bear Stearns
Henry Kravis started his career at Bear Stearns, working with his cousin George Roberts under corporate finance manager Jerome Kohlberg, Jr.
During his time at Bear Stearns, Kravis honed his skills in bootstrap acquisition strategies, which later evolved into what is now known as leveraged buyouts.
Kravis and Roberts found undervalued small companies and helped them borrow money for expansion and acquisitions under Kohlberg’s direction.
The trio’s late 1960s and early 1970s agreements elevated Kravis to partner at 30.
Kohlberg Kravis Roberts & Co. (KKR) was founded in 1976 after Bear Stearns refused to support Kohlberg’s projects and instead created an independent leveraged buyout business.
Kohlberg Kravis Roberts
The firm managed private equity, credit, and real assets with strategic partners controlling hedge funds.
As of December 2021, KKR was in charge of $471 billion in assets and had 1,900 professionals working in 20 businesses worldwide. Kravis served as KKR’s Co-Chief Executive Officer until 2021.
Kravis helped develop the private equity industry and was involved in many high-profile leveraged buyouts, such as the $25 billion takeover of RJR Nabisco in 1988.
In October and November of a certain year, a big deal happened. It caused a lot of companies to compete with each other to buy RJR Nabisco. Eventually, RJR Nabisco got split up, with its tobacco part being sold and the other part called Nabisco joining General Foods. Nowadays, General Foods is a part of a big company called Mondelez.
Kravis’ success in the world of finance has earned him a net worth exceeding $7.5 billion as of 2022.
Philanthropy
With his wife, Marie-Josée Kravis, a well-known economist, the couple has given a lot of money to causes in:
- Education
- Arts
- Culture
- Community development
- Health care
- Science
Their charitable work has helped many people in New York and across the United States.
As a supporter of the arts, Henry Kravis has been very involved in charitable causes. He has chaired the Sloan Kettering Institute and helped fund the Marie-Josée Kravis Prize for New Music, one of the world’s most prestigious awards for new musicians.
The Kravises have also given money to the cutting-edge Center for Molecular Oncology at Memorial Sloan Kettering. This center aims to change how cancer is treated by creating personalized treatments based on patients’ tumors.
They have also given money to a transformative study center at Rockefeller University, where Mr. Kravis has served as vice-chair.
Mr. Kravis runs Sponsors for Educational Opportunity, a free eight-year program that mentors and tutors low-income kids. The program has a great track record of getting students into and through college.
The Kravis Leadership Institute at Claremont McKenna College conducts workshops, conferences, and programs about leadership and social innovation. It also supports innovative study on leadership.
Politics
Kravis has done a lot in the world of finance, but he has also been politically active, mostly backing the Republican party.
Over the years, he has helped raise a lot of money for and been a big friend of well-known Republicans like President George W. Bush and Senator John McCain.
In fact, Kravis was very important to President George H.W. Bush’s re-election campaign in 1992 because he gave a lot of money to the campaign.
Kravis and Lewis M. Eisenberg started the Republican Leadership Council in 1997. They did this because they knew how important it was to encourage leadership within the party.
He continued to support the party well into the 21st century, as shown by the $1 million he gave to President Donald Trump’s inauguration in 2017.
Personal Life
Henry Kravis has experienced a dynamic marital journey throughout his life. His first marriage to Helene Diane Hedi Shulman ended in divorce, but not before they had three children together:
- Harrison S. Kravis
- Robert R. Kravis
- Kimberly Kravis Schulhof
Unfortunately, Hedi passed away from cancer in 1997. Kravis then-married New York designer Carolyne Roehm in 1985, but their union also ended in divorce in 1993.
Kravis happily married Marie-Josée Drouin, a well-known Canadian economist, former columnist, and TV figure.
Marie-Josée is on the boards of several prestigious groups, such as
- Memorial Sloan-Kettering Cancer Center
- Robin Hood Foundation
- Museum of Modern Art
She is also the president of the Museum of Modern Art board of directors.
FAQs about Henry Kravis
How old is Henry Kravis?
Currently, Henry Kravis is 79 years old (6 January 1944).
Is Henry Kravis a billionaire?
Henry Kravis is an American investor and billionaire who co-founded KKR in 1976 and serves as its Co-Executive Chairman.
How did Henry Kravis make his money?
Henry Kravis got rich through leveraged buyouts. In 1976, he helped start the private equity company KKR and was its Co-Executive Chairman.
What is George Roberts net worth?
George Roberts, an American businessman, has an estimated net worth of $9 billion. He co-founded Kohlberg Kravis Roberts & Co. L.P. (KKR) in 1976 with his cousin Henry Kravis and Jerome Kohlberg Jr.
Conclusion
In conclusion, there is no doubt that Henry Kravis is a financial titan. His net worth says a lot about how successful he has been. Kravis, the co-founder of KKR, is known for his sharp business sense and ability to make smart investment decisions. His impressive wealth is a testament to his hard work and skill in identifying profitable opportunities.
It is undeniable that Henry Kravis works hard to help people through his nonprofit work. His impact in the business world goes beyond the money he has made. He is an example for people who want to get into business and investing.
