Charles Schwab
$13.5B
Born
Jul 29, 1937
Age
88
Source of Wealth
Discount brokerage
Residence
Woodside, California
Citizenship
United States
Marital Status
Married
Children
5
Education
Master of Business Administration, Stanford Graduate School of Business; Bachelor of Arts/Science, Stanford University
- Charles Schwab is co-chairman and founder of the brokerage firm that bears his name.
- The company averages more than 7 million trades per day across 38 million client accounts worth $11 trillion.
- Schwab was CEO of the business until 2008 and still owns more than 5% of its stock.
- He founded the firm as a traditional brick-and-mortar brokerage in 1971, with $100,000 borrowed from his uncle.
- The business really took off when Schwab started charging half of what full-service brokers did, after an SEC deregulation of brokerage commissions.
- An avid collector of modern and contemporary art, Schwab once chaired the board of the San Francisco Museum of Modern Art.
- Schwab, who found out that he's dyslexic when his son was diagnosed, donates to support research in learning differences.
- Schwab's initial venture into the investing world was through a subscriber-based newsletter, the Investment Indicator, that Schwab founded with friends in 1963.
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