Rank #991
John Middleton
Net worth $4.3B
Tobacco · United States
- Born
- Mar 02, 1955
- Age
- 71
- Source
- Tobacco
- Residence
- Bryn Mawr, Pennsylvania
- Citizenship
- United States
- Marital status
- Married
- Children
- 2
- Education
- Bachelor of Arts/Science, Amherst College; Master of Business Administration, Harvard University
Net worth over time
Biography
- John Middleton made his fortune selling his family's storied tobacco business to Philip Morris' parent, Altria, in 2007 for $2.9 billion in cash.
- The original business, John Middleton Inc., was founded as a small retail tobacco shop in Philadelphia in 1856 by his great-great-grandfather.
- The company began manufacturing cigarettes in the 1950s and launched the Black & Mild cigar brand in 1980.
- Middleton bought out his relatives' stakes in the company in 2003 for about $200 million amid tobacco lawsuits that threatened to harm the business.
- Middleton has a nearly 50% stake in the Philadelphia Phillies baseball team.
- His sister sued him, claiming he cheated her out of her inheritance. Middleton objected the claims, and they reached a reported $22 million settlement.