World's Richest People: 698 Robert Kraft

[mikey]

http://www.forbes.com/lists/2006/10/Name_16.html

#698 Robert Kraft
Age: 64
Fortune: self made
Source: Paper, packaging

Net Worth: 1.1

Country Of Citizenship: United States
Residence: Brookline, Massachusetts, United States, North America
Industry: Manufacturing
Marital Status: married, 4 children

Columbia University
Harvard University, Master of Business Administration

Observant Jewish father was dressmaker in Boston's Chinatown district, wanted Robert to be a rabbi. Went to Harvard Business School instead. Married Myra Hiatt, whose father ran packaging company Rand-Whitney. Joined, eventually bought company in 1972. Same year started International Forest Products: owns mills, manufactures and distributes paper and packaging products in 80 countries. Fulfilled lifelong desire to own pro football's New England Patriots in 1994, paying then-record $172 million. Sports franchise now a $1 billion dynasty: Super Bowl champs 2001, 2003, 2004. Likes team players: "If you keep the turkeys out of your life, then good things can happen."

.

 

[JR4]

Tid bit:

Was talking with a man who knows the Krafts pretty well.
They belong to some elite club together.
He did say that his wife Myra had the money in the early days.
Much of Bob's success is due to Myra.

 

[Hok]

It must be pretty cool to know that only 697 of the 6,500,000,000 on the planet have more money than you. Seriously.

 

[RxJock1120]

1.1 Billion thats it, I mean the Pats are worth around 900 million, Kraft Cheeze is only worth 200 million, that surprises me.

 

[PaulNEPats]

I have nothing but respect for Mr. Kraft. Around 7-8 years ago when all the games were sold out, my mother wrote him a letter telling him how much we wanted to go to a game.

Couple days later... we receive a call from his secretary saying that tickets would be waiting for us at the ticket office, at no cost.

I was already a fan for life but I certainly won't forget that. If anything, it solidified it.

 

[SoonerPatriot]

I guess this pretty much blunts the idiotic point Workhorse was trying to make that it's better to be Robert Irsay than it is Bob Kraft.

 

[flutie2phelan]

I guess this pretty much blunts the idiotic point Workhorse was trying to make that it's better to be Robert Irsay than it is Bob Kraft.

No Way
ya wanna be Robert Irsay.

He died in 1997.

Rather be Kraft ... even if you are only in 698th place in the league tables.

 

[SoonerPatriot]

No Way
ya wanna be Robert Irsay.

He died in 1997.

Rather be Kraft ... even if you are only in 698th place in the league tables.

Details details. I meant Jim. But whatever, they're both inconsequential losers.

 

[mikey]

1.1 Billion thats it, I mean the Pats are worth around 900 million, Kraft Cheeze is only worth 200 million, that surprises me.

Robert Kraft does not own Kraft food, which makes Kraft "cheeze".

Kraft owns a paper and packaging company (aside from the Patriots).

I am not sure about the paper industry, but I would surmise that it is a capital-intensive, high-debt, low-margin, and highly competitive market. I would also presume the paper industry is subject to intense foreign competition. This would explain why Kraft's other business companies is worth so little.

In contrast, the New England Patriots is a monopolistic enterprise that not subject to any government anti-trust regulation. The Pats has the entire New England markets pretty much cornered. This explains why Kraft's net worth is almost entirely made up of the football team and the stadium.

.

 

[PatsWickedPissah]

Boston magazine had an article on the 50 wealthiest Bostonians. Turns out I know 3 of the 50 billionaires. I've met Kraft several times (he likes my wife) and know Desh Despande and Dan Smith professionally from high tech ventures. All 3 interestingly enough are decent folk. It's surprising because most of the CEO types I've known are complete butt holes. Not those 3.

 

[flutie2phelan]

Boston magazine had an article on the 50 wealthiest Bostonians. Turns out I know 3 of the 50 billionaires. I've met Kraft several times (he likes my wife) and know Desh Despande and Dan Smith professionally from high tech ventures. All 3 interestingly enough are decent folk. It's surprising because most of the CEO types I've known are complete butt holes. Not those 3.

World of difference ... between entrepreneurs (who use their own money) and
high-level management executives (who use other peoples' money - as if it were theirs)!

 

[Terry Glenn is a cowgirl]

It must be pretty cool to know that only 697 of the 6,500,000,000 on the planet have more money than you. Seriously.

That list is as fugazi as the Steelers championship ring.

I could go on and on about the REAL rich families...but I won't start up the controversy.

 

[smg93]

Tid bit:

Was talking with a man who knows the Krafts pretty well.
They belong to some elite club together.
He did say that his wife Myra had the money in the early days.
Much of Bob's success is due to Myra.

I would grant that Mr. Kraft's wife may have had the money in the early days which provided for an excellent start. But with what he has done with the PATS, purchasing it for 172 m and having it valued at over a billion now, to say that much of his success is due to Myra and her family would be highly debatable. He couldn't have gone to Columbia then HBS if he wasn't pretty smart and industrious himself.