Eric Smidt

$17.92 B

Ranked #147 in World

About Eric Smidt

Eric L. Smidt, a titanic figure in retail hardware, serves as Chairman and CEO of Harbor Freight Tools, spearheading its growth to over 1,400 stores nationwide with $7 billion in sales as of 2023. An entrepreneur who began with a mail-order tool company in 1977, Smidt revolutionized the industry by bypassing intermediaries, sending tools directly to consumers. His philanthropic efforts, through The Smidt Foundation, bolster skilled trades education in American high schools and address a spectrum of public service causes. Smidt's diverse interests extend to modern art and political engagement within the Los Angeles community.

Born

January 01, 1960

Age

66 years

Source Of Wealth

Hardware Stores

Industries

Fashion & Retail

Citizenship

United States

Residence

Beverly Hills, California

Eric L. Smidt was born in 1960. Information about his early years and childhood is not publicly available.

Eric Smidt: Family

Eric L. Smidt's parents were involved in the founding of Harbor Freight Tools. However, in 2010, they sued him for allegedly "looting" the company.

Eric Smidt: Career Highlights

Started Harbor Freight Tools with his father in 1977 as a mail-order tool business.
Introduced the company's defining innovation of cutting out the middleman and sending tools directly from factories to customers.
Named president at age 25 in 1985, becoming CEO in 1999.
Listed as one of Ernst & Young's Entrepreneurs of the Year in 2001.
Implemented a company-wide reinvigoration plan in 2008, leading to new products and lower prices.

Eric Smidt: Companies

Eric L. Smidt is the Chairman and CEO of Harbor Freight Tools, a company he started with his father in 1977. Harbor Freight Tools operates over 1,400 retail hardware stores in 48 states and generates $7 billion in sales as of 2023.

Eric Smidt: Major Achievements

Transformed Harbor Freight Tools from a small mail-order business into a multi-billion dollar retail chain.
Introduced innovative business practices such as cutting out the middleman and direct sourcing from factories.
Led the company's expansion to over 1,400 stores nationwide.
Established The Smidt Foundation, which supports skilled trades education and various philanthropic causes.

Eric Smidt: Awards & Achievements

Ernst & Young's Entrepreneur of the Year (2001)
Outstanding Corporate Partner Award from the National Coalition for Homeless Veterans

Eric Smidt: Personal Life & Legacy

Collector of modern art and serves on the board of the Los Angeles County Museum of Art.
Prominent Los Angeles Democrat, hosting fundraisers for Bill and Hillary Clinton.
Friend of former Mayor of Los Angeles Antonio Villaraigosa, helping pay down the Mayor's ethics fines.
Purchased a $350-million megayacht in 2022.

Eric Smidt: Trivia

Donated Harbor Freight's supply of N95 masks, face shields, and gloves to hospitals during the COVID-19 pandemic.

Donated $5 million to the Holocaust Museum LA to double its campus.
Sued by his parents in 2010 for "looting" Harbor Freight Tools.

Wealth History

Timeline

1960

Eric L. Smidt is born.

1977

Eric Smidt and his father start Harbor Freight Tools as a mail-order tool business.

1985

Eric Smidt is named president of Harbor Freight Tools at age 25.

1999

Eric Smidt becomes CEO of Harbor Freight Tools.

2001

Eric Smidt is listed as one of Ernst & Young's Entrepreneurs of the Year.

2008

Eric Smidt implements a company-wide reinvigoration plan at Harbor Freight Tools, leading to new products and lower prices.

2010

Eric Smidt is sued by his parents for 'looting' Harbor Freight Tools.

2012

Eric Smidt contributes $114,300 to Democratic campaigns.

2022

Eric Smidt purchases a $350-million megayacht.

Eric Smidt : FAQs

What is Eric Smidt's current net worth?

Eric Smidt's current net worth is $17.92 billion.

What is Eric Smidt's current global rank among billionaires?

Eric Smidt holds the 147th position globally among billionaires.

What is Eric Smidt's current ranking within the United States?

Eric Smidt holds the 58th position in United States.

What was the change in Eric Smidt's net worth compared to the previous year?

Eric Smidt's net worth decreased by 0 million dollars compared to the previous year 2025, when his net worth was 17.92 billion dollars.

What are Eric Smidt's main sources of wealth?

Eric Smidt's main source of income comes from Hardware Stores.

In which industry does Eric Smidt primarily operate?

Eric Smidt is primarily involved in the Fashion & Retail industry.

How old is Eric Smidt?

Eric Smidt is 66 years old.

Who is Eric L. Smidt and what is his role at Harbor Freight Tools?

Eric L. Smidt is the Chairman and CEO of Harbor Freight Tools, a company that operates over 1,400 retail hardware stores across 48 states and generates approximately $7 billion in sales as of 2023.

How did Eric L. Smidt's leadership transform Harbor Freight Tools?

Eric L. Smidt introduced cutting out the middleman as the company’s defining innovation, allowing tools to be sent directly from factories to customers. He also implemented a company-wide reinvigoration plan in 2008, which introduced new products and resulted in lower prices.

What is the Harbor Freight Tools for Schools program?

Harbor Freight Tools for Schools is a signature program of The Smidt Foundation that supports skilled trades education in U.S. public high schools. It awards over $1 million annually to skilled trades teachers and schools, among its various charitable initiatives.

What philanthropic contributions has Eric L. Smidt made to education and communities?

Eric L. Smidt, through The Smidt Foundation and Harbor Freight Tools for Schools, has made numerous donations including funding a new vocational high school in Los Angeles, donating to Los Angeles Unified School District's Career Technical Education program, and providing gifts to vocational schools and disaster relief efforts.

What legal issues has Eric L. Smidt faced and what are his notable personal interests?

Eric L. Smidt was sued by his parents in 2010 with allegations of 'looting' Harbor Freight Tools. He is also known for his passion for modern art, serving on the board of the Los Angeles County Museum of Art, and for his political contributions, mainly to the Democratic Party.