Frank Stronach

$1.50 B

Ranked #1561 in World

About Frank Stronach

Frank Stronach, born on September 6, 1932, in Kleinsemmering, Styria, Austria, stands as a notable figure in the global business landscape with Austrian and Canadian citizenships. His early departure from school to apprentice as a tool and die maker, following his immigration to Canada in 1954, paved the way for his pioneering journey in the automotive parts industry through founding Multimatic Investments Ltd. in 1956, which evolved into Magna International Ltd. by 1973. Besides his impressive business career, Stronach ventured into politics, ran for the Canadian federal election in 1988, and later introduced Team Stronach to the Austrian political scene in 2012. His contributions to thoroughbred horse racing and philanthropy, including a $2 million commitment after Hurricane Katrina, reflect a diverse portfolio of interests and impacts. Stronach's life intertwines substantial business acumen with earnest political and social endeavors, earning him an honorary Order of Canada in 1999.

Born

September 06, 1932 in Kleinsemmering, Styria, Austria

Age

93 years

Source Of Wealth

Auto Parts

Industries

Automotive

Citizenship

Canada

Residence

Aurora

Spouse

Elfriede Sallmutter

Children

Belinda, Andrew

Frank Stronach, born as Franz Strohsack on September 6, 1932, in Kleinsemmering, Styria, Austria, came from a working-class background. His childhood was marked by the hardships of the Great Depression and World War II. Despite these challenges, Stronach left school at the age of 14 to begin an apprenticeship as a tool and die maker, demonstrating his determination and resilience from an early age.

Frank Stronach: Family

Stronach married Elfriede Sallmutter, and together they have two children: Belinda and Andrew. His family has played a significant role in his life and business endeavors, with Belinda becoming a prominent figure in the horse racing industry.

Frank Stronach: Career Highlights

Stronach's business career took off when he founded Multimatic Investments Ltd. in 1956. His major breakthrough came in 1969 when he acquired his first automotive parts contract and merged with Magna Electronics. In 1973, he changed the company's name to Magna International Ltd., which has since become a global leader in the automotive parts manufacturing industry. Today, Stronach serves as the non-executive chairman of Magna International, holding multiple-voting shares that give him control over the majority voting power, despite owning only 4% of Magna's equity.

Frank Stronach: Companies

Stronach's business ventures extend beyond Magna International. He founded Magna Europa in 1986, headquartered in Oberwaltersdorf, Austria. Additionally, he co-founded The Stronach Group with his daughter Belinda in 2011, which owns several horse racing brands and is involved in pari-mutuel technology. Stronach has also been involved in various other industries, including football (soccer) and real estate development.

Frank Stronach: Major Achievements

Stronach's major achievements include building Magna International into a global automotive parts manufacturing giant. He has also made significant contributions to the horse racing industry, winning numerous awards and honors, including Eclipse Awards and Sovereign Awards. Furthermore, Stronach's philanthropic efforts, such as his commitment to providing housing for displaced people affected by Hurricane Katrina, demonstrate his dedication to social causes.

Frank Stronach: Awards & Achievements

Stronach has received numerous awards and recognitions for his business acumen and contributions to society.

He was made a member of the Order of Canada in 1999 and awarded an honorary Doctor of Engineering by Kettering University in 1997. Additionally, he has won several Eclipse Awards and Sovereign Awards for his achievements in horse racing.

Frank Stronach: Personal Life & Legacy

Stronach's personal life revolves around his family and his passion for business and horse racing. He is known for his strong work ethic and determination, which have been instrumental in his success. Stronach's legacy lies in his entrepreneurial spirit, his contributions to the automotive industry, and his involvement in horse racing, leaving a lasting impact on these fields.

Frank Stronach: Trivia

Stronach's involvement in Austrian politics was marked by his proposal to establish a new political party and his advocacy for tax, health, and education reform. Despite initial success, his party dissolved in 2017. Additionally, Stronach's main sponsorship of FK Austria Vienna from 1999 to 2005 resulted in only two Austrian Championship wins for the club, leading to his withdrawal due to opposition.

Wealth History

Timeline

September 6, 1932

Frank Stronach is born in Kleinsemmering, Styria, Austria.

1954

Frank Stronach immigrates to Canada and settles in Ontario.

1956

Frank Stronach founds Multimatic Investments Ltd.

1969

Frank Stronach acquires his first automotive parts contract and merges with Magna Electronics.

1973

Frank Stronach changes the company name to Magna International Ltd.

1986

Frank Stronach founds Magna Europa in Oberwaltersdorf, Austria.

1988

Frank Stronach runs as a Liberal Party candidate in the Canadian federal election but is defeated.

1997

Frank Stronach proposes building an amusement park in Ebreichsdorf, Austria, but the project fails due to public opposition.

1998

Frank Stronach acquires Steyr-Daimler-Puch in Austria and prevents the establishment of works councils.

1999

Frank Stronach becomes the main sponsor of FK Austria Vienna, a football (soccer) club.

1999

Frank Stronach is made a member of the Order of Canada.

2003

Frank Stronach plans to take over VOEST in Austria, but the project fails.

2004

Frank Stronach inaugurates the Magna Racino leisure center and show jumping site in Ebreichsdorf, Austria.

2005

Frank Stronach withdraws from FK Austria Vienna due to opposition.

2009

Frank Stronach closes the Frank Stronach Football Academy.

2011

Frank Stronach co-founds The Stronach Group with his daughter Belinda.

2011

Frank Stronach enters Austrian politics and proposes establishing a new political party.

2012

Frank Stronach launches Team Stronach in Austria and wins 11 seats in the 2013 national election.

2013

Frank Stronach becomes a member of the Austrian parliament but passes on the seat by 2014.

2017

Frank Stronach's political party, Team Stronach, is dissolved.

October 2018

Frank Stronach sues the Stronach Group.

Frank Stronach : FAQs

What is Frank Stronach's net worth?

As of 2018, Frank Stronach's net worth was $1.50 billion.

What are Frank Stronach's main sources of wealth?

Frank Stronach's main source of income comes from Auto Parts.

In which industry does Frank Stronach primarily operate?

Frank Stronach is primarily involved in the Automotive industry.

How old is Frank Stronach?

Frank Stronach is 93 years old.

How many children does Frank Stronach have?

Frank Stronach has 2 children.

USD

Rupee

92.71

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