Marc Rich

$1.00 B

Ranked #937 in World

About Marc Rich

Marc Rich, a notable figure in the international commodities trading sphere and the founder of Glencore, passed away in 2013 at 78. Born in Belgium in 1934 and a Holocaust survivor, Rich moved to the U.S. in 1941, later dropping out of New York University to enter the commodities market. His career was marked by controversy, including a 1983 indictment in the U.S. for charges such as tax evasion and illegal oil deals with Iran, leading him to flee to Switzerland. Despite never returning to the U.S., Rich received a contentious presidential pardon from Bill Clinton in 2001. His legacy includes significant contributions to Israel and the transformation of the crude oil market, earning him the nickname "the King of Oil." Glencore, his brainchild, merged with Xstrata in 2013, cementing its status as a global commodities powerhouse.

Born

December 18, 1934 in Antwerp, Belgium

Died

June 26, 2013 (aged 78)

Source Of Wealth

Commodities

Industries

Investments

Citizenship

United States

Residence

Meggen

Education

Drop Out, New York University

Spouse

Denise Eisenberg (Married: 1966; Divorced: 1996), Gisela Rossi (Married: 1996; Divorced: 2005)

Marc Rich was born on December 18, 1934, in Antwerp, Belgium, to a Jewish family. His father, Max, was a diamond merchant, and his mother, Renee, was a homemaker. In 1941, the Rich family emigrated to the United States to escape the Nazis. They settled in New York City, where Marc attended high school. After graduating, he enrolled at New York University but dropped out to work for Philipp Brothers, a commodities trading company.

Marc Rich: Family

Marc Rich was married twice. His first wife was Denise Eisenberg, whom he married in 1966. They had three children together: Daniel, David, and Lia. Rich and Eisenberg divorced in 1986. In 1996, he married Gisela Rossi, a former Miss Switzerland. They remained married until his death in 2013.

Marc Rich: Career Highlights

Marc Rich's career in the commodities trading industry spanned over four decades. He is best known for founding the commodities company Glencore, which is now one of the world's largest diversified natural resource companies. Rich also played a significant role in the development of the spot market for crude oil in the early 1970s, earning him the nickname "the King of Oil."

Marc Rich: Companies

Marc Rich founded Marc Rich + Co. AG in Switzerland in 1974 with his co-worker Pincus Green. The company quickly became one of the world's largest independent oil traders. In 1993, Rich lost control of the company after a series of legal battles. The company was later renamed Glencore International AG. In 2013, Glencore merged with Xstrata to become Glencore Xstrata.

Marc Rich: Major Achievements

Marc Rich's major achievements include founding Glencore, developing the spot market for crude oil, and trading Iranian oil to Israel through a secret pipeline. He was also a strong supporter of Israel throughout his life, making significant donations to various institutions and causes.

Marc Rich: Awards & Achievements

Marc Rich received honorary doctorates from Bar Ilan University and Ben-Gurion University of the Negev.

He was also awarded the Order of Merit of the Federal Republic of Germany.

Marc Rich: Personal Life & Legacy

Marc Rich was a controversial figure throughout his life. He was indicted in the United States on federal charges of tax evasion, wire fraud, racketeering, and making oil deals with Iran during the Iran hostage crisis. He fled to Switzerland and never returned to the United States. In 2001, President Bill Clinton granted Rich a controversial presidential pardon on his last day in office. Rich died of a stroke in 2013 at the age of 78.

Marc Rich: Trivia

Marc Rich was a licensed pilot and owned several private planes. He was also a collector of art and antiques. In 2013, his art collection was sold at auction for over $100 million.

Wealth History

Timeline

1934

Marc Rich is born in Antwerp, Belgium.

1941

Rich emigrates to the United States with his parents to escape the Nazis.

1974

Rich sets up his own company, Marc Rich + Co. AG, in Switzerland with co-worker Pincus Green.

1983

Rich is indicted in the United States on 65 criminal counts, including income tax evasion, wire fraud, racketeering, and trading with Iran during the oil embargo.

2001

President Bill Clinton grants Rich a controversial presidential pardon on January 20, hours before leaving office.

2013

Rich dies of a stroke at the age of 78.

Marc Rich : FAQs

What is Marc Rich's net worth?

As of 2010, Marc Rich's net worth was $1.00 billion.

What are Marc Rich's main sources of wealth?

Marc Rich's main source of income comes from Commodities.

In which industry does Marc Rich primarily operate?

Marc Rich is primarily involved in the Investments industry.

What is Marc Rich educational background?

Marc Rich is a dropout from New York University.

Is Marc Rich dead?

Yes, Marc Rich died on June 26, 2013 (aged 78).

How many children does Marc Rich have?

Marc Rich has 2 children.

Who was Marc Rich and what was his role in the commodities market?

Marc Rich was an international commodities trader, financier, and businessman, best known for founding the commodities company Glencore. He played a significant role in expanding the spot market for crude oil in the early 1970s and developed relationships with various dictatorial regimes and embargoed nations.

What led to Marc Rich's indictment by the United States?

Marc Rich was indicted in 1983 on 65 criminal counts, including income tax evasion, wire fraud, racketeering, and making illegal oil deals with Iran during the Iran hostage crisis. His business dealings violated U.S. sanctions and laws, leading to his indictment.

How did Marc Rich avoid prosecution in the United States?

After being indicted, Marc Rich fled to Switzerland and never returned to the United States. He remained on the Federal Bureau of Investigation's Ten Most-Wanted Fugitives List for many years but avoided extradition due to Switzerland's policies.

What was controversial about Marc Rich's presidential pardon?

Marc Rich received a controversial presidential pardon from President Bill Clinton on his last day in office in 2001. The pardon was criticized due to allegations of it being influenced by donations from Rich's ex-wife to Clinton's political party and pressure from Israeli government officials.

What is Marc Rich's legacy in the business world and philanthropy?

Marc Rich's legacy includes the founding of Glencore, a major player in the commodities market. Despite controversies, he was a strong supporter of Israel, making significant donations to various institutions and causes. He received honorary doctorates for his contributions and passed away in 2013 at the age of 78.