Masatoshi Ito: Masatoshi Ito Net Worth, Biography, Age, Spouse, Children & More

About Masatoshi Ito

Masatoshi Itō, the venerable Japanese businessman and visionary behind the Ito-Yokado retail empire, passed away on March 10, 2023, at the age of 98. Born in Tokyo on April 30, 1924, Itō transformed his family's Yokado shop into the second-largest retailing group globally, with over 10,000 7-Eleven stores in Japan and the US and annual revenues surpassing $28 billion. Despite a controversy that led to his resignation in 1992, Itō's legacy includes significant contributions to the Peter F. Drucker and Masatoshi Ito Graduate School of Management. His pioneering work not only reshaped global retail but also left an indelible mark on management education.

Born

April 30, 1924 in Tokyo, Japan

Died

March 10, 2023 (aged 98)

Source Of Wealth

Retail

Industries

Fashion & Retail

Citizenship

Japan

Children

## Early Years & Childhood

Masatoshi Itō was born on April 30, 1924, in Tokyo, Japan. His parents owned and operated a dry goods shop called Yokado. After completing high school, Itō served in the Japanese military during World War II and later worked at Mitsubishi Materials.

## Family

Itō was married and had three children. His son, Junro, earned an MBA from the Peter F. Drucker and Masatoshi Ito Graduate School of Management in 1989.

## Career Highlights

After the war, Itō returned to work at his parents' shop. In 1956, following the death of his brother, he took over the business and renamed it Ito-Yokado.

## Companies

Masatoshi Itō was the founder, owner, and honorary chairman of Ito-Yokado, the second-largest retailing organization in the world. The company includes over 10,000 7-Elevens in Japan and the United States, and has annual revenues of over $28 billion. Ito-Yokado also operates department stores, restaurants, specialty shops, supermarkets, and superstores. Additionally, it is the Japanese franchisee for Oshman's Sporting Goods, Robinson department stores, and Denny's restaurants. The company is currently expanding into China with superstores.

## Major Achievements

Under Itō's leadership, Ito-Yokado grew from a small family business into a global retail giant. He is credited with introducing self-service shopping and other innovative retail practices to Japan. Itō also played a key role in the development of the Japanese economy after World War II.

## Awards & Achievements

Itō received numerous awards and honors for his contributions to business and society. These include the Order of the Sacred Treasure, Gold and Silver Star, from the Japanese government, and the International Distinguished Entrepreneur Award from the University of Southern California.

## Personal Life & Legacy

Itō was known for his strong work ethic and his commitment to social responsibility. He was also a significant supporter of the Peter F.

Drucker and Masatoshi Ito Graduate School of Management at Claremont Graduate University, providing a total of $23 million in gifts to the school. Itō passed away on March 10, 2023, at the age of 98.

## Trivia

Itō was an avid golfer and a fan of classical music. He was also a collector of Japanese art and antiques.

Wealth History

Timeline

April 30, 1924

Masatoshi Itō is born in Tokyo, Japan.

1956

Masatoshi Itō takes over Yokado after his brother's death.

1992

Masatoshi Itō resigns as president of Ito-Yokado due to allegations of payments to the yakuza.

March 10, 2023

Masatoshi Itō passes away at the age of 98.

Masatoshi Ito : FAQs

What is Masatoshi Ito's net worth?

As of 2022, Masatoshi Ito's net worth was $4.60 billion.

What are Masatoshi Ito's main sources of wealth?

Masatoshi Ito's main source of income comes from Retail.

In which industry does Masatoshi Ito primarily operate?

Masatoshi Ito is primarily involved in the Fashion & Retail industry.

Is Masatoshi Ito dead?

Yes, Masatoshi Ito died on March 10, 2023 (aged 98).

How many children does Masatoshi Ito have?

Masatoshi Ito has 3 children.

Who was Masatoshi Itō and what was his major contribution to the retail industry?

Masatoshi Itō was a Japanese businessman and founder of Ito-Yokado, a significant force in the retail industry and the second largest retailing organization in the world.

What key events marked the early life and career of Masatoshi Itō?

Masatoshi Itō was born in Tokyo in 1924, served in the Japanese military, worked at Mitsubishi Materials, and later took over his family's shop, Yokado, eventually renaming it Ito-Yokado.

What companies are included in the Ito-Yokado Retailing Group and what is its global significance?

The Ito-Yokado Retailing Group includes over 10,000 7-Elevens in Japan and the US, department stores, restaurants, specialty shops, and superstores, making it a major player in the global retail market with annual revenues of over $28 billion.

Why did Masatoshi Itō resign from his position at Ito-Yokado in 1992?

Masatoshi Itō resigned as president of Ito-Yokado in 1992 due to allegations of payments to the yakuza, taking responsibility despite denying knowledge of the payments.

How did Masatoshi Itō support the Peter F. Drucker and Masatoshi Ito Graduate School of Management?

Masatoshi Itō was a significant supporter of the Drucker School, with initial and subsequent gifts totaling $23 million, and his son, Junro, is an alumnus and active in the school's alumni association in Japan.