Richard Schulze

$4.18 B

Ranked #1027 in World

About Richard Schulze

Founder of Best Buy, American billionaire Richard M. Schulze has been a significant figure in consumer electronics since starting his business in 1966. Born in Saint Paul, Minnesota, Schulze attended Central High and served with the Minnesota Air National Guard before entering retail. Transforming the industry, he reinvented the Sound of Music into Best Buy, revolutionizing the superstore model with diverse offerings. Despite stepping down as chairman in 2012, he made an impactful return in 2013 and continued his legacy with notable philanthropic contributions, funding educational and community projects, including a record-breaking $50 million donation to the University of St. Thomas. Schulze, now residing in Naples, Florida, upholds a legacy of innovation and charity.

Born

January 02, 1941 in Saint Paul, Minnesota, U.S.

Age

85 years

Source Of Wealth

Best Buy

Industries

Fashion & Retail

Citizenship

United States

Residence

Naples, Florida

Education

Diploma, High School

Spouse

Sandra J. Schulze (deceased), Maureen Schulze

Children

Richard M. Schulze, an American billionaire businessman and founder of Best Buy, was born on March 25, 1941, in Saint Paul, Minnesota. He attended Central High School and later served in the U.S. Air Force with the Minnesota Air National Guard.

Richard Schulze: Family

Richard M. Schulze was married to Sandra J. Schulze until her death in 2001. Together, they had four children. He later remarried Maureen Schulze.

Richard Schulze: Career Highlights

Before founding Best Buy, Richard M. Schulze worked as a consumer electronics salesman. In 1966, he established Sound of Music, which he later renamed Best Buy. Under his leadership, Best Buy shifted to a superstore format with everyday low prices and expanded its offerings to include computer software, music, movies, and computer hardware.

Richard Schulze: Companies

Richard M. Schulze is primarily known for founding and leading Best Buy, one of the largest consumer electronics retailers in the world.

Richard Schulze: Major Achievements

Richard M. Schulze's major achievements include building Best Buy into a multi-billion dollar company and revolutionizing the consumer electronics retail industry with his superstore format and everyday low prices strategy.

Richard Schulze: Awards & Achievements

In recognition of his contributions, Richard M. Schulze received numerous awards and accolades, including the Horatio Alger Award in 1998 and the Ernst & Young Entrepreneur of the Year Award in 2002. Additionally, November 9, 1991, was designated as Richard M. Schulze Day by Minnesota Governor Arne Carlson.

Richard Schulze: Personal Life & Legacy

Richard M. Schulze currently resides in Naples, Florida. He is a devout Catholic and actively involved in philanthropic endeavors. His legacy is marked by his entrepreneurial success, business acumen, and commitment to giving back to the community.

Richard Schulze: Trivia

Richard M. Schulze's philanthropic efforts include a $50 million donation to the University of St. Thomas in 2000, the largest donation to a Minnesota college or university at the time. He also contributed $1.5 million for the restoration of the Naples, FL YMCA after a fire in 2014 and $750,000 to the Sky Family YMCA in Bonita Springs, Florida, in 2018.

Wealth History

Timeline

March 25, 1941

Richard M. Schulze was born in Saint Paul, Minnesota.

1966

Schulze founded Sound of Music, an electronics store.

1983

Sound of Music was renamed Best Buy and shifted to a superstore format with everyday low prices.

2000

Schulze donated $50 million to the University of St. Thomas, the largest donation to a Minnesota college or university at the time.

2012

Schulze stepped down as Best Buy chairman after an investigation found he knew about the CEO's relationship with a female employee.

2012

Schulze attempted to buy out Best Buy but was unsuccessful.

2013

Schulze rejoined Best Buy as chairman emeritus.

2014

Schulze donated $1.5 million for the restoration of the Naples, FL YMCA after a fire.

2018

Schulze donated $750,000 to the Sky Family YMCA in Bonita Springs, Florida.

Richard Schulze : FAQs

What is Richard Schulze's current net worth?

Richard Schulze's current net worth is $4.18 billion.

What is Richard Schulze's current global rank among billionaires?

Richard Schulze holds the 1027th position globally among billionaires.

What is Richard Schulze's current ranking within the United States?

Richard Schulze holds the 382nd position in United States.

What was the change in Richard Schulze's net worth compared to the previous year?

Richard Schulze's net worth decreased by 109.24 million dollars compared to the previous year 2025, when his net worth was 4.29 billion dollars.

What are Richard Schulze's main sources of wealth?

Richard Schulze's main source of income comes from Best Buy.

In which industry does Richard Schulze primarily operate?

Richard Schulze is primarily involved in the Fashion & Retail industry.

What is Richard Schulze educational background?

Richard Schulze holds a Diploma from High School.

How old is Richard Schulze?

Richard Schulze is 85 years old.

How many children does Richard Schulze have?

Richard Schulze has 10 children.

Who is Richard M. Schulze and how did he make his fortune?

Richard M. Schulze is an American billionaire businessman, best known for founding Best Buy, a leading consumer electronics retailer. He established the company in 1966, initially naming it Sound of Music, and subsequently grew his business into the Best Buy empire by implementing a superstore format with everyday low prices.

How did Richard M. Schulze's Best Buy evolve in its product offerings?

Best Buy, under the leadership of Richard M. Schulze, expanded its offerings significantly over time, including a wide range of electronics, computer software, music, movies, and computer hardware to cater to a growing consumer demand for diverse electronic products.

Can you detail Richard M. Schulze's philanthropic contributions?

Richard M. Schulze is known for his significant philanthropic efforts, including a landmark donation of $50 million to the University of St. Thomas in 2000, substantial contributions for the restoration of the Naples, FL YMCA, and financial support to the Sky Family YMCA in Bonita Springs, Florida.

What is known about Richard M. Schulze's personal life?

Richard M. Schulze lives in Naples, Florida, and practices Catholicism. He was married to Sandra J. Schulze until her passing in 2001, with whom he had four children. He later remarried Maureen Schulze. Additionally, the state of Minnesota honored him with 'Richard M. Schulze Day' on November 9, 1991.