Raymond Albert "Ray" Kroc was an American Businessman famous for being the owner of the famed fast food chain McDonald's. With his work there, he had accumulated a huge net worth during his lifetime.
Born in 1902 and died in 1984, the businessman had a successful career during his lifetime while also having a great married life with his wife, Joan Kroc. But Joan was his third wife. Even though he had a so-so married life, he didn't have any children as her only children Marilyn Kroc Barg died 11 years before him.
However, today, we are not here to talk about his personal life. We will be discussing his professional career including his net worth and earnings. So, without further ado, let's just jump right in.
The owner of McDonald's food chain, Ray Kroc had a net worth of over $600 million at the time of his death on January 14, 1984. However, for the latest news, there is nothing to it as his wife, Joan also died in 2003 at the age of 75.
Ray bought the famed food chain for $2.7 million in 1961 when it was only a small restaurant. During that acquisition, he gave both the real founders of the restaurant, Richard and Maurice McDonald, $1 million each.
A year before his death, the food chain earned over $8 billion for the year making his net worth speeding up to $600 million.
Besides, he also purchased a baseball team, contributing to the fact that he loved baseball. He acquired the team, San Diego Padres for around $12 million in 1974. After losing a lot of games, he handed over the operations of the team to his son-in-law, Ballard Smith. During that time, he stated that,
There's more future in hamburgers that baseball.
Ray Kroc was a charitable man, a philanthropist. In 1972, he donated around $255k to the Richard Nixon's reelection campaign. His wife had a foundation known as the Joan B. Kroc Foundation, which donated around $18.5 million to the San Diego Hospice Corporation in 1985.
After that, his net worth was also donated to open up the large Salvation Army community. The community was offered $87 million while also having an additional $1.6 billion to establish the Salvation Army Kroc Centers all across the nation.
During the flood in 1997, his wife, Joan also donated around $15 million anonymously to the cities. She also donated around $225 million to the National Public Radio including the $5 million donations made to her local public radio station, KPBS.
After Ray Kroc's death in 1984, at the age of 81, his wife, Joan Kroc took the burden of flourishing her late husband's establishment. She also took the restaurant to a new height, however, she also died in 2003, leaving all of her net worth to a number of charities.
After her death, the $2.7 billion estates were distributed among a number of nonprofit organizations. Her $1.5 billion donations to open up The Salvation Army community and its 26 Kroc Centers are also included in this amount.
Ray Kroc started out from a very low position as one of his first jobs was a lemonade stand. He had also worked in a soda foundation during his starting days. Later, in the first World War, he was an ambulance driver for the Red Cross. He was also trained during the war where he met Walt Disney and Ernest Hemingway.
After the world war, he worked as a pianist, musical director, and real estate salesman. Later, he also worked for the Lily-Tulip Cup Company as a salesman. Then, he was in the job of selling multi milkshake mixers to soda foundations all over the country.
In 1954, while selling the mixers to McDonald's, he offered to work as a franchising agent to the food chain. In 1955, he founded the McDonald's System, Inc, which is now known as McDonald's Corporation.
By 1959, Ray Kroc opened over 100 restaurants. After not enough profit from the company, he purchased the whole franchise from the McDonald brothers.
During the time of his death, McDonald's had 7500 restaurants across 3 dozen countries and had a net worth value of over $8 billion.