What is Ray Kroc’s Net Worth?
|Net Worth in 2024
|USD 600 million
|Raymond Albert Kroc
|Oak Park, Illinois, United States
|5 October 1902
|14 January 1984
|San Diego, California, United States
|81 years old
|Oak Park and River Forest High School
|Joan Kroc (m. 1969–1984), Jane Dobbins Green (m. 1963–1968), Ethel Fleming (m. 1922–1961)
|Marilyn Kroc Barg
Who is Ray Kroc? Biography
Ray Kroc was an American Businessman. At the time of his death, Ray Kroc‘s net worth was calculated at $600 Million. He was born in the year 1902 and died in 1984 at the age of 81 years.
Ray Kroc is best known for expanding the huge restaurant giant franchise “McDonald’s”. Ray Kroc purchased “McDonald’s’ in 1961 and became its CEO from 1963 to 1973. He transformed the local shop into a huge international fast-food giant.
Kroc passed away in 1984, and at the time of his death, the fast-food pioneer had 7500 outlets across the world with a sales value of 8 million dollars, which was indeed a record in the food industry.
Ray Kroc also owned the baseball team “San Diego Padres” of “Major League Baseball” from the years 1974 up till his death.
Now, let’s go further and throw some light into the life details of Ray Kroc’s Net Worth, his milestones, birth, career growth, and the income he earned.
Birth, childhood, and Initial years:
Raymond Albert Kroc was born in Oak Park on October 5, 1902, and died on January 14, 1984, in San Diego, California.
At the time of his death, Ray Kroc was 81 years old.
Ray Kroc was born to parents Louis and Rose Mary. He was the eldest child and had two siblings.
Kroc has attended “Lincoln School” in Oak Park and was a school dropped out.
He left school, because of his instinct to serve on the front line in the ongoing First World War at that time.
However, his age was less; but he lied about it and took training from “American red cross society”.
How Ray Kroc has made a net worth of 600 million?
In this article, we’ll discuss how Ray Kroc grew in his life and made it big.
How rich is Ray Kroc?
Ray Kroc’s net worth was 600 million at the time of his death, which can be valued at 1.4 billion dollars after adjusting for inflation.
Career Beginning and initial work years:
Ray Kroc started working at the age of 17 only. He did lots of diverse work; he worked as a pianist and a sales agent.
Ray Kroc got his first steady job at the age of 21, he started working as a salesman for a paper cup company named ‘Lily Tulip paper cup company’
He was quite dedicated to his work and served for 16 years there and became one of the top salesmen of his company.
In the year 1938, Kroc met a person named Earl Prince and learned about his invention “Multimixer”, a milkshake mixer with five spindles, which can churn out five milkshakes at one time.
Kroc saw the potential in the invention and bought its marketing rights and started selling the mixer. Initially, the business ran well but suffered a decline onwards.
Buying and Expanding McDonald’s:
In the year 1954, Ray Kroc got to know about a restaurant in San Bernardino, which was ordering his mixers in bulk.
The restaurant was owned by McDonald brothers Maurice and Richard McDonald. They used an assembly line format to prepare and sell a large number of French fries, hamburgers, and milkshakes.
Impressed and amazed by the restaurant working, he decided to open the food chain and the first Mcdonald’s restaurant was opened on April 15, 1955, in Des Plaines, Illinois.
The first year two more stores were opened and together the gross sales amounted to $235,000.
At the end of the 1950s decade, McDonald expanded well and Ray Kroc bought the McDonalds for $2.7 million cash from the McDonald brothers.
In the year 1965, Mcdonald’s opt for public issue, its shares valued at $22. In the year 1970, McDonald’s food store was more than 1500 and its share climbed up to $80.
Kroc emphasized standardization of operations, size of each product, same taste, packaging, etc.
Ray Kroc remained the CEO of the company till 1968 and senior chairman till 1984. At that time, McDonald’s had 7,500 restaurants across nearly 3 dozen countries and was worth $8 billion.
Ray Kroc became the owner of a Major League Baseball team when he purchased the San Diego Padres in 1974. He focused on baseball endeavors till his death.
In conclusion, it can be said that Ray Kroc has made it big. He was in his 50s and had chronic problems like arthritis and diabetes when he started with McDonald’s.
His life is an inspiration to many, he builds an empire so big and is remembered for his contribution to the food industry today also
Although, Ray Kroc’s net worth and career earnings were calculated at $600 million.
Ray Kroc Spouses:
Ray Kroc has married three times in his entire life. Here is the detail of his spouses in chronological order:
From years 1922 to 1961, Ray Kroc was married to his childhood love ‘Ethel Fleming’. They shared a daughter named ‘Marilyn Kroc’.
Jane Dobbins Green:
After divorcing his first wife, Kroc tied the knot with his secretary in the year 1963. They stayed together till 1968 and then got divorced.
Ray Kroc was in secretive relation with Joan Beverly Smith from the late 1950s.
But they both were married to their respective partners.
However, they finally got married in 1969 and stayed with each other till 1984 (till Ray’s death).
Ray Kroc Kids:
Ray Kroc had only one child, his daughter born from his first marriage with Ethel Fleming. Here is the detail of his daughter:
She was born on October 15, 1924, in Chicago, Illinois. She passed away in 1973 at age of 49 years from chronic diabetes and other health issues.
Ray Kroc’s famous Quotes
If you work just for money, you’ll never make it, but if you love what you’re doing and you always put the customer first, success will be yours.
The quality of a leader is reflected in the standards they set for themselves.
All money means to me is a pride in accomplishment.
Ray Kroc‘s Height, Weight, and Physical Stats
Do you want to know the physical appearance, height, and weight of Ray Kroc? Have a look below:
Cause and time of Ray Kroc’s Death:
Ray Kroc passed away at the age of 81 years. He was suffering from heart ailments and died of heart failure in San Diego, California at ‘Scripps Memorial Hospital.
Ray Kroc is buried at the El Camino Memorial Park, San Diego, California, The United States.
Ray Kroc‘s real name or birth name is Raymond Albert Kroc.
Ray Kroc died on 14 January 1984. Ray Kroc (born 5 October 1902) was 81 years old at the time of his death.
Ray Kroc‘s net worth was calculated at USD $600 million approx at the time of his death. The majority of Ray Kroc‘s wealth comes from being a businessman.
Ray Kroc died at the age of 81 due to a heart ailment (Cardiovascular disease). At his death, he was senior chairman of McDonald’s.
Ray Kroc died on 14 January 1984 at Scripps Memorial Hospital in San Diego, California, United States.
Ray Kroc was buried at El Camino Memorial – Sorrento Valley & El Camino Memorial Park, San Diego, California, United States.