Net Worth: $8.5 Billion
Category: Richest Business › Richest Billionaires
Birthdate: December 1964 (59 years old)
Gender: Male
Profession: Investor, Businessperson
Nationality: United States of America
What is Joshua Harris’ Net Worth?
Joshua Harris is an American private equity investor with a net worth of $8.5 billion. He co-founded Apollo Global Management, one of the world’s largest private equity firms with over $500 billion in assets under management. Harris owns 6.7% of Apollo’s outstanding equity.
Sports Investments
Harris is also known for his majority ownership of several sports teams, including the Philadelphia 76ers (NBA), the New Jersey Devils (NHL), and the Washington Commanders (NFL). He manages these investments through Harris Blitzer Sports & Entertainment, in partnership with David Blitzer.
Early Life and Education
Joshua Harris was born in December 1964 in Chevy Chase, Maryland. His father was an orthodontist, and his mother was a schoolteacher. He completed his high school education at the Field School in Washington, D.C., before attending the University of Pennsylvania. Harris earned a Bachelor of Science degree from the Wharton School and a Bachelor of Arts degree from the College of Arts and Sciences in 1986. He later obtained his MBA from Harvard Business School.
Career
Drexel Burnham Lambert
After graduating from Wharton, Harris worked in the mergers & acquisitions division at investment bank Drexel Burnham Lambert. The firm collapsed due to a major financial scandal, which saw senior executive Michael Milken going to jail.
Apollo Global Management
In 1990, Harris co-founded Apollo Global Management with Leon Black, Antony Ressler, and Marc Rowan. Apollo has grown to manage $512.8 billion in assets as of March 2022, with investments in private equity, credit, real estate, and infrastructure. Some of Apollo’s notable acquisitions include ADT Security Services, Barnes & Noble, CareerBuilder, Cox Media Group, Legendary Entertainment, Rackspace, Redbox, Sirius Satellite Radio, Qdoba, and Yahoo Inc. Apollo went public in 2011, and its stock price has risen significantly since its IPO.
Sports Team Ownership
Harris’s involvement in sports team ownership began in 2011 when he led a group of investors to purchase the Philadelphia 76ers for approximately $280 million. In 2013, Harris expanded his sports portfolio by acquiring the New Jersey Devils and the lease to the Prudential Center for over $320 million. He and Blitzer also bought a majority stake in Crystal Palace, an English Premier League football club, in 2015. In 2023, Harris and his group finalized the purchase of the Washington Commanders for a record $6.05 billion.
Personal Life and Real Estate
Joshua Harris is married to Marjorie, whom he met at Harvard Business School. They have five children: three sons and two daughters.
In 2017, the Harris family purchased a 21,000-square-foot mansion on the Upper East Side of New York City for $45 million. The mansion, built in 1917, features seven floors, 14 fireplaces, and a stained glass dome. In 2021, they acquired a 9,000-square-foot mansion in Miami for $32 million.
Summary
Joshua Harris’s $8.5 billion net worth reflects his success as a private equity investor and sports team owner. As a co-founder of Apollo Global Management, he has significantly impacted the investment world. His investments in major sports teams through Harris Blitzer Sports & Entertainment further demonstrate his business acumen and passion for sports. Harris continues to influence both the financial and sports sectors while maintaining a strong family life and commitment to philanthropy.
About Josh Harris
- Josh Harris cofounded alternative investment firm Apollo Global Management in 1990 with fellow billionaires Leon Black and Marc Rowan.
- The trio met at investment bank Drexel Burnham Lambert, and struck out on their own after the troubled firm filed for bankruptcy.
- Harris announced in 2021 he was stepping off of its board and is no longer involved day to day with Apollo.
- Harris has a stake in and is Managing Partner of the Philadelphia 76ers, which has more than quadrupled in value since he bought it with a consortium for $290 million in 2011.
- The UPenn alum also has stakes in the New Jersey Devils, the Crystal Palace Football Club and the Washington Commanders.
