Philip Anschutz Net Worth: $13 Billion
Category: Richest Business › Richest Billionaires
Net Worth: $13 Billion
Birthdate: Dec 28, 1939 (84 years old)
Birthplace: Russell, Kansas
Gender: Male
Profession: Businessperson, Financier, Entrepreneur
Nationality: United States of America
What is Philip Anschutz’s Net Worth?
Philip Anschutz is an American entrepreneur with a net worth of $13 billion. Alongside William Herbert Hunt, he is one of just two Americans who have maintained billionaire status every year since 1982. Anschutz’s fortune largely stems from his Denver-based conglomerate, Anschutz Corp, which encompasses over 150 companies. The most valuable of these is Anschutz Entertainment Group (AEG), known for its significant stakes in professional sports teams, sports arenas, and concert promotion companies, including the Coachella Music Festival.
Early Life and Education
Philip Anschutz was born on December 28, 1939, in Russell, Kansas, to Marian and Frederick Anschutz, an oil tycoon and investor. He attended Wichita High School East, graduating in 1957, and later earned his Bachelor of Arts degree in business from the University of Kansas in 1961.
Land Acquisitions
In 1961, Anschutz bought out his father’s oil-drilling company, leading to substantial returns in Wyoming. Using these returns, he purchased vast amounts of land. Notably, in 1970, he bought the 250,000-acre Baughman Farms in Kansas for $10 million, and in 1971, he acquired nine million acres along the Wyoming-Utah border, resulting in the Anschutz Ranch and its billion-barrel oil pocket, the largest oil field discovery in the U.S. since Prudhoe Bay in Alaska. These land acquisitions made him one of the 100 largest landholders in the country.
Railroads and Oil
Anschutz entered the railroad industry in 1984 by purchasing Rio Grande Industries, which later acquired the Southern Pacific Railroad in 1988. In the 90s, Southern Pacific merged with Union Pacific Corporation, making Anschutz the vice chairman. In the oil industry, he served as a director of Forest Oil Corporation and a board member of the American Petroleum Institute and the National Petroleum Council.
Telecommunications
In 1996, Anschutz founded Qwest Communications, a telecommunications carrier providing service to 14 states in the Western and Midwestern U.S. Despite customer complaints and accounting scandals, Qwest was acquired by CenturyLink in 2010 and made defunct in 2011.
Sports and Entertainment
Many of Anschutz’s major business investments are in sports and entertainment. He founded Anschutz Entertainment Group (AEG) in 1994, which became the world’s largest owner of sports teams, events, and venues, and the second-largest presenter of live music and entertainment events. AEG Live owns the Coachella Valley Music and Arts Festival. Anschutz also owns Walden Media, Regal Entertainment Group, and the Broadmoor hotel.
In sports, Anschutz played a crucial role in developing Major League Soccer, owning several teams including the Chicago Fire, Colorado Rapids, and San Jose Earthquakes. He is the principal owner of the NHL’s Los Angeles Kings and a minority owner of the NBA’s Los Angeles Lakers. He also owns stakes in major indoor venues like the Staples Center and the O2 Arena.
Other Business Interests
Anschutz has owned various newspapers, including the Oklahoman, the Gazette, the San Francisco Examiner, and the Weekly Standard. He launched the conservative tabloid the Washington Examiner in 2005 and the Baltimore Examiner in 2006. He has also invested in NRC Broadcasting, LightEdge Solutions, and the Power Company of Wyoming.
Political Activity
Anschutz is a staunch conservative Christian who opposes the rights of women and LGBTQ+ people. He has donated to right-wing groups like the American Enterprise Institute and the Federalist Society. During the 2016 elections, he contributed $1 million to conservatives.
Personal Life and Philanthropy
Anschutz is married to Nancy, whom he met when he was 16, and they have three children. Preferring to stay out of the public eye, Anschutz has granted only a few formal interviews since 1979. Through the Anschutz Foundation, he and his wife have contributed over $100 million to the University of Colorado School of Medicine, located on the Anschutz Medical Campus named in their honor. They have also donated to the University of Kansas, their alma mater.
