David Packard Net Worth

What is David Packard’s Net Worth?

David Packard had a net worth of $4 billion at the time of his death in 1996. Adjusted for inflation, this would be equivalent to approximately $6.6 billion today.

Highlights

– David Packard was an American electrical engineer, entrepreneur, and philanthropist.

– He was the co-founder of Hewlett-Packard (HP) and served as its president from 1947 to 1964.

– David Packard also held the position of the 13th U.S. Deputy Secretary of Defense under President Richard Nixon from January 1969 to December 1971.

– He received numerous accolades, including the Presidential Medal of Freedom, the Sylvanus Thayer Award, and the Public Welfare Medal.

– Packard dedicated himself to philanthropy, establishing the David and Lucile Packard Foundation and making significant donations to various causes and institutions.

Early Life

David Packard was born on September 7, 1912, in Pueblo, Colorado. From a young age, he showed a fascination for technology and engineering, often experimenting with radios and appliances.

He pursued his passion for electrical engineering at Stanford University, where he earned a degree in 1934. It was during his time at Stanford that he met Bill Hewlett, a friendship that would lead to the formation of one of the most successful business partnerships in history.

Career

After graduation, Packard initially worked for the General Electric Company in New York. However, his desire to start a venture with Hewlett drew him back to California.

In 1939, Hewlett-Packard (HP) was born in a small garage in Palo Alto, now recognized as the birthplace of Silicon Valley. Their first product, the audio oscillator HP200A, became a major success in sound engineering.

Under Packard’s leadership, HP rapidly expanded its product line to include calculators, computers, and printers. His management philosophy, known as the HP Way, emphasized employee respect, frugality, and social responsibility.

Personal Life

David Packard was married to Lucile Salter, with whom he had four children. Together, they established the David and Lucile Packard Foundation in 1964, which became one of the largest and most influential foundations in the United States.

Packard’s personal life was intertwined with his philanthropic endeavors. He donated substantial amounts to various causes, including science, environmental conservation, children’s health, and the arts. Notably, the Monterey Bay Aquarium and the Lucile Packard Children’s Hospital at Stanford University were established with his contributions.

Net Worth Over Time

At the time of his death in 1996, David Packard’s net worth was $4 billion. Since then, his estate has significantly grown, with the majority of it donated to the David and Lucile Packard Foundation.

The foundation’s assets now exceed $8 billion, making it one of the 20 largest foundations in the United States.

Components of Net Worth

David Packard’s net worth primarily consisted of his ownership stake in Hewlett-Packard and other investments. Following his passing, the substantial portion of his estate was donated to the David and Lucile Packard Foundation, further enhancing its philanthropic impact.

While specific details about the breakdown of his net worth are not available, Packard’s financial success can be attributed to his entrepreneurial ventures, investments, and the growth of Hewlett-Packard over the years.

In conclusion, David Packard was not only a highly successful entrepreneur and innovator but also a dedicated philanthropist. His net worth of $4 billion at the time of his death in 1996 was a testament to his entrepreneurial achievements. However, his true legacy lies in his contributions to the business world, corporate culture, and philanthropy, which continue to impact society today.

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