| Net Worth | Salary | Birthdate | Birthplace | Gender | Height | Profession | Nationality |
|---|---|---|---|---|---|---|---|
| $2 million | N/A | May 18, 1941 | Queens, New York | Female | N/A | Businesswoman | American |
What is Ruth Madoff’s Net Worth?
Ruth Madoff, an American businesswoman, has a net worth of $2 million. She gained prominence as the wife of Bernie Madoff, a convicted financial fraudster. Before his fraudulent activities were exposed, Ruth also served as the director of Bernard L. Madoff Investment Securities. Bernie Madoff passed away while serving his prison sentence on April 14, 2021, at the age of 82. Ruth Madoff has been portrayed by Blythe Danner, Michelle Pfeiffer, and Cate Blanchett in various film and television adaptations.
Highlights
– Ruth Madoff has a net worth of $2 million.
– She was married to Bernie Madoff, a convicted financial fraudster.
– Ruth served as the director of Bernard L. Madoff Investment Securities.
Early Life
Ruth Madoff, born Ruth Alpern on May 18, 1941, in Queens, New York, grew up in Laurelton, Queens. Her father, Saul, was an accountant, and her mother, Sara, raised her. Ruth attended Far Rockaway High School and later graduated from Queens College in 1961 with a degree in Psychology. In the early 1990s, she pursued further education and obtained a Master of Science degree from New York University with a concentration in nutrition in 1992.
Career
Ruth Madoff met Bernie Madoff during their time as students at Far Rockaway High School. They got married in 1959 when she was 18 and he was 21. Bernie founded Bernard L. Madoff Investment Securities LLC in 1960 with $55,000 in startup capital, including a loan of $50,000 from Ruth’s father. Madoff’s firm became one of the largest “market maker” firms on Wall Street, executing large trading orders from retail clients. Additionally, the firm managed assets for wealthy clients, leading to one of the largest financial frauds in history, known as the Madoff Ponzi scheme.
Ruth served as a director at the firm and reportedly managed the books, although she claims she had no knowledge of the fraud. The Madoff scheme resulted in the loss of billions of dollars for investors and charities, and Bernie Madoff was sentenced to 150 years in prison in 2009. Ruth agreed to leave all her assets to the victims’ trust upon her death as part of a settlement with the court-appointed trustee.
Personal Life
Ruth Madoff and Bernie had two sons, Mark and Andrew, both of whom worked for their father. Tragically, Mark committed suicide in 2010, and Andrew passed away from cancer in 2014. In February 2022, Ruth’s sister Sondra and her husband Marvin Weiner died in a murder-suicide at their Florida home.
Net Worth Over Time
According to court filings made in March 2009, Bernie and Ruth Madoff had a net worth of approximately $1 billion before his arrest. This net worth included cash, real estate, and securities worth $138 million, as well as Bernie’s share in his investment firm valued at $700 million. However, due to various legal proceedings and the confiscation of assets, Ruth Madoff’s current net worth stands at $2 million, as reported in public sources.
Components of Net Worth
During their peak financial status, the Madoffs owned several valuable properties. These properties included a $7 million Manhattan apartment, an $8 million home in The Hamptons, an $11 million home in Palm Beach, and a $1 million property in France. However, all of their properties were auctioned off to satisfy debts and legal claims. Ruth Madoff was allowed to keep $2.5 million worth of her and Bernie’s former fortune.
After the confiscation of their properties, Ruth lived with her sister Sondra and brother-in-law Marvin Wiener in Florida. Following their deaths, she lived with her son Andrew in Connecticut and later rented a modest one-bedroom apartment in the same town. Currently, Ruth reportedly resides in a beachfront mansion in Old Greenwich, Connecticut, owned by Susan Elkin, her son Mark’s widow.
Ruth Madoff’s net worth primarily consists of the assets she was permitted to retain, along with any other sources of income or investments she may have.
In conclusion, Ruth Madoff has a net worth of $2 million. Her association with Bernie Madoff, the convicted financial fraudster, and her role as the director of his investment firm have made her a significant figure in the world of finance. Despite the loss of their vast wealth due to legal proceedings, Ruth Madoff continues to lead her life with her remaining assets.