Bernard Marcus Net Worth 2024: Bernard Marcus was an American billionaire businessman and co-founder of The Home Depot who had a net worth of $11 billion at the time of his death in 2024, having built his fortune through revolutionizing the home improvement retail industry and earning substantial wealth through his 19-year tenure as CEO from 1978 to 1997.
Bernard Marcus: The Home Depot Co-Founder’s Legacy and Fortune
Key Facts About Bernard Marcus
- Bernard Marcus Net Worth at the time of death was $11 billion (Forbes, 2024).
- Co-founded The Home Depot in 1978 • Served as CEO from 1978-1997.
- Major Republican party donor and philanthropist.
- Donated over $2 billion to charitable causes.
- Pledged to give away 90% of wealth to philanthropy.
Early Life and Education
Bernard “Bernie” Marcus was born on May 12, 1929, in Newark, New Jersey, to Russian Jewish immigrant parents. Growing up in a tenement as the youngest of four siblings, Marcus faced financial challenges early in life. Despite being accepted to Harvard Medical School, he couldn’t afford the tuition. Instead, he pursued pharmacy at Rutgers University, where he joined the Alpha Epsilon Pi fraternity.
Career Journey
Marcus’s professional path took an unexpected turn from pharmacy to retail. His retail career began at a drugstore, where he developed a keen interest in the business aspects rather than pharmaceutical work. The pivotal moment came in 1978 when he and Arthur Blank were fired from Handy Dan Improvement Centers during a corporate power struggle.
This setback became a catalyst for success. Marcus and Blank, along with merchandising expert Pat Farrah and investment banker Ken Langone, launched The Home Depot in 1979. Starting with two stores in Atlanta, they revolutionized home improvement retail with their warehouse concept.
Business Success and Leadership
Under Marcus’s leadership as CEO (1979-1997), The Home Depot transformed into a retail giant. By 2024, the company operated 2,300 stores with a market valuation approaching $400 billion. His business acumen earned him induction into the Junior Achievement U.S. Business Hall of Fame in 2006.
Philanthropy and Social Impact
Marcus’s philanthropic work focused on several key areas:
Medical Research: He established The Marcus Institute for developmental disabilities and contributed $25 million to Autism Speaks.
Community Development: His most notable contribution was $250 million to create the Georgia Aquarium in Atlanta.
Veterans’ Support: He actively supported programs for veterans with traumatic brain injuries.
Jewish Causes: Marcus co-founded the Israel Democracy Institute in 1991 and donated substantially to various Jewish organizations.
Political Involvement
Marcus became a significant figure in Republican politics, supporting various candidates including Donald Trump. His political donations sparked controversy, including calls for Home Depot boycotts in 2016 and 2019. He contributed $7 million to Trump’s 2016 campaign and $10.7 million to political action committees supporting Trump in 2020.
Personal Life and Family
Marcus married twice during his lifetime. His first marriage to Ruth produced two children: Frederick Marcus and Susanne Marcus Collins. His second marriage to Billi brought a stepson, Michael Morris, into the family.
Final Years and Legacy
Bernard Marcus passed away on November 4, 2024, in Boca Raton, Florida, at age 95. His legacy extends beyond retail success through The Marcus Foundation, which continues to support children’s causes, medical research, free enterprise initiatives, and veteran services.
Business Philosophy and Publications
Marcus shared his business insights in two books: “Built from Scratch” (1999), co-authored with Arthur Blank and Bob Andelman, and “Kick Up Some Dust” (2022), written with Catherine Lewis. These works detail his business principles and philanthropic philosophy.
Latest News
On November 5, 2024, multiple news outlets confirmed the passing of Bernard Marcus. According to reports from CNN Business and other major news networks, The Home Depot released an official statement expressing deep sadness at the death of their co-founder.
The company’s statement acknowledged Marcus’s immense contribution: “The entire Home Depot family is deeply saddened by the death of our cofounder Bernie Marcus. We owe an immeasurable debt of gratitude to Bernie.”
Recent coverage also highlighted Marcus’s final public statements from his 2022 Financial Times interview, where he expressed concerns about modern American work culture and capitalism. His comments about socialism and what he perceived as declining work ethic generated significant media attention.
In the months before his passing, Marcus maintained his position as a significant Republican party donor, though he had scaled back his public appearances. His death prompted responses from various political figures and business leaders, acknowledging his impact on American retail and philanthropy.
The Home Depot’s current market position, with nearly 2,300 stores and a market valuation of approximately $400 billion, stands as a testament to Marcus’s business vision. His passing marks the end of an era in American retail history, leaving behind a legacy that spans business, philanthropy, and political activism.
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