|Peter Schiff Net Worth:||$70million|
|Born:||23rd March, 1963 (58-years-old)|
|Profession:||Businessman / Economist|
In 2022, Peter Schiff’s net worth is approximately $70 million.
The 58-year-old is the CEO and Founder of Euro Pacific Capital, which has offices in New York, Newport Beach, Scottsdale, Boca Raton and Santa Monica. It’s headquarters are in Westport, Connecticut.
The American businessman rose to fame in the late 2000s for his stunningly accurate predictions of the collapse in the US economy and the housing market in 2008.
Similar to Michael Burry in the brilliant financial movie, “The Big Short”, Schiff not only saw the pending economic catastrophe that was about to occur, he even wrote a book about it before it happened.
Often called “Dr Doom” for his pessimistic views on the US economy, Schiff’s appearances on mainstream news outlets at the time have gone down in financial history as he exposes Government Economists and high profile commentators time and time again for their lack of awareness of the biggest financial crises in recent times.
But who is he and how did Peter Schiff’s net worth reach $70m?
Peter Schiff Net Worth Explained: Early Life and Becoming a Broker
Born in 1963, Peter Schiff grew up in a Jewish family in New Haven, Connecticut to parents Irwin and Ellen Schiff.
It would be fair to say that from an early age, the young Schiff and his brother Andrew, were destined to be involved in the world of finance and economics, due to their father.
Both boys were very close to their father, Irwin, who was an outspoken stockbroker/economist himself.
Irwin led a tax movement in the US that focused on the abolition of the income tax. He believed that there was no legal grounds for it in the US constitution.
Irwin Schiff believed in his position so much that he was willing to go to federal prison for tax evasion.
It is this ability to have courage in your conviction and willingness to go against the crowd that he undoubtedly passed on to his son.
Whilst he was growing up, Irwin used to read his sons bed time stories that were economics orientated.
Peter would later release a book of these stories in the hope to give children a good grounding in economics.
After his parents divorce, Peter and his brother moved around the country before settling on the West Coast where he completed his schooling at the Beverley Hills High School.
It was because of his father that Schiff would develop a passion for finance and economics.
He became an avid follower of “Austrian Economics”, a term used to denote the prominent Austrian Economists of the early 20th Century who wrote extensively about free markets.
In 1987, the future stockbroker got a double major in Finance and Accounting from Berkley before embarking on a career in finance.
Schiff started his career as a stockbroker in Shearson Lehman Brothers.
The highly knowledgeable youngster knew that his long term career was going to be in the brokerage business and shortly set up his company, Euro Pacific Capital in Los Angeles.
Building A Business Empire and Becoming a High Profile
Peter Schiff’s net worth of $70million is primarily due to his business interests in the company that he founded, Euro Pacific Capital.
He and a business partner at the time bought a dormant brokerage company and changed its name to Euro Pacific Capital.
But in a highly competitive industry like stockbroking, Schiff knew he would have to put in the work in order to make a success of his venture.
Schiff has mentioned that it was during this time he would be working 20-hour days from his one-bedroom apartment, cold calling prospective clients for their business.
Similar to Chris Gardner, who was building his own multi-million dollar brokerage at the time in California, both men knew that they had to grind out the results in a highly competitive industry.
From these humble beginnings, Schiff has helped grow the company to over six offices around the country and now manage over $1.2billion in assets for over 2,000 clients.
One of the major factors for this incredible level of growth has been Schiff’s media profile.
During the 2000s, when the US stock market was soaring there were very few financial commentators who were pessimistic about the future of the American economy.
Enter Peter Schiff.
Not only was the financial advisor “bearish” (negative on the US economy), he became known as Dr Doom for predicting a collapse in the economy that would be based around the US banking system and the real estate market.
He was so confident in his prediction that he even wrote a book about it, “Crash Proof: How to Profit From the Coming Economic Collapse”.
For a number of years Schiff would get laughed off every major television network but he kept coming back to spread more “doom”.
He was even called a “kook” and “nutburger” by financial guru Dave Ramsey.
I don’t even know what a “nutburger” is.
However, all the insults and getting laughed at eventually played into Schiff’s favour.
Between 2007 and 2009, when the US economy went into financial meltdown, Schiff was still doing his media appearances but with a lot more people listening rather than laughing.
Schiff remained one of the few investment managers in the industry whose reputation had improved dramatically during the financial crises.
Business started to boom.
It’s not just that Schiff was right – a broken clock is right twice a day.
The most important part of his prediction was that every single mainstream economist, Government advisor and Federal Reserve Chair were not only wrong but could not see the financial crises coming.
The largest financial crises to take place in America since the Great Depression and no one in these institutions had any idea.
It’s easy to see why investors started flocking towards Schiff and Euro Pacific Capital.
Peter Schiff Net Worth Explained: Author of Bestselling Books
Peter Schiff’s net worth of $70million is largely attributable to his main profession of being CEO and Founder of the brokerage firm, Euro Pacific Capital.
But what has also been established is that a large proportion of the company’s success is because of the media profile of Peter which went through the roof when he correctly called the housing crash of 2008.
In order to maintain a high profile in the media, Schiff has done a number of things including being active on social media, participating in debates and he has written a number of books about the US economy.
His original Crash Proof title became a New York Times bestseller and some of his other work includes:
- The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country
- Crash Proof 2.0: How To Profit Form the Economic Collapse
- How an Economy Grows and Why It Crashes
- The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down Or Sideways
If you read the titles of his books, you can start to see why he got the tag “Dr Doom”.
Social Media and Podcasting
Although he runs a brokerage company that has billions of dollars under management Schiff is very active on social media.
He capitalised on his huge media profile by starting a YouTube channel in 2009 where he posts his podcast episodes and any appearances that he makes on mainstream television channels.
The most popular video on the channel is “Peter Schiff at Occupy Wall Street ‘I am the 1%. Let’s Talk'”.
The video has over 5 million views and is almost two hours long.
It features Schiff engaging in a number of debates with irate “Occupy Wall Street” protestors who are demonstrating their anger towards those who work in the famous financial district.
Grab the popcorn as Schiff tries to persuade the protestors that free market economic theory is the solution to their problems.
It’s safe to say that they didn’t want to hear that.
After the popularity of the video exploded it caught the attention of Joe Rogan who invited Peter on to his Podcast 3 times to discuss his economic and political viewpoints. The podcasts have gained millions of views on YouTube before Rogan switched to Spotify.
Views on Bitcoin
Never one to shy away from a debate about economic theory, Schiff has been a huge sceptic of the decentralised digital currency, Bitcoin.
If you have been living in a cave for the past 10 years and have never heard of Bitcoin, it is the digital token that has exploded in price over the passed decade.
It’s market price has risen from pennies to being priced at over $60,000 in recent months.
The price chart of Bitcoin has created a number of multi-millionaires but despite this Schiff remains certain that the digital currency, which has no intrinsic value, won’t survive as a currency in its current form.
And just like his previous controversial and unpopular views, the businessman isn’t afraid of broadcasting them on social media, particularly on his Twitter account.
He regularly gets in arguments with some of the most high profile supporters of Bitcoin including the richest man in the world, Elon Musk.
Given his reputation for spotting economic “bubbles”, Schiff’s criticisms of Bitcoin have not gone unnoticed (even Twitter Founder and Bitcoin enthusiast Jack Dorsey takes notice).
After again taking the unpopular side of the argument, Schiff has garnered a huge following on Twitter of Bitcoin proponents and detractors.
He remains a respected voice in the financial industry for what he has done before.
Peter Schiff’s Family
Schiff is married to his second wife Lauren with whom he has two children.
He also has a son, Spencer, from a previous marriage, who is also an economics enthusiast although he disagrees with his father about Bitcoin.
As previously mentioned, Schiff was very close to his father who had a huge influence on his life and career.
It looks like Peter is following in his father’s footsteps by helping his son Spencer into the world of finance.
The Schiff family is based in Connecticut but as Peter mentioned in a Joe Rogan podcast they now have a base in the US territory of Puerto Rico.
Schiff explained that he moved a lot of Euro Pacific Capital’s overseas operations to the low tax jurisdiction to escape what he describes as the over burdensome American tax code and regulations.
However, he liked the American colony so much he decided to get a second home there.
Peter Schiff Famous Quotes
Schiff is never lost for words and whilst his quotes are never short they are always informative.
“Keynesians are to economics what witchdoctors are to medicine”.
“Think of inflation as a tax. All government spending must be paid for by the public. If the government doesn’t collect their money in taxes, the Fed prints money to confiscate their purchasing power instead. Anyone calling for high inflation is really calling for high taxes”.
“If people understood what the government has done to their money, there would be no Federal Reserve”.
“What we need to do is free people from the burden of government; get rid of their taxes, abolish the Federal Reserve and the income tax, and let the people keep what they earn”.
“In 1964 the minimum wage was five 90% silver quarters. In 2021 five 90% silver quarters have a melt value of $23.34. We don’t need minimum wages. We need sound money”
“There is no such thing as group rights; only individuals have rights and each individual has the same rights regardless of which group they identify with.”
“The Federal Reserve has tremendous power over the U.S. economy. But the men and women who wield that power are completely clueless about economics. This is a toxic combination that can only end in a complete economic and financial catastrophe. Are you prepared for this outcome?”
Peter gained his tremendous knowledge about economics from his father so we have added an Irwin Schiff quote to finish.
Small business people have Uncle Sam as a partner.
A partner who puts down no money, does no work and wants 30 or 40 percent
Peter Schiff Net Worth: Summary
In 2022, Peter Schiff’s net worth is approximately $70m.
- Schiff was largely inspired by his father, Irwin Schiff, to pursue a career in finance and economics. His father took an unconventional approach and passed on that ability to go against the crowd to his son.
- After graduating college with a double major in Finance and Accounting from Berkley, California, Schiff started working as a stockbroker in the early 90s.
- After a number of years as a stock broker he set up his company, Euro Pacific Capital, with a partner.
- Today Euro Pacific Capital manages over a billion dollars in assets and has over two thousand clients, managed in their six offices.
- Part of the success of the company is down to Schiff s media appearances over the last couple of decades, particularly in the late 2000s when his media profile skyrocketed.
- Schiff wrote a book warning of the housing collapse that happened in 2008 and accurately predicted the financial troubles of the US economy.
- He has since substantially grown his business as he warns of further crises in the US economy and advises his clients how to prepare for it.
- Schiff has written a number of books including the New York Times Bestseller, “Crash Proof: How to Profit From the Coming Economic Collapse” and “The Real Crash: America’s Coming Bankruptcy”.
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