U.S. Markets closed

Howard Schultz Net Worth as Rumors of a Presidential Run Begin

Stephanie Asymkos
Howard Schultz, Starbucks executive chairman, visits the original Starbucks store at Pike Place Market on Monday, June 4, 2018.

Howard Schultz, Starbucks’ executive chairman and former longtime CEO, announced his resignation this week and is now rumored to be percolating over a possible presidential run.

In the age of business leaders running — and winning — the title of highest office in the land, it’s speculated that Schultz is distancing himself from Starbucks to focus on political ambitions.

Click to read more about the billionaire tycoon responsible for making Starbucks synonymous with coffee.

Howard Schultz Net Worth: $2.8B

Worth $2.8 billion, according to Forbes, Schultz grew up in a home where a Starbucks grande latte would have likely been a big splurge. Born in 1953, Schultz came of age in a working-class neighborhood. He’s the oldest of three siblings raised by his truck driver father and mom in a Brooklyn, N.Y., housing project. Schultz described his family as “pretty much destitute” to the Mirror.

Schultz later left Brooklyn to study communication and play football at Northern Michigan University. Although he decided to not play football by the time he started college, he did go on to become the first college graduate in his family. After graduation, Schultz worked a variety of sales roles for companies like Xerox and Hammarplast, a Swedish company that manufactures household products. It was during his time as an appliance salesman for Hammarplast that he was introduced to a small coffee bean outlet in Seattle. Much to his mother’s initial dismay, he eventually joined the Seattle-based coffee bean purveyor named Starbucks and transformed it into an empire.

Read: Starbucks Just Made Your Morning Joe About 10% Pricier

Howard Schultz Becoming Starbucks CEO

Due to early creative differences, Schultz left Starbucks in 1985 to open his own coffee bar chain, Il Giornale. Two years later, he bought Starbucks and became CEO in 1987. He’s credited with growing Starbucks from six Seattle coffee bean stores to a global operation that provides the quintessential coffeehouse experience in its almost 28,000 locations.

See: Amazon, Starbucks and Other Charitable Companies

Howard Schultz Politics

Rumors are building that Schultz could be mulling over a presidential run after he said in his memo to employees, “I’ll be thinking about a range of options for myself, from philanthropy to public service, but I’m a long way from knowing what the future holds.”

He was a supporter of former President Barack Obama and of Hillary Clinton during her campaign in 2016. He could end up facing off against another business leader in President Donald Trump if he does end up running.

If Schultz’s political positions are as popular as Starbucks is, he would have no problem capturing the votes of the American people.

Click through to read more about on-the-job perks from Starbucks and other companies.

More on Net Worth

This article originally appeared on GOBankingRates.com: Howard Schultz Net Worth as Rumors of a Presidential Run Begin