Richard Fairbank Networth: Facts and his income source, career, family, interests and more
How Richard Fairbank made a fortune of $1.1 Billion?
Richard Fairbank is an American businessman who has a massive net worth of $1.1 billion which he made being a CEO, founder, and chairman of Capital One which was founded in 1994 with Nigel Morris. He receives around $22 million annually in the returns from his shares. He stopped to draw a paycheck in 1997 even though his business draws billions of dollars annually.
Know Richard Fairbank’s Career progression and achievements
It took over 3 decades for growing his bank to the maximum success and make it worth billions. As of now the Capital One company is a powerhouse for credit card and is the US third biggest credit card lenders which are achieved through his dedication, hard work. He used the different marketing techniques and used noticeable advertisement with well-known celebrities like Spike Lee, Jennifer Garner, Alec Baldwin, Charles Barkley and Samuel L. Jackson to make his company successful. Since 2008, Capital One has invested around $13 billion alone into the marketing scheme. Most of his earning is a stockholder. Since it’s public beneficiary in 1994, the company’s stock has grown up to more than 2,200 percent which also includes reinvested dividends.
Fairbank is currently amongst the longest serving bank in the US which have gained more than $500 million from cash compensation and shares sales. The growth was intense also followed by easy financial regulations and legislation signed by President Donald Trump. The tax rate of corporate was cut down to 21 percent from 35 percent.
Early life, Education, and his employment history
Richard Fairbank was born on 18 September 1950. Information regarding his childhood is behind the limelight, However, Richard earned his Bachelor’s Degree in Economics in 1972 from Stanford University. In 1981, he got his Master’s degree from Stanford Graduate School of Business. In 2006, He received the excellence in leadership award from the University as he was also first in class.
It took years of dedication and struggle for Richard to reach to such an outrageous height of Success. He started off with the small corporation bank when the success looked so hard. He faced numerous rejection but determined Richard applied innovative strategies time and again and now he is one of the wealthiest people globally. With his success and popularity, he was interviewed in the media and asked how does he make it? His encouraging reply was “Forget about what’s in your wallet.”
He believed in being real to self so that people can enjoy working with you. In 2003, he also worked as a director at Mastercard Incorporation. During this time he gained a lot of knowledge, strategies, and experience which he doesn’t want to publicize.
The beginning of his renowned Capital One company
In 2009, he started as CEO of Capital One. With no base salary and cash bonus, he earned a total compensation of $6,076,805, $4,000,001 in option awards, $2,000,019 in stock awards and $76,785 as other reimbursements. The total compensation of Fairbank was $22.6 million. Since 1997 he has not received a single dollar as a salary.
In 2018, the share of Capital One reached the highest record that assisted his net worth rise up to $1.1 billion.
Personal life and interests of Richard Fairbank
Richard Fairbank is interested in playing Hockey. He is an Amateur Hockey Player and even plays with the Washington Capitals in the League. He is passionate about helping others and sets a good example for the general public on how can one turn out their life with hard work, dedication, and patience.
Richard Fairbank is a happily married man to his wife Chris. They have 8 children together. He is the loving and supporting father and a husband. He always gives his quality time to family and follows the strict family rule.
People often try to be popular and come into the limelight in media. Well, the case is different in the context of Richard. He didn't seem to embrace the attention and accolades. He has won several recognition and accolades. He rarely appears in the media and likes to keep his personal life away from recognition.
We have been able to locate his residential area. He resides at an Overlook Farm on the Potomac River in Virginia near Gunston Hall.
CEOAmerican BusinessmanNigel Morris 18 September 1950. $1.1 billion