The Surprising History Of Wealth: Paul Sacher And The Richest In 1995

Author Dalboyy 12 Nov 2024

Let's travel back to June 1995 and take a pop quiz. Who were the three richest people walking the planet in the middle of 1995? I expect even the casual CelebrityNetWorth reader would be able to name the top person. With a net worth of $22 billion, the richest person on the planet in 1995 was Microsoft founder Bill Gates. I actually think a lot of readers may even correctly guess the #2 richest person in 1995. With a net worth of $16 billion, that title went to Warren Buffett.

But who was the third richest person in the world in the middle of the 1990s? Was it… Larry Ellison? Nope. Someone from the Walmart-heir Walton family? Nope. One of the Koch brothers? Nope. Some Saudi king or prince? Nope. Would you believe me if I told you that the third richest person on the planet was a totally random Swiss orchestra conductor named Paul Sacher?

Who Was Paul Sacher?

Paul Sacher was born on April 28, 1906, in Basel, Switzerland. He was the son of a train station cargo worker and began studying violin at the age of 6. To support his education, Paul gave violin lessons to children. He further honed his skills at the Basel Conservatory under the renowned conductor Felix Weingartner.

At just 20 years old, Paul founded the Basel Chamber Orchestra in 1926. Within a few years, the orchestra expanded to include a chamber choir. By 1933, he established the Schola Cantorum Basiliensis, an institute dedicated to the study of all types of classical music.

The Legacy of Hoffmann-La Roche

When a Swiss couple married a century ago, it was common for them to adopt a hyphenated last name. For example, if Joe Smith married Jane Doe, their names would become "Joe Smith-Doe" and "Jane Smith-Doe." This tradition was followed when Fritz Hoffmann married Adele La Roche in 1895, resulting in the name "Hoffman-La Roche."

A year after their marriage, Fritz started a pharmaceutical and chemical company named Hoffman-La Roche, which initially focused on producing vitamins. Roche was the first company to synthesize vitamin C for mass marketing. Today, Roche is recognized as the largest pharmaceutical company globally, generating around $60 billion annually.

Have you heard of the American biotech company Genentech? It is wholly owned by Roche and is known for its cancer and HIV treatment drugs. Over the decades, Roche has developed several well-known drugs, including:

Valium
Lithium
Tamiflu
Rohypnol
Boniva
Accutane

Fritz Hoffman passed away on April 18, 1920, leaving his son Emanuel as the sole heir of the family business.

Maja Stehlin's Influence

In 1921, Emanuel Hoffman married Maja Stehlin, a sculptor and art enthusiast. Together, they built an impressive collection featuring artists like Max Ernst, Pablo Picasso, Joan Miro, and Paul Klee. They had two children, Luc and Vera, who were later adopted by Paul Sacher after Maja remarried him in 1934.

Following Emanuel's tragic death in a car accident at the age of 36, Maja inherited full ownership of Roche. This allowed her to continue to shape the company's legacy and future.

Paul Sacher – The Unexpected Billionaire

With his newfound wealth, Paul Sacher elevated his passion for classical music. He funded orchestras around the world, commissioned over 80 new classical works, and supported public performances at his Basel Chamber Orchestra. His contributions significantly impacted the classical music landscape.

In addition, Paul founded the Paul Sacher Foundation, which established a library in Basel containing invaluable musical manuscripts. Today, this library houses works and letters from many of classical music's greatest composers.

While Paul dedicated much of his time to classical music, he also played a vital role in overseeing Hoffman-La Roche. He served on the board for over six decades, guiding the company from a post-WWII low point to global prominence.

After Maja's death in 1989, Paul became the largest individual owner of Hoffman-La Roche. This transition marked his rise to becoming one of the wealthiest individuals globally, with a net worth of approximately $7 billion shortly after Maja's passing.

At the time of his death on May 26, 1999, at the age of 93, Paul Sacher's net worth had grown to $13 billion, making him the richest person in Europe. Throughout the 1990s until his death, he maintained his status as the third-richest person in the world, trailing only Warren Buffett and Bill Gates.

Upon Paul's passing, a 9% stake in Hoffman-La Roche was divided among his step-children. Today, his heirs control a combined fortune estimated at $40 billion, making them one of the wealthiest families globally, sharing approximately $700 million in dividends annually.

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