Kevin O’Leary Net Worth (Money & Salary)

What is Kevin O’Leary’s Net Worth and Salary?

With a net worth of $400 million, Kevin O’Leary, a Canadian businessman, author, politician, and television personality, is known as “Mr. Wonderful.” His initial wealth came from the software company SoftKey International. He gained popularity through his roles on reality TV shows “Dragons’ Den” and “Shark Tank.” As will be discussed later in the article, O’Leary was among several celebrities who endorsed the failed crypto exchange FTX, despite previously being a critic of cryptocurrency.

Early Life

Born on July 9, 1954, in Montreal, Quebec, Canada, Terence Thomas Kevin O’Leary has a mother of Lebanese heritage and an Irish father. Because of his father’s lineage, he also possesses Irish citizenship and a passport.

After his parents divorced and following the subsequent death of his father, O’Leary’s mother remarried economist Gorge Kanawaty. As a result of his stepfather’s affiliations with the UN’s International Labour Organization, O’Leary had a nomadic childhood, living in various countries such as Cambodia, Tunisia, and Cyprus. His mother, a proficient investor, imparted crucial financial lessons to him, including the importance of saving one-third of his earnings.

Heeding his stepfather’s advice, O’Leary chose to pursue higher education instead of his initial dream of becoming a photographer. It was during his time at university that he further honed his passion for business and investment. He earned a bachelor’s degree from the University of Waterloo in 1977, followed by an MBA from the Ivey Business School at the University of Western Ontario in 1980.

Business Career

While pursuing his MBA, O’Leary interned at Nabisco and took on the role of assistant brand manager for its cat food line. He attributes this experience to the development of skills that contributed to his future achievements. After leaving Nabisco, he briefly ventured into television production, co-founding the independent firm Special Event Television (SET) alongside two MBA classmates. Eventually, one of his partners bought him out for $25,000.

O’Leary founded the software company SoftKey in 1986 in a Toronto basement with partners John Freeman and Gary Babcock, using $25,000 from the sale of his SET share and a $10,000 loan from his mother after a major investor withdrew their $250,000 support. SoftKey specialized in publishing and distributing CD-ROM-based software for both Windows and Macintosh systems.

By releasing various educational software products, SoftKey emerged as a significant player in the educational software sector by 1993, having acquired competitors like WordStar and Spinnaker Software. Softkey rebranded to The Learning Company (TLC) after purchasing it for $606 million in 1995. In 1999, TLC was acquired by Mattel for $4.2 billion. O’Leary left the company following a downturn in sales and profits at Mattel, and both O’Leary and Mattel executives faced lawsuits from shareholders for allegedly misleading investors regarding TLC’s financial condition, which O’Leary contested.

Blaming the technology meltdown and the management culture clash between the two companies, all charges were directed against the failure of the acquisition.

In 2003, O’Leary took on the roles of co-investor and director at Storage Now, a developer of climate-controlled storage facilities. After a series of development projects and acquisitions, Storage Now evolved into Canada’s third-largest owner/operator of storage services. The company operated facilities across eleven cities, catering to major clients like Merck and Pfizer. In March 2007, Storage Now was acquired for $110 million.

Shark Tank And Other Ventures

In September 2011, O’Leary published his first book, “Cold Hard Truth: On Business, Money & Life,” followed by two sequels in 2012 and 2013. His television debut occurred in 2006, where he appeared as one of five venture capitalists on the CBC show “Dragons’ Den.” O’Leary cultivated an on-screen persona characterized by bluntness and a bullying attitude, a portrayal encouraged by the producers. In 2009, he joined the American adaptation, “Shark Tank,” remaining on both programs until his exit from “Dragons’ Den” in 2014.

His appearances on both shows earned him the nickname “Mr. Wonderful,” a playful nod to his reputation for being harsh, as well as an acknowledgment that his straightforward feedback can aid misguided entrepreneurs. To manage his investments on the show, he established a holding company named Something Wonderful. Notable ventures from “Shark Tank” include investments in Talbott Teas (later purchased by Jamba Juice) and GrooveBook (subsequently acquired by Shutterfly). His fellow Sharks include Daymond John, Mark Cuban, Barbara Corcoran, Lori Greiner, and Robert Herjavec.

O’Leary has also pursued various television and media projects, including co-hosting the Discovery Channel’s “Discovery Project Earth” in 2008, presenting a segment with journalist Amanda Lang called “The Lang and O’Leary Exchange” on CBC News Network in 2009, and producing and hosting the reality show “Redemption Inc.” in 2012, where he aimed to assist former convicts in launching their businesses.

FTX Endorsement

For a significant portion of its existence, Kevin O’Leary expressed skepticism about cryptocurrency. However, in August 2021, he shifted his stance, announcing a “long-term” investment and spokesperson partnership. He accepted an equity stake along with crypto as compensation. As is well-known now, FTX collapsed in November 2022. Facing backlash for endorsing a company that wiped out billions from over a million investors, O’Leary attempted to conduct some public relations damage control in December 2022. He revealed during a CNBC appearance that the entire $15 million he received from the partnership had become worthless. Ironically, when he initially declared his investment/partnership, he attributed his change of heart about crypto to FTX’s commitment to compliance systems.

Politics

After months of public conjecture, O’Leary formally joined the Conservative leadership contest on January 18, 2017. He was frequently likened to U.S. President Donald Trump during his campaign by the media; both were affluent businessmen who became prominent through reality television and had platforms advocating for reduced taxes and regulations. O’Leary has rejected such comparisons, particularly emphasizing his differences with Trump concerning immigration, highlighting his own heritage as a descendant of Irish and Lebanese immigrants, stating that “wouldn’t exist if Canada had walls.” On April 26, 2017, he announced his withdrawal from the leadership race, expressing that while he felt he could win the leadership election, it would be “selfish” to persist due to his insufficient support in Quebec, which would hinder his ability to defeat Justin Trudeau in 2019.

Personal Life

Since 1990, Kevin O’Leary has been wed to his spouse Linda, with a short separation lasting two years in 2011. She holds the position of VP of Marketing for O’Leary Wines. The couple is the parent of two children.

Although his main residence is in Toronto, he also owns a cottage in Muskoka, Ontario, along with properties in Boston and Geneva, Switzerland. To facilitate investment partnerships with Emiratis, O’Leary acquired UAE citizenship.