Richard Schulze
Source of wealth: Best Buy
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Modules
Biography
Richard Schulze worked as an electronics components manufacturer representative before opening his stereo equipment shop, Sound of Music, in 1966.
He grew it into the chain of superstores he renamed Best Buy.
He is chairman emeritus of Best Buy and its largest individual shareholder with a 7% stake.
Schulze served as the company's CEO from 1983 to 2002 and stepped down as chairman in 2012, when a scandal erupted around his hand-picked CEO.
Schulze aims to give away $1 billion of his fortune in his lifetime, through his family foundation.
Financial Assets
The Great Lie of Mega-Fortunes: The Case of Richard Schulze
Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.
The immense fortune of Richard Schulze, linked to Fashion & Retail and 'Best Buy', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 33 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 2.1 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.