- Category:
- Richest Business › Executives
- Net Worth:
- $20 Million
- Birthdate:
- 1934 (90 years old)
- Gender:
- Male
- Profession:
- Businessperson
- Nationality:
- United States of America
What is Sam Wyly's Net Worth?
Sam Wyly is an American entrepreneur and businessman who has a net worth of $20 million. Sam Wyly was born in Louisiana, in October 1934. He is also a philanthropist and is a major contributor for Republican campaigns and candidates. Sam and his brother Charles Wyly, Jr. have often been referred to as the Wyly brothers. Sam Wyly graduated from Louisiana Tech University, the University of Michigan, and the Ross School of Business. He started out as a salesman at IBM's Service Bureau Corporation. In 1963 Wyly founded University Computing Company. He started the company with $1,000 and it went public in 1985 wand has $125 million in sales by 1971. Sam and his brother Charles bought the restaurant chain Bonanza Steakhouse in 1967.
Wyly acquired Gulf Insurance in 1986 and co-founded Earth Resources Company. He purchased Computer Technology in 1970 and co-founded Sterling Software in 1981. In 1982 he purchased controlling interest in the arts and crafts store Michaels and in 1986 he purchased the retail chain Frost Bros. Wyly co-founded the hedge fund Maverick Capital in 1990. His memoir 1,000 Dollars & an Idea: Entrepreneur to Billionaire was published in 2008. From 1970 to 2006 Wyly and his brother Charles estimate that they gave about $10 million to Republican causes and candidates. Sam Wyly filed for bankruptcy in 2014 after losing a fraud case brought by the SEC. The IRS filed claims for $3.2 billion dollars against Wily in April 2015.
