Peter Nygard Net Worth

What is Peter Nygard's Net Worth?

Peter Nygard is a Finnish-Canadian fashion executive who has a net worth of $500 million. Peter Nygard has earned his fortune as the founder and chairman of Nygard International, a Canadian-based manufacturer of women's clothing. In 2009, Canadian Business Magazine estimated his net worth at $750 million. That made him the 70th richest Canadian in the world at that time. Today, we peg Mr. Nygard's fortune at $500 million.

Peter Nygard was arrested in December 2020 on charges of sex trafficking, racketeering, and other crimes. Nygard had been accused of sexual misconduct by multiple women over the years, with some alleging that he had lured them to his Bahamas estate and abused them. The allegations against Nygard also included claims that he had paid bribes to officials and used his wealth and influence to intimidate and silence his accusers. Following his arrest, Nygard denied the allegations and pleaded not guilty to the charges. The controversy surrounding Nygard's alleged misconduct has led to the downfall of his fashion empire, which included brands such as Nygard, TanJay, and Alia. The company reportedly filed for bankruptcy in March 2020, citing the impact of the Covid-19 pandemic on its business.

In May 2023 Peter was ordered to pay $203 million to hedge fund billionaire Louis Bacon over a property feud in the Bahamas.

In November 2023 Peter was found guilty of four counts of sexual assault. At the point the verdict was read, he had already been sitting in jail for two years. Five women came forward at the trial and testified that Peter lured them to his bedroom suite at his Toronto business headquarters where he proceeded to sexually assault them. The victims were between the ages of 16 and 28 when the alleged assaults occurred.

Early Life

Peter Nygard was born in Helsinki, Finland. His birth year is in dispute. It was either 1941 or 1943. His parents Eeli and Hikka were bakers who immigrated to Canada in 1952 when Peter was a child. They eventually settled in Winnipeg. Nygard attended the University of North Dakota where he graduated in 1964 with a business degree.

One of his first jobs out of college was as a sales manager for a new line of women's denim for a company called Jacobs Fashions. In 1967 Peter used his life savings, roughly $8,000 and a loan to purchase a 20% stake in the company from its founder Nathan Jacob. Within a few years Peter bought Nathan out entirely and renamed the business Tan Jay.

Success

In 1967 he also founded his own apparel manufacturing business, simply called "Nygard". In its early days they made sportswear. In 1978 the company expanded in the US.

Today the company, which is known as "Nygard International", has corporate headquarters in Manhattan's Times Square. The company has grown into one of the world's largest women's clothing manufacturers and suppliers. The company generates north of $500 million per year in annual revenue. Nygard International employs 12,000 people around the globe and operates 200 retail stores in North America. Its products are carried at Dillard's, Walmart, Costco and more.

Peter is an avid supporter of breast cancer research and has made large charitable donations to the Canadian Breast Cancer Foundation. He has also supported the Amateur Boxing Federation's Bahamas team and has contributed to their Olympic success. He has an estimated 10 children from eight women.

Private Jets

Peter owns at least two private jets, both Boeing 727s that are painted with his name across the body.

(Photo by Darryl James/Getty Images)

Legal Problems

In February 2020, 10 women filed a civil class-action lawsuit against Peter accusing the mogul of rapes that allegedly occurred at his oceanfront mansion in the Bahamas. He has been accused of operating a sex trafficking ring and using associates to recruit women under the age of 16 (the legal age of consent in the Bahamas). Nygard vehemently denied the accusations, claiming that they were the result of a smear campaign paid for and orchestrated by his Bahamanian neighbor, hedge fund billionaire Louis Bacon, with whom he has been in a decades-long feud.

He would fly in women from around the world for lavish parties. He reportedly travels with an entourage of women that refer to themselves as "paid girlfriends" according to a New York Times investigation. According to the same investigation, Nygard's staff maintained a list of more than 700 women who could be invited to parties at a moment's notice. The Times also claimed that Peter refers to women's bottoms as "toilets" and was once recorded saying "Do you see those toilets?" while gazing at a group of women with whom he had not yet had sex.

In May 2023 a jury ordered Peter to pay Louis Bacon $203 million in damages as a result of a defamation lawsuit.

In November 2023 a Toronto jury found Peter guilty on four charges of sexual assault. He had already served two years in prison at the time of the guilty verdict and faces many more years behind bars, perhaps more years than remain in his life.

Nygard Cay

Nygard first acquired his Bahamanian compound, later the self-proclaimed "Nygard Cay" in 1987. Over the next decade he built a hedonistic resort that includes a 32,000 square-foot grand hall that has a 100,000 pound glass ceiling.

In 2009 portions of the property were destroyed by a fire. Nygard would later claim that his neighbor, Bacon, set the fire. A few months after the fire he announced a $50 million renovation plan which would take two years to complete. The Bahamanian Prime Minister's Office rejected the plans. The fire and stunted renovation plans have been the source of a feud between Bacon and Nygard for over a decade. Both sides have spent tens of millions of dollars fighting each other with more than 25 lawsuits in multiple international jurisdictions.

Over the decades, the resort has been visited by celebrities including Michael Jackson, Prince Andrew, Oprah and Robert DeNiro. In 2004 while filming the movie "Into the Blue", Jessica Alba attended a party at Nygard Cay which she reportedly found "gross". On a subsequent press tour Alba, who was 23 years old at the time, recalled of her time at Nygard's house: "These girls are like 14 years old in the Jacuzzi, taking off their clothes…"