David Mark Rubenstein, born on the 11th of August, 1949, is an American lawyer, businessman, and philanthropist, probably best known as the co-founder of private equity firm The Carlyle Group and recognised worldwide for his various philanthropic works.
So how much is Rubenstein’s net worth? As of early 2016, it is reported by sources to be $3 billion, gained mostly from the success of his firm, and his long career in the field of law and working in the White House.
David Rubenstein Net Worth $3 Billion Dollars
Born in Baltimore, Maryland, Rubenstein is the only son of his ex-marine turned postal worker father and housewife mother. Later he received his high school education from Baltimore City College, and received a full scholarship to attend Duke University. After graduating as magna cum laude from Duke, he pursued further education at the University of Chicago Law School.
After getting his law degree, in 1973 he worked in New York practicing law with Paul, Weill, Rifkind, Wharton & Garrison. In 1975, he decided to shift gears and work in the world of politics, serving as Chief Counsel to the U.S. Senate Judiciary Committee’s Subcommittee on Constitutional Amendments.
Rubenstein got a chance to work with President Jimmy Carter, and served as his Deputy Assistant for Domestic Policy for the years from 1977 to 1981. He then came back to practicing law, and worked with Shaw, Pittman, Potts and Trowbridge. His years practicing law and working in the White House certainly helped in raising his net worth. He eventually used his connections to form his own company.
In 1987, Rubenstein along with William E. Conway, Jr. and Daniel A. D’Aniello started their company, The Carlyle Group. The private equity firm buys various companies and then sells them for a profit, today called ‘flipping’. The company is believed to manage worth $148 million worth of investments currently, and is one of the most respected equity firms in the world. The success of the company was mirrored the same for Rubenstein’s net worth, making him a billionaire.
Aside from serving as the Chief Executive Officer of The Carlyle Group, Rubenstein also serves as one of the Board of Directors of other prominent groups and organizations, including the Lincoln Center for the Performing Arts, the Institute for Advanced Study, and the National Museum of American History of the Smithsonian Institution, to name a few. His presence in these various groups has also helped him establish his wealth.
Rubenstein is also a big giver. He has provided financial assistance for the preservation of major US landmarks like the Washington Monument and the National Zoo. He also provided generous donations to his alma maters, Duke University and University of Chicago to fund various projects and help provide scholarships to hundreds of students. Recently, Rubenstein joined Warren Buffet and Bill Gates in the “Giving Pledge”, promising to give half of his fortune to charity.
In terms of his personal life, Rubenstein has been married to Alice Nicole Rubenstein, founder of the Alaska House New York, since 1983. Together the couple have three children, and are now living in Bethesda, Maryland.
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