Howard Hughes Net Worth 2020, Biography, Career, and Death.
Howard Hughes Net Worth 2020 – Howard Hughes was a colorful and flashy businessman and inventor who used an inherited fortune to achieve a national reputation in the motion picture and aviation industries.
Biography of Howard Hughes
Howard Hughes was born in either Humble or Houston, Texas, on December 24, 1905. Hughes’ father, Howard Hughes Sr., made his fortune by designing a drill bit that could penetrate the hard rock.
Prior to this invention, oil drillers weren’t able to reach the large pockets of oil lying beneath such rock.
Howard Hughes Sr. and a colleague established the Sharp-Hughes Tool Company, which held the patent for the new drill bit, manufactured the bit, and leased the bit to oil companies.
Though he grew up in a wealthy household, Howard Hughes Jr. had difficulty focusing on his studies and changed schools often.
Rather than sitting in a classroom, Hughes preferred to learn by tinkering with mechanical things.
For instance, when his mother forbade him from having a motorcycle, he built a motorcycle himself by assembling a motor and adding it to his bicycle.
Hughes was a loner in his youth. With one notable exception, he never really had any friends.
He founded Hughes Aircraft Company in 1932, the Hughes Helicopters Division in 1947 and Hughes Aerospace Group in 1948.
Howard also took over a controlling interest in TWA airlines in 1939. He purchased the airline Air West in 1970 and changed the name to Hughes Airwest.
Hughes personally set many world records as a pilot and aircraft engineer.
He built the Hughes H-1 Racer while running Hughes Aircraft, which was donated to the Smithsonian in 1975 and then put on display at the National Air and Space Museum.
He was also one of the people who helped design and fund the building of The Boeing 307 Stratoliner and the Lockheed L-049 Constellation.
At the time of his death, Howard left behind an estate valued at $2.5 billion. That’s the same as $11 billion in today’s dollars. Over 400 people came forward to claim part of his will.
Several different wills were produced, including one that left $150 million to a gas station attendant in Nevada who supposedly drove a lost and disheveled Howard back to the Desert Inn one night.
The Mormon church claimed a large stake in Howard’s will.
After several angry lawsuits, a judge finally declared that Howard died without a valid will and therefore split his fortune up among 22 cousins.
Howard’s name and inventions still live on to this day. Upon his death, he donated all of his stock in the Hughes Aircraft to form The Howard Hughes Medical Institute (HHMI) in Chevy Chase, Maryland.
In 1985, the HHMI sold all of its stock in Hughes Aircraft to General Motors for a tax-free $5.2 billion in cash and stock.
This instantly turned HHMI into one of the largest private foundations in the world.
The HHMI is one of the largest non-governmental funding organizations in the world for medical and biological research. Today HHMI’s endowment is $17 billion.
In 1970, Hughes’ marriage ended and he left Las Vegas. He moved from one country to another and died in 1976 aboard an airplane while traveling from Acapulco, Mexico, to Houston, Texas.
Hughes had become such a hermit in his final years—and his physical health had so deteriorated—that no one was quite sure it was he who had died, so the Treasury Department had to use fingerprints to confirm his death.
Howard Hughes Net Worth
Howard Hughes was an American business tycoon, film director, and producer, aviator and engineer who had a net worth equal to $11 billion at the time of his death ($2.5 billion in 1976).