Peter Schiff Net Worth 2020, Biography, Career, Marital Life, and Awards.
Peter Schiff Net Worth 2020 – Peter Schiff is a well-known American investment broker, author, economic forecaster, and investment advisor. His strategy is strongly influenced by the free-market Austrian School of economics.
He is credited with accurately predicting the 2007 housing market collapse and the subsequent 2008 financial crisis in the USA. His expertise in financial matters and economic theory has made him a sought after speaker and analyst at various forums.
Peter David Schiff was born on March 23, 1963, in New Haven, Connecticut, USA into a middle-class family. His father, Irwin, was the son of a Jewish immigrant from Poland, who served in the US Army during World War II.
His parents divorced when he was young and he was brought up with his brother by his mother who moved around till they finally settled down in Southern California. He credits his father for introducing him to the Austrian School of economic thought. His father was sentenced to 13 years imprisonment for tax evasion and died in prison in 2015.
Schiff completed his schooling from Beverly Hills High School and went on to do his Bachelor of Science degree, with a double major in Finance and Accounting, from the University of California, Berkeley in 1987.
Schiff started his financial career as a stockbroker with Shearson Lehman Brothers brokerage in the early 1990s. Within a period of five years, he acquired a sick brokerage firm with a partner and renamed it Euro Pacific Capital. The firm initially operated from a small office in Los Angeles and later relocated to Darien, Connecticut in 2005.
His firm has its current headquarters in Westport, Connecticut and has several branches in Arizona, Florida, California, Los Angeles, and New York City. Its investment strategy focuses on long-term wealth savings in the face of a declining US dollar with emphasis on emerging market and commodity-focused investments.
In 2007, Schiff wrote the book ‘Crash Proof’ in which he said that the US economic policies were unsound. He predicted that the imbalance between the number of goods consumed and produced by the USA would eventually lead to an economic crisis.
He advocated increased personal savings and production to stimulate economic growth. In his view, low savings were because of high inflation and low-interest rates set by the Federal Reserve.
He earned the nickname ‘Dr. Doom’ due to his pessimistic views about the US economy and its imminent collapse. However, articles in Business Week and a few other journals conceded that his predictions about the financial crisis of 2007 – 2010 were more or less correct.
Schiff was an economic advisor to the Libertarian Party nominee, Ron Paul, for his 2008 presidential campaign. In his campaign, he advocated savings and production as against the current policy of borrowing and consuming.
In September 2009 Schiff announced his candidature for the Republican nomination to the 2010 United States Senate elections in Connecticut. He had the support of Ron Paul and Steve Forbes, however, lost to McMohan in the primary round. The seat was finally won by the Democratic Party in the general elections.
As of January 2020, Peter Schiff has a whopping estimated net worth of $80 million. Despite being nicknamed ‘Dr. Doom’ and making predictions that were not easy for politicians in power to digest, Peter Schiff had the true pulse of the market and made sound investments for his clients.
He has been named ‘Man of the Year 2010’ and bestowed with the ‘Hustle Bear Award’. He is married to Lauren Schiff and resides with his family in Puerto Rico. The couple has two children named Spencer and Preston.