Andrew Yang was once a Democratic Presidential candidate for the 2020 race. He is ranked in the Top 10 in CNN's Power Rankings out of currently 24 candidates.
Unfortunately, he dropped out of the race in February 2020 because he just wasn't winning in the polls and caucuses. Let's take a look at Andrew Yang's net worth anyway.
A former tech entrepreneur who started a nonprofit to promote startups, Yang entered the race Nov. 6, 2018 on essentially a single issue: protecting Americans from job-stealing robots.
The son of Taiwanese immigrants, he sells himself as the opposite of Trump—an ego-free Asian man who likes math.
Andrew Yang's big campaign idea is to give every American $1,000/month in free money for as long as he is President as he is a big proponent of universal basic income.
Andrew Yang is 44 years old as of 2020 and has a decent social media following that is picking up steam as the presidential race develops.
His biggest problem is that he doesn't have political experience and there are only 5.6% Asian Americans. That's not enough to sway the vote and make huge noise.
Andrew Yang's Life
Yang was born in Schenectady, New York, to immigrant parents from Taiwan. His parents met while they were both in graduate school at the University of California, Berkeley. His father graduated with a Ph.D. in physics and worked in the research labs of IBM and General Electric, generating over 69 patents in his career. His mother graduated with a master's degree in statistics and later became an artist.
As “one of the only Asians” in his public school, Yang described being bullied and called racial slurs by classmates. “Perhaps as a result, I've always taken pride in relating to the underdog or little guy or gal,” he wrote.
Yang later attended Phillips Exeter Academy, an elite boarding school in New Hampshire. He graduated from Exeter in 1992 and went on to attend Brown University, earning a Bachelor of Arts (BA) in economics. After Brown University, Yang attended Columbia Law School where he earned a Juris Doctor (JD).
Yang has one of the most decorated educational resumes one can ever have. Any parent would be proud.
Andrew Yang's Career
In 1999, after graduating from Columbia Law School, Yang began his career as a corporate attorney at Davis Polk & Wardwell in New York City. He left the firm in 2000 to launch Stargiving.com, a website for celebrity-affiliated philanthropic fund-raising.
Stargiving.com raised some capital from investors but folded in 2001. Afterward, Yang joined a healthcare software startup, MMF Systems, Inc., as its Vice President and third hire.
After working in the healthcare industry for four years, Yang left MMF Systems to join friend Zeke Vanderhoek at a small test preparation company, Manhattan Prep.
In 2006, Vanderhoek asked Yang to take over as CEO. While he was CEO of Manhattan Prep, the company primarily provided GMAT test preparation. The company expanded from five to 69 locations and was acquired by Kaplan in December 2009.
Yang resigned as the company's president in early 2012.
Following the acquisition of Manhattan Prep in late 2009, Yang began to work on creating a new nonprofit fellowship program called Venture for America, which he founded in 2011 with the mission “to create economic opportunity in American cities by mobilizing the next generation of entrepreneurs and equipping them with the skills and resources they need to create jobs”.
Andrew Yang's Net Worth
Because entrepreneur Andrew Yang hasn't previously run for office, he hasn't filed financial disclosures documenting his assets and liabilities.
His 2016 tax returns showed he earned an annual salary of $285,000 as CEO of Venture for America.
Based on Andrew Yang's background working in big law, startups, and as the CEO of Manhattan Prep that was acquired by Kaplan, Andrew Yang is likely worth about $3 – $4 million dollars.
Manhattan Prep was earning roughly $11 million in EBITDA (operating profits before tax), and was reported to have been acquired for 8X EBITDA or $88 million.
It is reasonable to estimate that Andrew Yang as CEO earned 2% – 3% of that total payout, or $1.76 million – $2.64 million plus any incentive compensation to stay. Andrew was only at Manhattan Prep for three years, and was not the founder.
Yang also is a fan of investing in real estate crowdfunding through Fundrise. They are the best platform today that allows you to strategically invest in some of the best real estate deals around the country.
Fundrise is free and easy to sign up and explore. Many Chinese-Americans have invested in real estate to build multi-generational wealth for their children. Yang's parents bought property when he was young, and Yang is buying property for his children. Real estate is one of the most tried and true ways to build great wealth in America.
The opportunities to make lots of money for Andrew Yang are endless, especially if he gets far in the primaries.
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