What was Fred Smith’s net worth at the time of his passing? Fortune explored as FedEx founder dies at 80

Fred Smith, the founder and chairman of the American multinational conglomerate, FedEx, passed away on Saturday, June 21, 2025. Smith, whose full name was Frederick Wallace Smith, was one of the most successful transportation entrepreneurs in the world. When Smith passed, he was 80 years old and had accumulated a total net worth of around $5.3 billion, according to Forbes. On the other hand, Celebrity Net Worth valued Fred Smith's net worth at $6 billion.

The main source of Fred Smith's wealth came from FedEx, a transportation, e-commerce, and business services company. Smith made it big in the industry and was featured on a few Forbes lists. He was ranked no. 184 on the "Forbes 400" in 2024. Additionally, he was on the "Billionaires" list in 2025, and stood at no. 605. In 2016, he was on "The Richest Person In America’s 50 Largest Cities" list.

Keep reading to learn more about Smith's business history, as well as additional investments throughout his life.

More about Fred Smith's business ventures

Before Fred Smith joined any business ventures, he served in the U.S. Marine Corps for three years as a platoon leader, as well as a forward air controller (FAC) in South Vietnam. He served two tours on duty and was honorably discharged in 1969.

In 1970, he bought a controlling interest in Ark Aviation Sales, a company that dealt with trading used jets. In the following year, Smith decided to start Federal Express (FedEx's previous name) in June 18, 1971. He managed to set up his own business with his inheritance given to him by his father and an additional $91 million in venture capital. At the time, Smith's inheritance was a sum of $4 million, which would be around $23 million today.

His company finally started its business in 1973 with a fleet of 14 Dassault Falcon 20 (DA-20) jets in 25 different cities. The company was not doing well initially. After operating for 26 months, Federal Express lost about $29 million. During this time, Fred Smith flew out to Las Vegas to raise funds by playing blackjack. This went well for the young businessman because he managed to win $27,000 at the blackjack table. This money helped to move the company forward. Today, FedEx generates about $90 billion in annual revenue.

It is through this experience that Smith said some of his most famous words:

"No business school graduate would recommend gambling as a financial strategy, but sometimes it pays to be a little crazy early in your career."

Smith also dabbled in a few other investments besides FedEx. In 2003, the businessman bought a minority stake in the Washington Commanders NFL team, but sold it in 2021. He also invested in entertainment companies such as Alcon Entertainment and a few others.

Smith was also involved in politics in one way or another. During President George W. Bush's term, he was considered for the role of U.S. Defense Secretary twice, but declined both times. The first time was because of medical reasons, and the second time was due to personal reasons. Later on, Smith supported John McCain’s 2008 presidential campaign and served as a national co-chairman.

Fred Smith's legacy in the business world and the transportation industry will forever be remembered. Smith built an empire through vision and risk-taking. His determination and belief in himself propelled FedEx from a startup to a multinational conglomerate.

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