Edward Johnson Net Worth, Biography and Career

Edward Johnson Net Worth $7.3 Billion

Edward Johnson III is an American billionaire investor and entrepreneur who, along with his daughter Abigail Johnson, controls Fidelity Investments and Fidelity International which he founded and owns.

Fidelity is the largest mutual fund, brokerage, and insurance firm in the United States, and its success has helped provided wealth for both Edward and his family. Here’s a breakdown of this businessman’s life story, businesses, accomplishments, and net worth.

Early Life: Childhood, Education

He was born Edward Crosby Johnson III in the United States on June 29, 1930. His parents were Americans who had a business of their own and were able to cater to the family from the proceeds. His father, Edward Crosby Johnson II, founded Fidelity Investments in 1949.

He attended prep school at Milton Academy for a while before transferring to Tabor Academy. For his tertiary education, he enrolled in Harvard College and graduated with a Bachelor’s degree in 1954.

Professional Life: Military Experience, Businesses

After completing his studies, Edward Johnson had a stint in the United States Army. Later on, he joined his father’s company Fidelity Investments in 1957 where he became a research analyst.

Three years later, he was appointed as the portfolio manager for the Fidelity Trend Fund and he managed the famous Fidelity Magellan Fund for fourteen years from 1963 to 1977. He then became the company’s president in 1972 and was appointed the chairman and chief executive officer five years later.

He was the first business executive in the industry to begin the practice of authorizing check writing on money market funds. He was also the first person to offer discount brokerage services to consumers, banks, and insurance companies. Furthermore, he supported and invested in the automation of brokerage operations.

Recently, he brought his daughter Abigail Johnson into the mix and made her chairman of the company. He is no longer a member of the Board of Directors at Fidelity but continues to maintain office hours and consult periodically with Abby.

Away from his activities at Fidelity, Mr. Johnson holds a number of positions on the boards of a couple of organizations and companies. As of this writing, he is a member of the Boston Society of Security Analysts and a trustee of the Boston Museum of Fine Arts. He is also a trustee of the Beth Israel Hospital and a fellow of the American Academy of Arts and Sciences.

Fidelity Investments Inc. is an American financial services corporation headquartered in Boston, Massachusetts. The company was launched in 1946 and is one of the world’s largest asset managers with 4.9 trillion dollars in assets under management as of March 2022.

The company currently operates a brokerage firm, manages mutual funds, and provides retirement services, fund distribution, and investment advice, life insurance, wealth management, cryptocurrency, and clearance, among other things.

Achievements: Awards & Honors

Ned Johnson is probably one of the most recognized men of his era. During his prime years, this man made many contributions to the business industry and also philanthropy. For his works, he has been acknowledged on numerous occasions and has been awarded by institutions and organizations alike.

As it stands, Mr. Johnson holds an honorary doctorate which he received from Hobart and William Smith Colleges. He has also received honorary doctorate degrees from Bentley College and Boston University. Furthermore, he stands as an honorary fellow of London Business School.

Personal Life: Wife, Children, Private Interests, Philanthropy

Edward Johnson III and his father founded Fidelity Foundation in 1965 to promote humanitarian causes in the United States and beyond. The Edward C. Johnson Fund is a $334 million charitable fund that contributes to several institutions in the Boston area and beyond.

Together with his wife, Elizabeth B. “Lillie” Johnson, Ed lives in Boston, Massachusetts. She is a trustee of the Museum of Fine Arts and Winterthur Museum. One of his daughters, Elizabeth L. Johnson, is a businesswoman and an owner of a $2.5 billion fortune.

His first daughter, Abigail, took over the roles of chairman of Fidelity International and chief executive officer of Fidelity Investments in 2014. As of 2012, she owned up to 24 percent of the shares in Fidelity. Today, she’s ranked 29th on the Forbes 400 list of the wealthiest Americans.

His son’s name is Edward Crosby Johnson IV. He is the president of family-owned Pembroke Real Estate. The firm manages over 6 million square feet of residential and office real estate, including the Boston Seaport. He is also a billionaire.

Edward Johnson Net Worth: Salary, Income Sources, Assets

Mr. Edward Johnson has a net worth of 7.3 billion dollars, all earned from his lucrative career. This American investor and businessman is the head of the family that runs Fidelity Investments, which is currently named one of the largest mutual fund and insurance firms in the United States.

His wealth ranks him as the 57^th richest person in the United States (according to Forbes).