Fred DeLuca Net Worth, Achievements & Personal Life

Fred DeLuca Net Worth  $2.8 Billion

Fred DeLuca, who in the year 1965, at 17, borrowed $1,000 to start a small sandwich business in Bridgeport, Connecticut, to help pay for his expenses in college, and parlayed that experience into establishing Subway, the largest chain of fast-food franchises in the world, is remembered always as one of the greatest businessmen that have ever lived.

He was 67 years old when he died on September 14, 2015. He became ill while traveling to visit his franchisees in July of that year and it was discovered that he had leukemia.

He started receiving treatments while still overseeing his business as its owner and chief executive, but unfortunately, the cold hands of death snatched him away from this world.

Mr. DeLuca was a gregarious, hands-on chief executive who ran the operations of his company for decades, personally making corporate decisions, signing company checks, traveling the country, and holding talks with franchise owners and customers.

We’ll take a deep dive into his life and career story in this article. Stay with us.

Early Life: Childhood and Education

Fred DeLuca was born Frederick Adrian DeLuca on October 3, 1947, in Brooklyn, New York, the United States to Italian American parents Salvatore and Carmela DeLuca.

When he was 10 years old, DeLuca and his family moved to Amsterdam, in New York, where he became friends with Peter Buck. Once in his teens, he and his family moved to Bridgeport, Connecticut.

He attended Central High School in Bridgeport, Connecticut. He started his business when he was 17 years old, and when he had achieved a considerable level of success in his business, DeLuca realized his dream to attend college and graduated from the University of Bridgeport.

Professional Life: Entrepreneurial Career

Fred Deluca’s first sandwich shop was named Pete’s Submarines in acknowledgment of the loan he took from his friend Peter Buck. However, this shop did not succeed as he wanted.

He opened another shop which, just like the first sandwich shop, failed to register any success.

However, the earnings from his small business covered his costs at the University of Bridgeport, and his experience helped in building the foundation for today’s empire of more than 44,000 independently owned Subway franchises in over 100 countries, surpassing the outlets of KFC and McDonald’s at 18,000 and 36,000 respectively.

A privately held company that is headquartered in Milford, Connecticut, with regional offices around the world, Subway does not publicly publish financial results, but Forbes magazine, in 2012, said it had a revenue of 18 billion dollars.

The reputed magazine also listed Mr. DeLuca and Mr. Buck as the 259th-richest Americans. DeLuca and Buck co-founded the business, with the former serving as its president for decades until his demise.

Subway is known for its made-to-order sandwiches, including foot-long “submarines” and salads, beverages, and desserts.

The company phenomenally after 1974, when it started using franchises to expand. It undercut its rivals with relatively low start-up costs and lower prices in addition to marketing schemes that emphasized fresh ingredients, reduced-sodium foods, and lower-calorie.

Achievements: Awards & Honors

At the graduation commencement in 2002, the businessman received an honorary Doctor of Humane Letters (L.H.D.) from the University of Bridgeport, his alma mater.

The Connecticut Restaurant Association also awarded him the Lifetime Achievement Award.

His accomplishment with Subway remains unmatched to date. It is considered the largest chain of fast-food franchises in the world.

Today, the business boasts of more than 44,000 independently owned Subway franchises in over 100 countries, surpassing the outlets of KFC (18000) and McDonald’s (36,000).

Personal Life: Wife, Children, Residence

Mr. DeLuca maintained homes in Fort Lauderdale, Florida, and Milford, Connecticut. He lived with his wife Elisabeth DeLuca until his last day.

He is the father of Jonathan Deluca, who resides in Boca Raton, Florida. He also adopted a child of Cindy Mattson, named Luca.

Fred DeLuca Net Worth: Salary, Income Sources, Assets

This American businessman had a net worth of $2.8 billion by the time he died in 2015. Not merely famous for his net worth, Mr. DeLuca is best remembered as one of the founders of Subway, one of the biggest and most successful fast-food franchises in the world.

It’s truly remarkable that Deluca started Subway in 1965 when he was only 17 years old. He managed to scrounge up a thousand dollars and went on to realize his dreams as an entrepreneur.

Today, Subway is one of the most popular restaurants in the world courtesy of Fred DeLuca’s hard work backed by memorable advertising campaigns that helped put the fast-food business on the map.

Looking at his track record and achievements while he lived, it’s clear to see why Fred DeLuca is considered one of the great American success stories.