Eric Smidt Net Worth

Eric Smidt has an estimated net worth of $17.8 billion, according to Forbes Real-Time Billionaires, Eric Smidt profile (figures as of October 20, 2026). That is up from $2.7 billion in 2019.

Eric Smidt is an American businessman who leads Harbor Freight Tools as chairman and CEO. He is known for building the retailer from a small mail-order tool operation into a nationwide chain. The company began in 1977 in North Hollywood, where Smidt started it with his father Allan while still a teenager. Harbor Freight first sold tools from a small warehouse, then grew into a much larger business with more than 1,600 stores across 48 states.

His wealth comes from Harbor Freight Tools, where he became president in 1985 and then CEO and sole owner in 1999. A key part of the company’s model was selling tools directly from factories to customers, cutting out the middleman. Forbes says Smidt is self-made. It also says he runs Harbor Freight Tools, a retailer with $9.5 billion in sales and over 1,600 stores. Forbes currently estimates his net worth at $17.8 billion as of October 20, 2026.

How Eric Smidt built his fortune

Smidt’s fortune is tied to Harbor Freight Tools, the company he started in 1977 with his father. In its early days, the business worked through mail order and sold tools out of a small warehouse in North Hollywood. As Harbor Freight grew, it changed from Harbor Freight Salvage to Harbor Freight Tools. Smidt helped shape the company’s approach by sending tools straight from factories to customers, which removed middlemen from the process.

He took on bigger leadership roles as the company expanded. Smidt became president in 1985 and later became CEO and sole owner in 1999. Harbor Freight is now a major home improvement retailer with more than 1,600 stores across 48 states. Forbes says the business has $9.5 billion in sales. That scale explains why most of his wealth is connected to the company’s retail growth and his ownership stake.

Forbes net worth trend

Forbes tracked a sharp rise in Smidt’s fortune over time. Its World’s Billionaires List put him at $2.7 billion in 2019, $3 billion in 2020, $4.7 billion in 2021, $5.5 billion in 2022, $9.2 billion in 2023, $11.7 billion in 2024, and $15.6 billion in 2025. Forbes then estimated $17.9 billion on the 2026 list, showing a big jump over several years as Harbor Freight kept growing.

The latest Forbes update is slightly lower than that 2026 annual list figure. Forbes' real-time billionaires tracker shows Smidt at $17.8 billion as of October 20, 2026. The business behind that estimate is still Harbor Freight Tools, where he is chairman and CEO. Forbes also notes that the company has over 1,600 stores and $9.5 billion in sales, which helps explain why its founder-owner’s wealth reached that level.