Net Worth Ranker
What Is Steve Wozniak’s Net Worth?
Steve Wozniak, the American computer engineer celebrated as a co-founder of Apple Inc., possesses a net worth of $10 million. This figure reflects his lifetime earnings and philanthropic endeavors, which include donating significant portions of his wealth to charity, particularly those focused on children’s education.
Early Career and Apple’s Rise
Born and raised in San Jose, California, Wozniak’s early life laid the foundation for his future in technology. His father, an engineer at Lockheed Corporation, influenced his interest in electronics. Wozniak attended Homestead High School, the same school as Steve Jobs, though Jobs was a few years younger. Wozniak briefly attended the University of Colorado at Boulder before returning to California to study at De Anza College and then UC Berkeley. While at Berkeley, he met Steve Jobs through a mutual friend, Bill Hernandez. This meeting proved pivotal, setting the stage for their collaboration and the birth of Apple. Wozniak’s initial work at Hewlett-Packard (HP), designing calculators, honed his skills and prepared him for his groundbreaking work at Apple. Before fully committing to Apple, Jobs worked at Atari where Nolan Bushnell, Atari’s founder, offered $100 bounty for each chip that eliminated in a game called Breakout. Jobs, who had a limited knowledge of circuit board designs, brought Wozniak in, and offered half the bounty they received. Wozniak ended up removing 50 chips from the game. Jobs told Wozniak that Bushnell only gave him $700 when, in fact, he had been paid $5,000.
In 1975, Wozniak single-handedly designed the Apple I computer, a feat that impressed Jobs and led to the decision to start a company together. To finance their venture, Jobs enlisted Ronald Wayne, a co-worker at Atari, who received a 10% stake in exchange for startup capital and administrative support. Wayne sold his 10% stake back to Jobs and Wozniak for $800 just 12 days later. The first Apple computers were assembled in Jobs’ bedroom and garage, with approximately 200 units of the Apple I produced, selling for $666.66 each. Following the Apple I, Wozniak designed the Apple II series, which significantly impacted the personal computer revolution during the 1970s. He is credited with single-handedly creating the original Apple hardware, operating system, and circuit board designs.
Apple’s IPO and Wozniak’s Stake
Apple’s financial growth was exponential, starting with $175,000 in revenues in 1976 and soaring to $2.7 million in 1977. The company went public in 1980, reporting $117 million in sales in the preceding 12 months. The IPO created over 300 millionaires at Apple. At the time of Apple’s IPO in 1980, Wozniak owned 7.9% of the company. With Apple’s market capitalization at $1.8 billion at the IPO, Wozniak’s stake was worth $142 million on paper. Despite this substantial early wealth, Wozniak’s net worth is now estimated at $10 million due to his philanthropic activities and charitable contributions. Wozniak gave away what would have eventually been hundreds of millions of dollars worth of early Apple shares to disgruntled fellow engineers in the early 1980s. He also contributed untold millions to charity over the last few decades. In November 2019, Wozniak confirmed that he had given the “vast majority” of his net worth to charity, primarily to organizations focused on children’s education.
Post-Apple Ventures and Philanthropy
After surviving a near-fatal plane crash in 1981, Wozniak took a break from Apple, returning to complete his degree at UC Berkeley under a pseudonym. He returned to Apple at some point but left again by 1985. He technically never resigned or officially severed his relationship with Apple. Even today, Wozniak remains listed as a current Apple employee and receives an annual stipend of $120,000 for representing the company at public events. In 2001, Wozniak co-founded Wheels of Zeus (WoZ) to develop wireless GPS technology. He has also funded and supported the technology program in his local school district, reflecting his commitment to education. Wozniak formed Un.U.Son (Unite Us In Song) to support his educational and philanthropic projects. He was inducted into the National Inventors Hall of Fame in 2000. In 2017, Wozniak founded Woz U, an online technical school, and in 2020, he launched Efforce, a company focused on funding environmentally friendly projects. In September 2021, he started Privateer Space with Alex Fielding, focusing on addressing the issue of space debris. Their space traffic monitoring software debuted in March 2022. In 1990, Wozniak helped form the Electronic Frontier Foundation. He is a major donor to several museums and organizations, including the Children’s Discovery Museum of San Jose, the Tech Museum, and the Silicon Valley Ballet.
Wozniak’s Philosophy on Wealth and Giving
Wozniak’s philosophy on wealth is unconventional, focusing on passion and service rather than monetary gain. He stated, “Don’t work for money – it will wear out fast, or you’ll never make enough, and you will never be happy, one or the other… You have to find the intersection of doing something you’re passionate about and, at the same time, something that is in the service of other people.” In a 2018 interview, Wozniak explained his aversion to high finance and why he doesn’t even own any stocks: “I do not invest. I don’t do that stuff. I didn’t want to be near money because it could corrupt your values.” His decision to donate the majority of his wealth reflects these beliefs. He explained: “I never wanted to be rich, so I gave my wealth away… I support my family by speaking. I’ve done well, and we can afford to live here but are not super rich. I care more about justice and equality than money.” Today, Wozniak primarily earns income from speaking engagements.
Real Estate Holdings
In 2006, Steve Wozniak purchased a 7,500-square-foot mansion in Los Gatos, California, for $6.9 million. He first listed the home for sale in 2012 for $5 million, eventually selling it for $3.8 million in May 2015 after several price reductions.
