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What Is Erik Prince’s Net Worth?
Erik Prince, an American businessman and former US Navy SEAL, has seen considerable fluctuations in his estimated wealth. At its peak, his net worth reached approximately $200 million. However, Prince himself has indicated a significant decrease in his wealth. In an October 2024 interview with VladTV, he claimed to be worth “way less” than a billion dollars, citing the adverse effects of “cancel culture” and difficulty in securing capital from banks.
Prince’s initial fortune originated from his family’s automotive accessory business, Prince Machine Corporation, founded by his father, Edgar Prince. Edgar invented the illuminated car sun visor with a built-in mirror. This innovation became a standard feature in many vehicles. The company, based in Holland, Michigan, was a major employer in the area. In 1996, the family sold the company to Johnson Controls for $1.35 billion. This sale provided Erik with the capital to embark on his ventures.
Erik Prince’s Business Ventures and Contracts
In 1997, Erik Prince founded Blackwater Worldwide, a military contractor that undertook highly secretive government operations. Between 1997 and 2010, Blackwater secured approximately $2 billion in government security contracts. Additionally, between 2001 and 2010, the company received an additional $600 million worth of highly classified contracts from the CIA. These contracts propelled Blackwater to prominence as a leading private security firm.
Blackwater came under scrutiny in September 2007 following an incident in Baghdad’s Nisour Square, where Blackwater employees killed 17 Iraqi civilians. This event led to significant criticism and reputational damage. Erik Prince stepped down as the head of Blackwater in 2009. In 2010, the company was sold to a group of investors and subsequently renamed Academi in 2011. Despite the controversy, Blackwater continued to secure government contracts. In 2010, it was awarded a United States Department of State security contract worth $120 million and $100 million in CIA contracts.
In 2010, Erik Prince moved to Abu Dhabi, United Arab Emirates. He was hired by the crown prince to assemble “an 800-member battalion of foreign troops for the U.A.E.” In January 2011, he began training 2,000 Somalis to combat piracy in the Gulf of Aden. Prince later became chairman of logistics and transport company Frontier Services Group Ltd and head of private equity firm Frontier Resource Group. These ventures represent his continued involvement in security and logistics sectors.
Early Life, Education, and Family
Erik Prince was born on June 6, 1969, in Holland, Michigan, to parents Elsa and Edgar Prince. He grew up with three older siblings, including Betsy DeVos, who later became the United States Secretary of Education. Erik attended Holland Christian High School and often traveled the world with his father. After high school, Prince attended the United States Naval Academy for three semesters. He then enrolled at Hillsdale College, graduating with a B.A. in economics in 1992.
During his college years, Erik Prince worked as a cold-water diver for the local sheriff’s department and served as a volunteer firefighter. He also worked as an emergency medical technician. In 1990, Prince interned at the White House and later with California congressman Dana Rohrabacher. In 1992, Prince attended Officer Candidate School and became an officer in the US Navy. He served as a Navy SEAL and was deployed to the Middle East, Haiti, and the Balkans with SEAL Team 8. Erik left the Navy after his father died in 1995.
Erik’s sister, Betsy DeVos, is a billionaire due to her marriage to Dick DeVos. Dick’s father, Richard Sr., founded the multi-billion-dollar Amway company. The DeVos family’s wealth is primarily derived from Amway’s success. This contrasts with Erik Prince’s financial trajectory, which has seen significant ups and downs due to his business ventures and associated controversies.
Personal Life and Political Involvement
Erik Prince married Joan Nicole in 1991, and they had four children together: Sophia, Christian, Isabella, and Erik. Joan passed away from cancer in 2003. During Joan’s illness, Prince had an affair with his children’s former nanny, Joanna Houck, and impregnated her before Joan’s death. Erik and Joanna married in 2004 and had three children before divorcing in 2012. Prince then married former Blackwater spokesperson Stacy DeLuke.
Erik Prince has been involved in Republican politics, donating money to several politicians, including Ron Paul, Mike Pence, Pat Buchanan, and Mitt Romney. He also contributed $250,000 to Donald Trump’s 2016 presidential campaign. Prince is the vice president of the Prince Foundation, founded by his parents in 1979, and he founded the Freiheit Foundation in the 1990s. Both organizations support conservative Christian causes. These activities reflect his political and philanthropic interests.
In August 2016, Erik Prince met with Donald Trump, Jr., Joel Zamel, and George Nader at Trump Tower to discuss Iran policy. During the meeting, Nader reportedly said that the crown princes of the UAE and Saudi Arabia wanted to help Donald Trump win the presidential election. In January 2017, Prince also attended a meeting in Seychelles arranged by Mohammed bin Zayed Al Nahyan, the UAE crown prince. These meetings drew scrutiny due to their potential implications for the 2016 presidential election.
In April 2017, “The Washington Post” reported that the Seychelles meeting was “part of an apparent effort to establish a back-channel line of communication between Moscow and President-elect Donald Trump.” Erik testified before the House Intelligence Committee that he did not represent the Trump transition and that no back-channel was involved. However, the Special Counsel found evidence that contradicted his testimony. In April 2019, House Intelligence Committee chairman Adam Schiff sent a criminal referral to the Justice Department, alleging that Prince had provided false testimony. The Department of Justice opened an investigation in early 2020. These events have contributed to the scrutiny surrounding Erik Prince and his business dealings.
In March 2020, “The New York Times” revealed that Erik Prince recruited former spies to infiltrate “Democratic congressional campaigns, labor organizations and other groups considered hostile to the Trump agenda.” These activities further intensified the controversy surrounding Prince and his involvement in political matters.
