Marc Rich

Date of Birth: December 18, 1934

Zodiac Sign: Sagittarius

Date of Death: June 26, 2013

Biography

Marc Rich, born on December 18, 1934, in Antwerp, Belgium, was a notable businessman, commodities trader, and financier, best known for founding the commodities trading firm Glencore. Rich’s family fled from Belgium to the United States during World War II to escape the advancing Nazi forces. He later attended New York University but dropped out to work as a commodities trader. Rich began his career at Philipp Brothers (now Phibro LLC), a prominent commodities trading firm, where he quickly rose through the ranks. In 1974, he co-founded Marc Rich + Co. AG, which eventually became Glencore, one of the world’s largest commodity trading and mining companies. Marc Rich’s career was highly controversial. He was indicted in the United States on charges of tax evasion and making oil deals with Iran during the Iran hostage crisis. He fled to Switzerland, where he lived for many years as a fugitive. Rich was famously pardoned by President Bill Clinton on his last day in office in 2001, a decision that sparked widespread debate and controversy. Despite his legal troubles, Marc Rich was a significant figure in the commodities trading world and left a lasting legacy in the industry. He passed away on June 26, 2013, in Lucerne, Switzerland, due to a stroke.

5 Interesting Facts about Marc Rich

1. Marc Rich co-founded Glencore, which became one of the world’s largest commodity trading and mining companies.

2. He was indicted on charges of tax evasion and illegal trading with Iran during the 1979-1981 hostage crisis.

3. Rich was pardoned by President Bill Clinton on his last day in office in 2001.

4. He fled to Switzerland in 1983 to avoid prosecution and lived there for the rest of his life.

5. Marc Rich was known for his secretive and aggressive trading strategies, which significantly impacted the commodities market.

5 Most Interesting Quotes from Marc Rich

1. “I gave people the opportunity to make money, and they gave me the opportunity to make money.”

2. “You have to be a chameleon to survive in this business.”

3. “I never did anything that was illegal.”

4. “In the commodities business, you have to be able to adapt to changing environments and situations.”

5. “Trading is about information and contacts; the more you have, the better you do.”

Highest Net Worth Achieved

At his peak, Marc Rich’s net worth was estimated to be around $2.5 billion.

Children

Marc Rich had three children with his first wife, Denise Eisenberg Rich: 1. Gabrielle Rich Aouad (1964–1996) 2. Danielle Kilstock 3. Ilona Schachter-Rich