Richard Schaefer was born in Switzerland of Hispanic descent, and is an executive and businessman, probably best known for being the former CEO of the professional boxing promotion company Golden Boy Promotions. He also started his own boxing promotion company in 2016 called Ringstar Sports. He was previously involved in banking for various companies, but all of his endeavors have helped put his net worth to where it is today.
How rich is Richard Schaefer? As of early-2017, sources inform us of a net worth that is at $20 million, mostly earned through success in the boxing industry. He’s also earned a good amount of money from his real estate endeavors. As he continues his career, it is expected that his wealth will continue to increase.
Richard Schaefer Net Worth $20 million
Richard started his career in 1983, joining Swiss Volksbank which would become Credit Suisse. He attended the Swiss Banking School division of the Swiss Finance Institute, and after graduating would become the manager of the Los Angeles Swiss Bank office. In 1996, Swiss Bank took over UBS and Richard was placed at the head of operations in the western United States. A year later, he became the deputy CEO of UBS private banking operations in the entire country, overseeing trillions of dollars in assets. His net worth was steadily increasing thanks to these opportunities.
In 2000, he gave up banking and decided to join the newly created Golden Boy Promotions, headed by Oscar De La Hoya – according to reports, he joined the young boxer to help build a business empire. He managed fighters and would then transition to boxing promotion, helping organize high profile boxing matches. The company grew thanks to his efforts, and his net worth also increased dramatically. He also ventured into real estate, notably becoming part of a $70 million redevelopment deal alongside Oscar De La Hoya. However, he stepped down from his position in 2014, and two years later founded his own boxing promotion called Ringstar Sports. He had been with Golden Boy for 14 years before deciding to leave.
According to reports, he could not immediately start his own promotion because he originally had a non-compete clause which ended in 2015. He has since signed fighters including the brothers Carlos and Jose Balderas. He’s run fights including Jesus Cuellar versus Abner Mares and the featherweight rematch Leo Santa Cruz versus Carl Frampton.
For his personal life, it is known that Richard has been married to Lilia since 1994, and they have three kids; his wife is from Mexico. He’s mentioned that he doesn’t really earn as much from boxing promotion compared to real estate but he enjoys doing it. He later mentioned that one of the reasons he left Golden Boy was because of disagreements with De La Hoya. One instance was when there was an offer to sell Golden Boy and most shareholders were interested except for the retired boxer. He also disliked the fact that Oscar wanted to repair his relationship with promoter Bob Arum.
