George Foreman's Net Worth is Cooking
These days, George Foreman is mostly known for his smiling persona and the quirky fact that he named five of his 12 children George (including a daughter named Georgette). However, Foreman was once one of the most feared and impressive boxers in the world and made an impressive comeback after a decade away from the sport to become the oldest heavyweight champ: it added immeasurably to his already impressive list of accomplishments.
Few people know that Foreman is also one of the richest boxers in the world and one of the most humanitarian, someone who has worked hard to support others in his community. In fact, Foreman has worked heavily as a minister throughout his career, and George Foreman's net worth is mostly a result of his business ventures, not his boxing. Let's take a look at his impressive career to see how he used a few personal transformations to improve his life.
George Foreman's Worth Will Surprise You
George Foreman had an interesting and unlikely boxing career: he competed professionally from 1969 to 1977, retired for 10 years, and then fought another 10 years from 1987 to 1997. During this time, he won an Olympic gold medal in 1968 and was the heavyweight champion twice. Later, he became a preacher and business personality and earned $300 million.
Compared to the richest people in the world, that's not necessarily a significant fortune. However, it's enough to put Foreman fourth on the all-time list of richest boxers. The only active boxer who is richer is Floyd Mayweather, who has made $560 million entirely through boxing and endorsements. By contrast, Foreman made most of his money outside the sport.
How Did George Make His Money?
Examining Foreman's finances reveals a very lopsided earning strategy. Though he was a highly successful and well-paid boxer throughout the 70s, he'd earned just $5 million from his fights (comparable to $20 million today). Due to bad business investments and a post-fight career focused more on preaching than fighting, he was nearly bankrupt by 1987.
Though Foreman wasn’t initially sold on the grill (his wife convinced him to sponsor it), he eventually agreed to a big deal: he would get 45% of all profits on the grill. It is estimated that by 2009, 100 million George Foreman Grills were sold in the market.
And while he boxed successfully from 1987 to 1997 and only lost five fights throughout his career (76 wins, 5 losses), Foreman still made most of his money from one deal: the infamous George Foreman Grill. We'll look at that life-changing deal eventually but will take a quick look at Foreman's early life and boxing career to showcase how well he changed his life.
A Look at Foreman's Early Life
George Foreman was born in Marshall, Texas, in 1949 and was raised by his mother and stepfather, J.D. Foreman. George had a troubled early life and was known for his bad temper and willingness to fight. By the time he was 15, he was a tall and impressively strong youth who regularly got into street fights and gang clashes. He also dropped out of school very early.
Tragically, it seemed like Foreman was on his way to a troubled and crime-ridden life. However, he eventually transitioned into a boxing career that improved his life for the better. Though it took some time to eventually break the habit of violence that had defined his life up to this point, Foreman eventually funneled his aggression into a successful career.
Foreman's Boxing Career Transforms His Life
Thankfully, Foreman decided to change his life by joining the Job Corps at the age of 16. While working with this group, he earned his GED and mastered carpentry and bricklaying skills. At first, Foreman wanted to become a football player after watching Jim Brown tear up the NFL but settled on boxing due to his past as a fighter.
Winning the 1968 Gold Medal
Foreman was basically an unknown when he qualified for the 1968 Mexico City Olympic Games. However, he cruised through the tournament and won by technical knockout twice and a full knockout once to become a gold medalist. To this day, Foreman claims that this is the proudest moment of his life because he represented his country so well.
However, it was far from his first success as a boxer. Foreman won his first amateur fight by a first-round knockout in 1967, won the Golden Gloves tournament in February 1967, and continued to rack up a string of impressive wins. With a 22-4 amateur record, he was clearly a promising young boxer. It was no surprise that he continued to win as he went professional.
George Foreman, heavyweight boxer, at the Summer Olympics in Mexico City 1968.
Going Professional and Winning the Championship
As a boxer, Foreman was known for his sheer size (six foot three inches and 218 pounds) and his raw power. There wasn’t a lot of finesse in his style early in his career: Foreman threw brutal and efficient punches that landed with unerring accuracy. Unlike other boxers (like Muhammed Ali) who would become excited in the match, Foreman kept a cold and deadly stare with little excitement.
In fact, Foreman won his first 37 professional fights and finally earned a shot at the undisputed champion at the time, “Smokin'” Joe Frazier. Before the fight, Frazier was 29-0 with 25 knockouts, and Foreman was 37-0 with 34 knockouts. In spite of this superior record, Foreman was considered an underdog because many of his fights were considered to be against inferior opponents.
Foreman immediately dominated the fight and knocked Frazier down six times in just two rounds: the normal three-knockdown rule wasn’t in effect. Eventually, the referee stopped the battle, and Foreman became the heavyweight champion of the world. In spite of his success, he didn’t endear himself to the media: he remained aloof and somewhat antisocial during this time.
Losing to Ali and Retiring From Boxing
Foreman defended his championship successfully twice, easily knocking how Jose Roman and beating Ken Norton in two by coming at him strongly: later, Foreman claimed he didn’t want Norton to get time to build up a successful strategy as Norton was known as a long-term and strategic boxer who’d managed to beat Muhammed Ali a year before.
By this time, Foreman had a reputation of near invincibility that made his bout with legend Muhammed Ali seem like a foregone conclusion. The “Rumble in the Jungle” is one of the best boxing matches of all time and one of the biggest upsets of all time. Foreman had a clean 40-0 record with 37 knockouts and looked prime to continue on with Ali in this match.
That’s because Ali launched almost no offense during most of the match, simply blocking Foreman’s sustained and continuous array of punches. Ali lost round after round and simply leaned back into the ropes and blocked and dodged Foreman while unleashing a steady stream of insults at the champion. What in the world was Ali trying to do?
Well, in this fight (in Kinshasha, Zaire), the ropes were far looser-strung than normal. Ali realized that he could lean far back from Foreman’s punches and take very little damage. This “Rope a Dope” technique eventually wore out Foreman (who damaged Ali so heavily during the bout that he claimed he was “out on his feet” at least twice), who went down in the eighth round.
Foreman never regained the championship in his first boxing career. Though he fought several more times after his loss, he eventually gave up boxing and became a born-against Christian and reverend. Foreman also invested his boxing earnings into several businesses that, by 1987, had left him nearly bankrupt. However, he eventually came back to the sport.
His Comeback and Success as a Businessman
Foreman staggered the sports world by announcing a comeback in 1987 at the age of 38. Now bald, genial, and out of shape, he racked up a surprising number of wins and was now a more deliberate and strategic boxer who could last 12 rounds without exhaustion. Foreman later admitted he came back mostly to raise money to build a youth center for his church.
Foreman eventually got into better shape and fought impressive battles against Evander Holyfield and shocked the world by knocking out Michael Moorer, then the heavyweight champion of the world. Though Foreman was trailing on points, he knocked Moorer out in the 10th round and became the oldest fighter to win a championship at 45. He also broke two other records: the biggest gap in ages between competitors in such a fight (19 years) and the longest time between championships (20 years).
Though Foreman had some success after his championship win, he eventually retired in 1999 to focus on his business ventures. It was likely the smartest move he ever made: if he hadn’t teamed up with a young inventor with a promising young product, he likely wouldn’t be worth the $300 million he is today. Naturally, of course, we’re talking about the George Foreman Grill.
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George Foreman's Net Worth Takes a Huge Jump
After Foreman’s unlikely 1994 championship win, he started getting regular calls from people interested in sponsorships. Foreman took many of these opportunities, but it was a little-known company and inventor that changed his life forever. Michael Boehm, the inventor of the George Foreman Grill, thought the boxer would be a great spokesperson for his invention.
The grill was designed to cook burgers, chicken, and other meat on both sides at the same time to produce more evenly cooked and grease-free meat: the grease would run off the meat into a pool for easier removal. Foreman was chosen not only because of his recent success but because he’d become known for a healthy diet (one that he claimed led to his success as a boxer).
Though Foreman wasn’t initially sold on the grill (his wife convinced him to sponsor it), he eventually agreed to a big deal: he would get 45% of all profits on the grill. Now called the “George Foreman Grill,” Foreman went on television to sell the grill through various advertisements and appearances: amazingly, the grill was a huge success.
It is estimated that by 2009, 100 million George Foreman Grills were sold in the market. The grill was acclaimed for being a healthy way to prepare meat, as well as an actually useful cooking appliance: most heavily advertised tools were more gimmick than useful. Foreman kept selling the grill and made a fortune off of its extensive sales.
Just How Much Was He Making With This Grill?
Though Foreman hasn’t revealed how much money he made from his trademark product, he has revealed that he was making between $5-8 million per month at one point. Though sales of the grill inevitably slowed down, Foreman’s fortune had been made. Foreman also partnered with companies like Meineke, Nike, and KFC to continually expand his fortune.
Though these businesses paid well, it is the George Foreman Grill that remains his highest-earning venture. It earned at least 80-90% of his fortune and perhaps even more. Foreman remains pleasant about his success and has called himself a “natural salesperson,” claiming that his boxing career was mostly about selling himself to a public that didn’t believe in him.
Other Ventures by Foreman
Though Foreman has a genial personality, he is an astute b business person with a very diverse portfolio. For example, he has written multiple books, including an autobiography and a cookbook. Foreman has also worked heavily in promotion and shows up regularly on television, including a reality show, Family Foreman.
Beyond business, Foreman has also been one of the most generous athletes and has not only regularly preached to various at-risk youths but worked with multiple charitable groups. For example, the George Foreman Youth and Community Center (the reason he started boxing again) provides programs and services for at-risk young people in the Houston, Texas, region.
In Conclusion
George Foreman has often called himself the "Comeback King," and it's not hard to agree. His amazing boxing career shows that age doesn't have to hold a person back from success. Even better, his business smarts and affable personality show how great success doesn't has to come early in life. Hard work and timely investments can transform anyone's life for the better. George Foreman's net worth should be taken as an inspiration.
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