John Middleton
Bryn Mawr, Pennsylvania
Bachelor of Arts/Science, Amherst College | Master of Business Administration, Harvard University
United States
5
tobacco
$3,300,000,000
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2
#715 Billionaires 2019
#251 Forbes 400 2018
John Middleton made his fortune selling his family's storied tobacco business to Philip Morris-parent Altria for $2.9 billion in cash in 2007. The original business, John Middleton Inc., was founded as a small retail tobacco shop in Philadelphia in 1856 by his great-great-grandfather.The company began manufacturing cigarettes in the 1950s and launched the Black & Mild cigar brand in 1980.Middleton bought out his relatives' stakes in the company in 2003 for about $200 million amid tobacco lawsuits that threatened to harm the business.Middleton has a nearly 50% stake in the Philadelphia Phillies baseball team.
His sister sued him, claiming he cheated her out of her inheritance. Middleton objected the claims, and they reached a reported $22 million settlement.
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