What is Akio Toyoda's Net Worth?
Akio Toyoda is a Japanese business executive who has a net worth of $600 million. Akio Toyoda is the grandson of Kiichiro Toyota, Toyota's founder, and the son of Shoichiro Toyoda, the man who led the company to prominence. Akio Toyoda served as the president of Toyota Motor Corporation from 2009 to 2023. Today Toyota is one of the largest automobile manufacturers in the world. Akio Toyoda is also the grandson of Shinshichi Iida, the founder of the Takashimaya department store company.
Toyota Stock Holdings
According to the company's most recent disclosure, Akio Toyoda controlled 4,752,895 shares of Toyota stock. On the day he stepped down in April 2023, Toyota's stock was trading at around $140 per share. At that level, Akio's shares were worth $665 million.
In January 2022, Akio Toyoda was briefly a billionaire (on paper) when Toyota stock hit $210 per share.
At the time of his father's retirement in 2009, the last point the company made a disclosure, Shoichiro Toyoda owned 11,176,193 shares of the company. Shoichiro Toyoda died in 2023.
Salary
Akio Toyoda's base salary at the time he stepped down was 685 million yen, which is the same as around $5 million USD.
Early Life and Education
Akio Toyoda was born on May 3, 1956 in Nagoya, Japan as the eldest son of Hiroko and Shoichiro. Born to an industrial family, his great-grandfather Sakichi Toyoda was the founder of Toyoda Automatic Loom Works, while his grandfather Kiichiro Toyoda founded Toyota Motor Corporation. Another grandfather, Shinshichi Iida, was the founder of the Takashimaya department store corporation. The family line has long dominated the upper management of these businesses.
For his higher education, Toyoda went to Keio University in Tokyo, Japan, where he earned an undergraduate law degree. He subsequently moved to the United States for graduate school, attending Babson College in Wellesley, Massachusetts. From that institution, Toyoda obtained his Master of Finance degree. He went on to return to Japan to join the family business in 1984.
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Toyota Motor Corporation
As the grandson of the founder of Toyota Motor Corporation, Toyoda joined the company's board of directors in 2000. Five years later, he was promoted to executive vice president. Finally, in early 2009, Toyoda was named the new president of the company, succeeding Katsuaki Watanabe. As a passionate driver and auto racing fan, he spent much of his time as president promoting Toyota's sports models, such as the Lexus IS F and Lexus LFA. Moreover, under the pseudonym Morizo Kinoshita, Toyoda participated at various racing events, including the 2009 24 Hours Nürburgring. In 2016, he approved the development of the GR Yaris, and went on to test drive the car at a track in Hokkaido. Although he crashed the first test car, Toyoda continued to drive further development prototypes.
One of the most notable events that happened during Toyoda's presidency was the massive global recall of Toyota vehicles from 2009 to 2010. In the wake of the recall, he was invited to testify before the United States Congress. Accompanied by Toyota Motor North America president and COO Yoshimi Inaba, Toyoda apologized for the quality control issues and reasserted the deep historical ties between Toyota and the United States. Since then, the company has trended toward multiple concept cars with battery electric drivetrains. On April 1, 2023, Toyoda stepped down as president of Toyota and became chairman of the board.
Personal Life
Toyoda is married to his wife Yoki, the daughter of the former director of Mitsui Bank. Together, they have a son named Daisuke.
