What is Peter Schiff's Net Worth?
Peter Schiff is a stockbroker, businessman, financial commentator, author, and radio and television personality who has a net worth of $70 million. The co-founder of Euro Pacific Capital and Echelon Wealth Partners in Canada, Peter Schiff has also been involved with such financial services companies as Schiff Gold and Euro Pacific Asset Management. Notably, Schiff predicted the 2007-08 financial crisis, earning him major press and the sobriquet "Dr. Doom."
Early Life and Education
Peter Schiff was born on March 23, 1963, in New Haven, Connecticut to Jewish parents. His father, Irwin, was a prominent tax protester who spent his final years in prison for tax evasion. When Schiff was young, his parents divorced; he went on to live in various places around the United States with his mother and brother. The family finally settled in Southern California. For his higher education, Schiff attended the University of California, Berkeley, from which he earned his Bachelor of Science degree.
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Business Career
Schiff began his business career in the early 1990s as a stockbroker at a Shearson Lehman Brothers brokerage. In 1996, he and a partner acquired their own brokerage firm, which they named Euro Pacific Capital. Originally operated from a small office in Los Angeles, the pair later relocated the firm to Connecticut. Schiff eventually sold Euro Pacific Capital; it was subsequently renamed Alliance Global Partners. He later founded Euro Pacific Bank, a full-reserve bank originally located in St. Vincent and the Grenadines. Schiff is also the co-founder of Echelon Wealth Partners in Canada and an independent investment advisor for Euro Pacific Asset Management.
2007-08 Financial Crisis Prediction
Schiff gained major attention in the press in 2006 when he correctly predicted the looming 2007-08 financial crisis. In an interview that summer, he compared the United States to the Titanic and said that he saw "a real financial crisis coming." At the end of the year, Schiff claimed that "what's going to happen in 2007 is that real estate prices are going to come crashing back down to Earth." He went on to publish his book "Crash Proof: How to Profit from the Coming Economic Collapse" in early 2007. Schiff appeared on many radio and television programs during the time to voice his predictions. Due to his warnings about the crisis, he was nicknamed "Dr. Doom." However, Schiff also made some inaccurate predictions, such as thinking that the financial crisis would extend to the credit card lending industry.
Political Involvement
Beyond his business career, Schiff has been involved in politics. In 2008, he served as an economic adviser for Ron Paul's presidential campaign, and in 2009 he ran for the US Senate as a Republican. Schiff ultimately came in third place in the Republican primary, behind Linda McMahon and Rob Simmons. In the general election, Democrat Richard Blumenthal defeated McMahon.
Media Appearances
Before the 2007-08 financial crisis, Schiff made many appearances on CNBC, Fox Business, and Bloomberg to talk about the looming economic collapse. After the financial crisis, his bookings dropped significantly. Later, in 2012, Schiff joined the Radio America network Internet broadcast during the pre-afternoon time slot. Since then, he has appeared on various webcasts, including Joe Rogan's YouTube series.
Books
After making waves with his first book, 2007's "Crash Proof: How to Profit from the Coming Economic Collapse," Schiff published "The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down" in 2008. He published updated versions of these two books in 2009 and 2010, respectively. Also in 2010, Schiff released the illustrated book "How an Economy Grows and Why it Crashes," which he co-authored with his brother Andrew. The book is based on their father's economic book "How an Economy Grows and Why it Doesn't." In 2012, Schiff published "The Real Crash: America's Coming Bankruptcy – How to Save Yourself and Your Country."
Lawsuit
In 2022, the Office of the Commissioner of Financial Institutions of Puerto Rico suspended operations of Schiff's Puerto Rico-based Euro Pacific International Bank due to suspicions of money laundering and tax evasion. Subsequently, regulators liquidated the bank and Schiff was fined $300,000. Schiff argued that the actions taken were influenced by allegations made against him by "60 Minutes Australia" and The Age newspaper. He went on to file a civil defamation lawsuit against both. By the end of 2023, the lawsuit was settled, and Schiff was paid $360,000.
Personal Life
With his wife Lauren, Schiff has three children.
