What Is Vincent Viola's Net Worth and Salary?
Vincent "Vinnie" Viola is an American businessman and U.S. Army veteran who has a net worth of $3.5 billion. Vincent Viola is notable for being former President Donald Trump's one-time nominee for Secretary of the Army, before withdrawing from consideration citing conflicts of interests with his business ventures.
Viola earned his fortune as the founder of Virtu Financial and as the former Chairman of the New York Mercantile Exchange (NYMEX). He is one of the nation's foremost leaders in electronic trading. He also owns the NHL's Florida Panthers.
Early Life
Vincent Viola was born Vincent James Viola on February 12, 1956, in the Williamsburg neighborhood of Brooklyn, New York. He is the son of Virginia and John Viola. His father, an immigrant from Italy, worked as a truck driver after serving in the U.S. Army in World War II, which left an impression on Viola. After he completed his high school education at Brooklyn Technical High School, Vincent attended the United States Military Academy at West Point. While there, he played on the sprint football team and was cadet company commander for Company E-4 during his senior year.
He completed his bachelor's degree from the school in 1977 and was commissioned as a second lieutenant in the U.S. Army. After graduating from the Infantry Officer Basic Course and Ranger School, he served with the 101st Airborne Division at Fort Campbell for a few years. He then enrolled at New York Law School and completed his Juris Doctor in June 1983. However, he did not take the bar exam.
Career
Viola began his career in business as a trader in the New York Mercantile Exchange in 1982 while he was still in law school. He had raised $10,000 to purchase a seat on the exchange. Over the years, he became an instrumental figure at the exchange, helping build the NYMEX into greater prominence. He served on the board of directors as chairman of the Technology Committee, chairman of the Natural Gas Advisory Committee, and chairman of the Facilities Committee. He also served as co-chairman of the Options Committee and vice chairman of the NYMEX from 1993 to 1996. He later served as chairman of the NYMEX from 2001 to 2004.
In addition to his career at the NYMEX, Viola has been involved in a number of other business endeavors. In 1987, he founded Pioneer Futures, one of the top fifty futures commission merchants in the United States. In 1988, he founded The Independent Bank Group, a Texas-based regional bank that is listed on NASDAQ. Additionally, Vincent was one of two founding partners who launched EWT and Madison Tyler, both electric trading firms. He was able to use electric trading to his advantage and significantly increase his personal wealth.
In 2008, Viola founded Virtu Financial, a financial services company that trades in equities, commodities, currencies, options, fixed income, and other securities. The company developed its own proprietary technology to trade large volumes of securities. After a number of increasingly successful years, Vincent took Virtu Financial public in April 2015. It trades as a NASDAQ company.
On December 16, 2016, then-President-elect Donald Trump announced his intention to nominate Viola for the position of Secretary of the Army. Reportedly, the potential choice concerned the nominated Secretary of Defense General, James Mattis. Mattis had not been informed of the choice prior to the announcement and had an interest in the selection as he would directly oversee the Secretary of the Army as the Secretary of Defense General. Mattis was concerned about some of Viola's reported trading practices and whether they would conflict with his duties as Secretary of the Army. Vincent ultimately withdrew himself from consideration for the position on February 3, 2017. He cited his inability to comply with Pentagon regulations regarding personal business. "Military Times" reported that Viola had been searching for ways to divest from his business ventures but was unable to do so in a way that would have satisfied the requirements.
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Real Estate
In 2005, Vincent and his wife, Teresa, paid $20 million for a 20,000-square-foot mansion on the Upper East Side of New York City. The home is six levels and has seven bedrooms. Vincent and Teresa performed major renovations to the property, which dates back to the 1880s. They added a swimming pool, a movie theater, and even a panic room.
In 2013, Viola listed the home for sale for a show-stopping $114 million, and it finally sold in March 2021 for $60 million. At one point in 2017, he was under contract with a Chinese tycoon to sell the home for $80 million. The buyer reportedly disappeared before the deal could close. Vincent kept an $8 million deposit.
In January 2021, Vincent and Teresa sold a home in Brooklyn Heights for $25.5 million. This sale set a record for townhouse sale prices in Brooklyn.
In 2017, Viola paid $105 million for a property in Brooklyn Heights, which he apparently intends to convert to condos.
Personal Life
Vincent and his wife, Teresa, have three sons and live in New York City. They have lived in several high-dollar properties in the city and in other cities around the country. Both Vincent and Teresa are involved in horseracing as owners of St. Elias Stable and Teresa Viola Racing. They are co-owners of the Kentucky Derby champion horse Always Dreaming. Viola also owns the NHL team, the Florida Panthers.
Viola has been involved in a few philanthropic efforts. After the September 11, 2001 attacks, he helped found the Combating Terrorism Center at West Point and was the principal funder of its creation. He also founded the technology company Rowan Technology Solutions to support cadet education in military history, military science, and leadership. Vincent has endowed the Avery Cardinal Dulles, S.J. Chair in Catholic Theology at Fordham University.
