Subway is one of the most successful fast-food franchises in the world, with over 40,000 locations in more than 100 countries. But did you know that the co-founders of Subway, Fred DeLuca and Peter Buck, are also incredibly wealthy? In this blog post, we’ll take a closer look at the wealth of the Subway founders and how they built their empire.
Fred DeLuca‘s Wealth:
At the time of his death in 2015, Fred DeLuca had an estimated net worth of $3.5 billion, according to Forbes. This made him one of the wealthiest people in the world. DeLuca’s wealth came primarily from his ownership of Subway franchises, which he began franchising in the late 1960s. DeLuca also held investments in real estate and other businesses.
Despite his enormous wealth, DeLuca was known for his modest lifestyle. He reportedly drove a 2004 Honda Accord and lived in a modest home in Fort Lauderdale, Florida. DeLuca was also a generous philanthropist, donating millions of dollars to support education and healthcare initiatives.
Peter Buck‘s Wealth:
Peter Buck, the co-founder of Subway who lent Fred DeLuca $1,000 to start the business, is also incredibly wealthy. As of 2021, Buck’s net worth is estimated at $2.2 billion, according to Forbes. Buck’s wealth comes primarily from his ownership of Subway franchises and his investments in other businesses, including a large stake in Dr. Pepper Snapple Group.
Buck is also known for his philanthropy. In 2013, he donated $25 million to the Fred Hutchinson Cancer Research Center in Seattle, Washington, to support cancer research. Buck has also donated millions of dollars to support education and other charitable causes.
Building the Subway Empire:
So how did DeLuca and Buck build such a massive empire? It all started in 1965, when DeLuca was just 17 years old and Buck loaned him $1,000 to open a sandwich shop called “Pete’s Super Submarines” in Bridgeport, Connecticut. The business was successful, and DeLuca and Buck began franchising the Subway concept in the late 1960s.
Subway’s success can be attributed to its focus on healthy, customizable sandwiches at affordable prices. The chain’s famous $5 Footlong promotion, which launched in 2008, also helped to drive sales and increase brand recognition. Today, Subway is one of the largest fast-food franchises in the world, with over 40,000 locations in more than 100 countries.
In conclusion, the wealth of the Subway founders, Fred DeLuca and Peter Buck, is a testament to their entrepreneurial spirit and dedication to building a successful business. Their legacy lives on through Subway’s continued success and their philanthropic contributions to education and healthcare.