What was Herb Kohl’s Net Worth?

Herb Kohl was an American businessman, philanthropist, and politician who had a net worth of $400 million at the time of his death in 2023. Best remembered as the longtime owner of the NBA’s Milwaukee Bucks and as a United States Senator from Wisconsin, Kohl built his wealth from the Kohl’s Corporation, the family-owned business that grew into one of the nation’s most recognizable retail chains. He combined a career in business with decades of public service, philanthropy, and a deep commitment to his home state of Wisconsin.

Herb Kohl Net Worth: $400 Million
Date of Birth: February 7, 1935
Place of Birth: Milwaukee, Wisconsin

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Early Life and Education

Herb Kohl was born on February 7, 1935, in Milwaukee, Wisconsin, to Mary and Max Kohl, Jewish immigrants from Eastern Europe. He grew up in Milwaukee, attending Washington High School before enrolling at the University of Wisconsin-Madison, where he earned a Bachelor of Science degree in 1956. He later pursued graduate studies at Harvard Business School, obtaining his MBA in 1958.

Business Career

After business school, Kohl initially invested in real estate and the stock market, establishing his own firm, Kohl Investments, to manage his growing portfolio.

In 1970, Kohl became president of the family’s Kohl’s Corporation, which at the time operated department stores, supermarkets, and pharmacies. He led the company until its sale to BATUS Inc. in 1979, ensuring the Kohl’s brand would continue expanding across the United States.

Kohl also ventured into sports ownership. In 1985, he purchased the Milwaukee Bucks from Jim Fitzgerald for $18 million, determined to keep the team in Milwaukee. Nearly three decades later, in 2014, he sold the franchise to Wes Edens and Marc Lasry for $550 million—a move that secured the team’s future in Wisconsin while significantly increasing its value.

Political Career

Herb Kohl’s influence extended far beyond business. He entered politics in the 1970s as a major Democratic Party donor, backing Governor Patrick Lucey’s successful run in 1970. By 1975, Kohl was elected chairman of the Democratic Party of Wisconsin, a position he used to lead Democrats to sweeping victories in the 1976 elections, winning a legislative supermajority and delivering the state’s presidential electoral votes to the Democratic candidate for the first time in over a decade.

In 1988, Kohl successfully ran for the U.S. Senate, succeeding longtime Senator William Proxmire. Known for his low-key style and the campaign slogan “Nobody’s Senator but Yours,” Kohl went on to serve four terms, winning reelections in 1994, 2000, and 2006. He chose not to seek reelection in 2012, retiring after more than two decades in Congress.

Philanthropy

Herb Kohl was deeply committed to philanthropy, especially in education and community development.

In 1990, he founded the Herb Kohl Educational Foundation Achievement Award Program, which has provided millions of dollars in annual grants to Wisconsin students, teachers, and schools.
In 1996, he donated $25 million to the University of Wisconsin-Madison for the construction of the Kohl Center, a multi-purpose arena that became a landmark on campus.
In 2016, he contributed $1.5 million to the university’s La Follette School of Public Affairs, establishing the Herb Kohl Public Service Research Competition.

These efforts cemented his legacy as a champion of education and public service.

Personal Life and Death

Despite his wealth and public profile, Kohl was known for his modest and private lifestyle. He continued to reside in Milwaukee, remaining one of the city’s wealthiest and most influential figures. During his Senate career, he was also considered one of the richest members of Congress.

On December 27, 2023, Herb Kohl passed away at his home in Milwaukee at the age of 88. His death marked the loss of a business leader, political figure, and philanthropist whose life was defined by loyalty to Wisconsin.