David Packard Net Worth: David Packard was an American electrical engineer, entrepreneur, and philanthropist who had a net worth of $ 4 billion at the time of his death in 1996. It is the same as having about $ 6.6 billion. of today’s dollars. He was best known for being the co-founder of Hewlett-Packard. He also served as the 13e Assistant Secretary of Defense of the United States under President Richard Nixon from January 1969 to December 1971.
David Packard was born in Pueblo, Colorado in September 1912 and died in March 1996. David co-founded Hewlett-Packard with Bill Hewlett in 1939. David Packard was president of the company from 1947 to 1964, CEO from 1964 to 1968, and Chairman of the Board from 1964 to 1968 and from 1972 to 1993. He was also President of the University of Uniform Services Health Sciences from 1976 to 1981 and Chairman of the Board of Directors of the organization from 1973 to 1982.
Packard was a member of the Trilateral Commission and received the Presidential Medal of Freedom in 1988. He also received the Sylvanus Thayer Award and the Medal of Public Welfare. David Packard died on March 26, 1996 at the age of 83.
Wealth and Philanthropy: David was philanthropic almost from the time he got rich, but really began to dedicate himself to philanthropy in the early 1980s. In 1986 they donated $ 40 million to set up the Lucile Packard Children’s Hospital at Stanford University. The newly constructed hospital opened in 1991. At the urging of his daughters, they donated the funds to create the Monterey Bay Aquarium Foundation, ultimately committing $ 55 million to build the aquarium that opened. in 1984.
In 1994, David and his co-founder Bill Hewlett donated $ 77 million to establish the David Packard Electrical Engineering Building at Stanford University.
In 1964, he and his wife Lucile founded the David and Lucille Packard Foundation. At the time of his death, David donated most of his $ 4 billion estate to the foundation. Today, the foundation’s assets are worth more than $ 8 billion. It is one of the 20 largest foundations in the United States.
Bill Hewlett was no slouch when it came to philanthropy himself. In 1966, two years after David founded his foundation, Bill founded the William and Flora Hewlett Foundation. When Flora Hewlett passed away in 1977, she allocated a huge grant of equity and funds to the foundation. By the time the funds were delivered in 1981, the foundation had received $ 300 million from Flora’s estate. It is the same as $ 850 million today. With continued contributions and an appreciation in inventory, by the mid-90s the foundation controlled $ 800 million. When Bill died in 2001, he was worth $ 9 billion. He left about $ 8.5 million of his assets to the foundation. Today, the William and Flora Hewlett Foundation controls $ 10 billion in assets.