The richest person in Massachusetts

Luay Rahil

Earlier this year, Forbes published its annual list Forbes 400, which ranks the richest Americans by their net worths. The 400 richest Americans saw their combined wealth increase 40% over the last year, to $4.5 trillion. Almost all are richer than last year.

Today, I will uncover the richest person in Milton, Massachusetts.

Massachusetts is the second wealthiest state in the United States of America, with a median household income of $81,215, that's $13,694 than the median household income in the United States, which was $67,521 in 2020.

According to Forbes Magazine, 15 billionaires on the Forbes 400 consider Massachusetts home, and none of them wealthier than Abigail Johnson. Her net worth exceeds $25.2 billion, making her the 27th richest person in the country.

Who is Abigail Johnson?

Abigail Johnson is the chief executive officer of Fidelity Management & Research, the parent of Fidelity Investments, a mutual fund company.

Abigail Johnson's early life and education

Abigail Johnson graduated from Hobart and William Smith Colleges with a bachelor of arts degree in art history in 1984, and she earned her MBA at Harvard Business School.

She learned by going to school and watching her father, Edward C. Johnson III, run Fidelity Management & Research.

Beth Healy reported that "Johnson grew up watching her father break away from family dinners to take customer phone calls. Like him, she is disciplined and demanding, with a firm grasp of the company's many business lines. And in an industry overrun by executives who flaunt their wealth, she does not play the role of a spoiled billionaire."

Abigail Johnson inherited a relentless focus on improving everything that she does from her father. In an interview with Moira Forbes, Abigail said, "No matter how senior you get in the organization or how well you are perceived, your job is never done. Your customers are expecting more of you. Your competitors are putting pressure on you." This relentless focus helped her become an influential leader inside Fidelity Management & Research.

The history behind the brand

Edward C. Johnson II, Abigail's grandfather, took over management of the Fidelity Fund in 1946 and built a new company, Fidelity Management, and Research. Johnson wanted the company to invest in stocks that were traded heavily. With this simple strategy, he created a $3.5 billion financial enterprise.

In 1957, Edward C. Johnson III joined the company as a research analyst. A few days later, Fidelity invested in using computers to serve its customers.

In 1977, Edward C. Johnson III became chairman and CEO of FMR. Eleven years later, Abigail. P Johnson joined the company as an equity analyst.

Abigail is ready to make a difference.

In 2014, Abigail Johnson, Edward C. Johnson III's daughter, became the company's CEO, and two years later, she became chairman of FMR LLC. By taking over, she became the third generation to lead this privately owned company.

She knows she has to make a difference, but she also knows how to balance innovation with stability. "It is important to figure out how to balance long-standing traditions with new insights to make room for innovation.

Under her leadership, the company kept expanding its products offering, and she embraced cryptocurrencies. Today, Abigail Johnson owns a 24.5% stake in the firm, with $4.2 trillion in managed assets.

Fun facts

Bloomberg reported that Abigail Johnson could buy 14.4 million troy ounces of gold and 354 million barrels of crude oil.

The Johnsons family has given smaller donations to many historic preservation and conservation societies. They have also helped fund several programs on conservation education. The largest of this type of gift has been to the Bermuda Underwater Exploration Institute, which has received just over $3 million.

If you had her money, what causes would you support?

Comments / 19

Published by

Writing on leadership, business, and culture.

Fort Worth, TX

More from Luay Rahil

Comments / 0