The richest person in Arizona

Luay Rahil
Photo byCanva

U-Haul has dominated the do-it-yourself moving business for over 75 years.

Today, U-Haul has over 186,000 trucks, 126,000 trailers, and 46,000 towing devices, besides having 812,000 rentable storage units and more than 75.1 million square feet of storage space. The founder of U-Haul had 13 children, and most of them became very wealthy. Mark Shoen is one of his oldest children and one of the wealthiest. His net worth exceeds $4.8 billion, making him the richest person in Arizona.

Who is Mark Shoen?

Mark Shoen is an American billionaire entrepreneur and vice president of U-Haul. Mark Shoen was born on November 1, 1950. His dad, Leonard Shoen, married five times and had 13 children.

Leonard Shoen founded U-Haul in 1945 after recognizing that people needed one-way trailers and truck rentals. Later on, Leonard sold insurance and purchased multiple real estate properties, so he changed the parent company's name to Amerco.

He ousted his father to take over the company.

In the mid-1980s, Amerco was valued at $4.4 billion. Leonard Shoen gave most of his wealth to his children, mainly Mark Shoen and Joseph Shoen, who ousted him a few years later. Their father sued them and won a $1.5 billion settlement.

Leonard Shoen died in 1999 after he drove his car into a utility pole near Las Vegas, where he lived for the last 20 years of his life. Mark Shoen holds roughly 20% of U-Haul's parent company Amerco. In addition, he and his brother James owns multiple facilities under the U-Haul and Private Mini Storage brands.

According to Inside Self-Storage, the brothers control about 47 million square feet of storage space. Mark Shoen keeps a low profile but remains on good terms with his brother, Joe, who still runs the U-Haul business.

Mark Shoen is married, has one child, and lives in Phoenix, Arizona. Have you used U-Haul? What was your experience?

Comments / 15

Published by

Writing on leadership, business, and culture.

Fort Worth, TX

More from Luay Rahil

Comments / 0