The Google years behind the fortune
Eric Schmidt's wealth comes mainly from shares and stock options he received as an executive at Google. In 2001 the company's founders, Larry Page and Sergey Brin, and its venture backers recruited him as chief executive. Google was then a fast growing but young search company, and investors wanted an experienced manager to work alongside the founders.
Schmidt led Google through its period of rapid expansion. During his decade as chief executive the company built its advertising business around AdWords and AdSense, went public in 2004, bought YouTube in 2006 and the mobile software company Android in 2005, and launched Gmail, Google Maps and the Chrome browser. The three leaders shared decision making in an arrangement often described as a triumvirate.
In 2011 Page took over as chief executive and Schmidt became executive chairman. When Google reorganized under the holding company Alphabet in 2015, he became Alphabet's executive chairman, a role he held until early 2018, after which he served as a technical adviser until 2020. He sold shares steadily over the years under planned trading arrangements, but he retained a significant stake in Alphabet, and the rise in its share price is the core of his fortune. He was hired rather than a founder, but he joined early enough for his equity to become very valuable.
Investments and current ventures
Since leaving Alphabet, Schmidt has spread his time and money across several areas:
- Alphabet shares: his remaining holding in Google's parent company
- Innovation Endeavors: a venture capital firm he co-founded in 2010 that invests in early stage technology companies
- Relativity Space: a rocket company in which he invested and where he became chief executive in 2025
- AI and defense technology: investments in startups working on artificial intelligence and military applications of technology
- Philanthropic ventures: Schmidt Sciences and related organizations that fund research
He has also served on corporate boards, including Apple's board from 2006 to 2009, which he left as Apple and Google increasingly competed in smartphones.
Schmidt has become an influential voice on artificial intelligence and national security. He chaired the Pentagon's Defense Innovation Board from 2016 and led the National Security Commission on Artificial Intelligence, which delivered its final report to Congress in 2021. He co-wrote The Age of AI with Henry Kissinger and Daniel Huttenlocher, published in 2021.
Engineering roots and earlier executive roles
Eric Emerson Schmidt was born in 1955 in Falls Church, Virginia, and grew up partly in Blacksburg, Virginia, where his father taught economics at Virginia Tech. He studied electrical engineering at Princeton University, graduating in 1976, and went on to the University of California, Berkeley, where he earned a master's degree and, in 1982, a doctorate in computer science.
As a student he co-wrote Lex, a widely used Unix tool for analyzing text in software. He worked at Bell Labs and at Xerox's Palo Alto Research Center, the lab known for pioneering work on personal computing and networking.
In 1983 he joined Sun Microsystems, where he became chief technology officer and led the development of Java as a platform. In 1997 he became chairman and chief executive of the networking software company Novell, a difficult assignment as the company lost ground to Microsoft. He left Novell in 2001 to join Google. That combination of engineering credentials and experience running a public company was the reason Google's investors chose him.
Philanthropy and public life
Schmidt and his wife, Wendy Schmidt, have built a substantial philanthropic operation. The Schmidt Family Foundation, set up in 2006, focuses on climate, renewable energy and sustainable use of natural resources. In 2009 they founded the Schmidt Ocean Institute, which operates a research vessel, Falkor, made available to scientists studying the oceans.
In 2017 they launched Schmidt Futures, a philanthropic initiative that backs talented people working on science and technology problems. It has since evolved into several organizations, including Schmidt Sciences, which funds research in artificial intelligence, climate and life sciences. With the Rhodes Trust, Schmidt Futures created the Schmidt Science Fellows program for postdoctoral researchers, and the couple also supports Rise, a program for young people.
Schmidt has co-written books on management and technology, including How Google Works in 2014. He lives in Atherton, California. His influence on technology policy in Washington, including on artificial intelligence and competition with China, has drawn both praise and criticism about the role of private funders and investors in shaping public policy.