With income from his military career, White House posts, and speaking engagements, Colin Powell has amassed a net worth of $60 Million as of 2022.
Colin Powell was the first African American to hold the key positions of U.S. Chief of Staff and Secretary of State. The son of Jamaican immigrants, he joined the U.S. Army and saw limited action in Vietnam.
As a White House staffer in the Nixon administration, he impressed Casper Weinberger and became his senior military assistant when Weinberger became secretary of defence. He quickly climbed the ranks of the military and became the youngest Chief of Staff.
The ‘Powell Doctrine,’ which called for the use of maximum force over Iraq during Operation Desert Storm to minimise casualties, was implemented during his tenure.
After leaving the Army, he was appointed the 65th United States Secretary of State. Secretary of State of the United States. He reluctantly supported the Bush administration’s plans to invade Iraq and only after he was convinced that diplomacy had failed.
He succeeded in convincing Security Council members UN of the great threat posed by Saddam Hussein’s weapons of mass destruction. He was later proved wrong in this claim, as international weapons inspectors found nothing of the sort.
Although a Republican, he was a liberal and supported President Obama’s candidacy. Powell died of complications from Covid-19 on October 18, 2021.
Today we’re going to discuss how much money Colin Powell has and how he builds his net worth.
At the end of this article, we will also tell you how to get rich like Colin Powell. So be sure to read to the end.
Colin Powell Net Worth 2022
Colin Powell has an estimated net worth of $60 Million in 2022. His main source of income is his military career and his White House posts. Powell served as National Security Advisor from 2001 to 2005 before becoming Secretary of State. He served as chairman of the Joint Chiefs of Staff for several years in the late 1980s and early 1990s. He earn more than $200,000 per month.
In addition, Powell’s speaking engagements earned him millions of dollars. In 2000, he earned about $64,000 per speech, with some appearances earning him more than $100,000. Reportedly, 109 speaking engagements earned him $7 million in 2000.
In addition to his military career and White House posts, Powell also earned money as an author and sought-after public speaker. His autobiography, My American Journey, received a $6 million advance in 1995.
In his retirement, he remained active in business as a limited partner in Kleiner Perkins Caulfield & Byers.
Combing all the income sources, we estimate that Colin Powell earns more than $2 Million per year.
To calculate the net worth of Colin Powell, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as student loans and credit card debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$60 Million|
|Monthly Salary:||$200,000 +|
|Annual Income:||$2 Million +|
|Source of Wealth:||Politician, Statesman, Soldier, Diplomat|
Colin Powell Net Worth Last 5 Years
|Net Worth 2022:||$60 Million|
|Net Worth 2021:||$57 Million|
|Net Worth 2020:||$55 Million|
|Net Worth 2019:||$52 Million|
|Net Worth 2018:||$50 Million|
How Did Colin Powell Build His Net Worth?
Colin Powell’s main source of income is his military and political career. In the seven years since leaving the military, Colin Powell has become extremely wealthy through high-priced speaking engagements and has amassed an investment portfolio of more than $28.2 million, according to his financial reports.
Now, let’s take a closer look at how Colin Powell built his net worth of $60 Million in detail.
How Much Money Did Colin Powell Make From Military Career?
First, Colin Powell earned a good salary as an advisor during the Vietnam war. In 1962, he was one of 16,000 advisors sent to South Vietnam by President John F. Kennedy. In 1963, Powell was wounded by a Punji stick booby trap while patrolling the Vietnam-Lao border. During that first deployment, he was awarded a Purple Heart and a Bronze Star a year later.
During his second Vietnam deployment from 1968 to 1969, the 31-year-old Army major was assigned to investigate the My Lai Massacre.
In that incident, more than 300 civilians were killed by U.S. Army forces. Powell’s report seemed to refute the allegations, stating, “Relations between American soldiers and the Vietnamese people are excellent.”
Also during this tour in Vietnam, Powell was injured in a helicopter crash. Despite his injury, he managed to rescue his comrades from the burning helicopter, for which he was awarded the Soldier’s Medal. In total, Powell has received 11 military awards, including the Legion of Merit.
How Much Money Did Colin Powell Make From Working Under the Reagan and Bush Administrations
Second, Colin earned a good salary working for the Reagan and Bush Administrations. During the Nixon administration, he was assigned to the Office of Management and Budget and left a lasting impression on Caspar Weinberger and Frank Carlucci. Both men consulted Powell when they served as secretary of defense and national security adviser, respectively, in the Reagan administration.
Colonel Powell was deployed as a battalion commander in Korea in 1973 and then obtained a position at the Pentagon. In 1976, he was promoted to brigadier general and commanded the 2nd Brigade of the 101st Airborne Division.
In the Carter administration, Powell served as assistant to the deputy secretary of defense and the secretary of energy.
After his promotion to major general, he again assisted Frank Carlucci in the Department of Defense during the transition from the Carter to the Reagan administration.
He then served as a senior military advisor to Secretary of Defense Caspar Weinberger, helping to coordinate the invasion of Granada and the bombing of Libya.
How Much Money Did Colin Powell Make As The National Security Adviser?
Third, Powell earned a good salary as a national security advisor. He was appointed national security advisor, a post he held for the duration of the Reagan administration in 1987. The average annual pay for a National Security Advisor Job in the US is $83155 a year in 2021, according to ZipRecruiter.
During that time, he coordinated technical and political advisers during Reagan’s summit meetings with Soviet President Gorbachev and his conferences to overthrow the pro-Communist Sandinista government in Nicaragua.
How Much Money Did Colin Powell Make From As the Chairman of the Joint Chiefs of Staff?
Fourth, Powell earned a good salary as the chairman of the Joint Chiefs of Staff. In 1989, President George H. W. Bush appointed General Powell as chairman of the Joint Chiefs of Staff. This post is the highest military position in the Department of Defense, and Powell was the first African-American officer to receive this honor. General Powell became a national figure during Operations Desert Shield and Desert Storm in Iraq.
If you are serving as the chairman or vice-chairman of the Joint Chiefs of Staff, the salary is $15,583.20 a month, regardless of your cumulative years of service under section 205 of title 37, United States Code.
As a senior military strategist, he developed the so-called “Powell Doctrine,” an approach to a military conflict that advocates the use of overwhelming force to maximize success and minimize casualties.
He continued as chairman of the Joint Chiefs in the early months of the Clinton administration. He publicly disagreed with the President on the issue of allowing gays into the military, although he eventually agreed to the “do not ask, do not tell” compromise.
How Much Money Did Colin Powell Make From Books?
Fifth, Powell makes a lot of money selling books. In 1995, he published his best-selling book, My American Journey, an autobiography in which he describes his life and its influences, the ins and outs of military bureaucracy, and the lessons he learned in his life of personal rules and character.
He received a $6 million advance for his 1995 autobiography, “My American Journey,”.
How Much Money Did Colin Powell Make As the Secretary of State?
Sixth, Powell earned a good salary as the secretary of state. Secretary of State is a Level I position in the Executive Schedule and thus earns the salary prescribed for that level (US$221,400, as of January 2021). In 2000, he was nominated by President George W. Bush to serve as Secretary of State and was unanimously confirmed by the U.S. Senate.
At the time, this was the highest rank in civilian government ever held by an African American.
During his tenure, Powell came under fire for his role in preparing for the 2003 invasion of Iraq. Initially, Powell had serious reservations about President Bush’s plan to invade Iraq and overthrow Saddam Hussein.
How Much Money Did Colin Powell Make From Speaking Engagements?
Seventh, Powell makes a lot of money from public speaking. For most of his remarks, he billed the Gallup polling firm, pet supply company Petsmart, Lucent Technologies, and Middlesex Community College $59,500. For a speech at Credit Suisse Financial Services, he received $127,500.
Alma Powell, the wife of General Powell, has also raised money on the speaker’s circuit. The United States Postal Service and groups fighting child abuse and housing shortages paid Ms. Powell $64,000 in fees for five appearances.
How Much Money Did Colin Powell Make From Investments?
Eighth, Powell makes a lot of money from investments. He has at least $9.9 million invested in mutual funds, possibly much more. General Powell also owns a number of individual stocks worth more than $9.7 million. He has invested more than $1 million in General Dynamics, weapons, aerospace, and shipbuilding company.
How Much Money Did Colin Powell Make From Business Ventures?
Ninth, Powell makes a lot of money from businesses. He spent much of his retirement in the business world. In 2006, he was a speaker with former New York Mayor Rudolph Giuliani at a special series called Get Motivated.
Powell also joined Kleiner Perkins Caufield & Byers, a Silicon Valley venture capital firm, as a “strategic limited partner.” He joined the board of Steve Case’s new company Revolution Health, a health-related portal site and social network that provides online tools to help people better manage their health.
How Much Are Colin Powell’s Cars Worth?
Colin Powell loved cars. He owned a Mercedes “Pagoda,” an undeniably beautiful vehicle. He repaired old Volvos and drove a 1966 122S “Amazon” among other beauties. He owned several Corvettes, including a 2015 model that he raced with Joe Biden.
And then there was the PT cruiser. Powell drove it to his first day on the job as secretary of state before giving way to a chauffeured sedan.
What Houses Does Colin Powell Own?
Given Colin Powell’s wealth, you can assume that his house is more expensive than ordinary people’s. And since real estate is a common investment vehicle, we can safely assume that he owns several houses.
Colin Powell’s Early Life and Education
Colin Luther Powell was born on April 5, 1937, in Harlem, New York, to Jamaican immigrants Luther and Maud Powell. He grew up in the South Bronx and attended New York City public schools.
In 1954, he graduated from Morris High School without having any concrete plans for his future life. It was not until City College of New York, where Powell studied geology, that he found his calling – in the Reserve Officers’ Training Corps (ROTC). He soon became commander of his unit. That experience laid the foundation for his military career and gave him structure and direction in his life.
Colin Powell’s Personal Life and Wife
After graduating in 1958, Powell enlisted in the U.S. Army as a second lieutenant. While stationed at Fort Devens, Massachusetts, Colin Powell met Alma Vivian Johnson of Birmingham, Alabama, and they married in 1962. The couple had three children: son Michael and daughters Linda and Annemarie.
How Much Does Colin Powell Make a Year?
Colin Powell’s annual income is over $2 Million.
FAQs About Colin Powell
How rich is Colin Powell?
As per the record of media, Colin Powell’s net worth is estimated to be around $60 Million in 2022.
How tall is Colin Powell?
Colin Powell is 1.87m tall.
How old is Colin Powell?
Colin Powell was born on April 5, 1937, in Harlem, New York, United States. He was 84 years old when he died on October 18, 202.
Is Colin Powell a 5 star general?
On September 30, 1993, Powell resigned as Chairman of the Joint Chiefs of Staff. During Powell’s chairmanship of the Joint Chiefs of Staff, there were discussions about awarding Powell a fifth star, which would give him the rank of General of the Army.
Who is Colin Powell’s wife?
Colin Powell’s wife is Alma Powell.
Who is Colin Powell?
Colin Powell was the first African American to be appointed Secretary of State of the United States, and the first and so far only to serve on the Joint Chiefs of Staff.
Colin Luther Powell was a U.S. statesman and a retired four-star general in the United States Army. He was the 65th United States Secretary of State (2001-2005) and served under President George W. Bush. He was the first African American to be appointed to the position. He was the first and, to date, only African American to serve on the Joint Chiefs of Staff.
Favorite Colin Powell Quotes
A dream doesn’t become reality through magic; it takes sweat, determination and hard work.
There are no secrets to success. It is the result of preparation, hard work, and learning from failure.
If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.
Leadership is solving problems. The day soldiers stop bringing you their problems is the day you have stopped leading them. They have either lost confidence that you can help or concluded you do not care. Either case is a failure of leadership.
Perpetual optimism is a force multiplier.
Success is the result of perfection, hard work, learning from failure, loyalty, and persistence.
Great leaders are almost always great simplifiers, who can cut through argument, debate and doubt, to offer a solution everybody can understand.
View our larger collection of the best Colin Powell quotes.
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How To Become Rich Like Colin Powell?
Colin Powell did not become rich by luck. To become as rich as Colin Powell, you have to work smart.
Successful people become rich because they take advantage of the opportunities that come their way. They are in the right place at the right time and take the right action.
Thanks to the Internet, the world has changed massively in recent years. Nowadays it has become much easier to make money online.
Instead of looking for a 9-5 job and staying in your comfort zone, it’s better if you become your own boss as soon as possible.
You can learn how to build a digital asset that generates cash flow for you while you sleep to grow your wealth quickly.
If you seize this golden opportunity in time, you can become as successful as Colin Powell one day.