George Foreman Net Worth
George Foreman has an estimated net worth of $300 million. George Foreman is a retired American boxer who twice won boxing’s heavyweight championship. After retiring, he became a popular pitchman, most famously known for his George Foreman Grill. He earns most of his income from his career as a professional boxer, actor and entrepreneur.
George Foreman won Olympic gold in 1968 and went on to become boxing’s heavyweight champion in 1973. After a 10-year hiatus, he returned to the ring and became world champion for the second time at the age of 45, before embarking on a successful post-boxing career as a pitchman and entrepreneur.
To calculate the net worth of George Foreman, 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 loans and personal debt, are included in total liabilities.
Here’s the breakdown of his net worth:
|Net Worth:||$300 Million|
|Monthly Salary:||$1 Million|
|Annual Income:||$20 Million|
|Source of Wealth:||Professional Boxer, Entrepreneur, Actor, Minister, Author|
Early Life and Career
George Edward Foreman was born in Marshall, Texas, on January 10, 1949, and grew up in Houston’s rough Fifth Ward district. He dropped out of school in the ninth grade and ran with street gangs until joining the Job Corps in 1965.
The Job Corps introduced Foreman to boxing trainer Doc Broaddus, who encouraged him to use his fighting skills in the ring. Foreman adapted quickly enough to be named to the United States Olympic boxing team for the 1968 Mexico City Olympics. In October 1968, Foreman won the gold medal in heavyweight boxing with a second-round technical knockout of Ionas Chepulis of the Soviet Union. Soon after, he turned pro.
Rise and Fall of a Champ: Foreman vs Muhammad Ali
With a height of 6 feet 3 1/2 inches and a weight of 218 pounds, Foreman was a terrifying ring presence who brutalized opponents with his raw power. He won his first 37 professional fights before facing heavyweight champion “Smokin'” Joe Frazier in Kingston, Jamaica, on January 22, 1973. Foreman was the underdog against Frazier, but he stunned the champ by knocking him down six times in two rounds to win the heavyweight title.
On October 30, 1974, Foreman’s reign came to an end when he was defeated by Muhammad Ali in the legendary “Rumble in the Jungle” title fight in Kinshasa, Zaire. Ali used his “rope-a-dope” technique to deflect Foreman’s thunderous punches, then turned aggressor and floored the bigger man in the eighth round. It was Foreman’s only knockout loss in his professional career.
In March 1977, Foreman’s quest for another title shot was derailed by a loss to the quick-footed Jimmy Young. After the fight, exhausted and dehydrated, Foreman claimed to have had a religious awakening and retired. He later became a non-denominational Christian minister and founded Houston’s George Foreman Youth and Community Center.
Comeback King: Oldest Heavyweight Champion in the World
At the age of 38, ten years after his loss to Young, and with an extra 50 pounds and a friendlier public persona, Foreman returned to professional boxing.
Foreman’s comeback win over Steve Zouski did not impress, but he worked himself into better shape by knocking out a string of improving opponents, and he was eventually given a title shot against heavyweight champion Evander Holyfield. Despite losing to Holyfield in Atlantic City on April 19, 1991, Foreman was praised for going the distance against the younger champion.
On November 5, 1994, the 45-year-old Foreman knocked out Michael Moorer in the 10th round of their title fight in the same red trunks he wore against Ali to become the oldest heavyweight champ in history. Despite having his title belts stripped by the World Boxing Association and the International Boxing Federation for refusing to fight their assigned opponents, he remained one of boxing’s top draws.
In what turned out to be his final fight, Foreman lost a controversial decision to Shannon Briggs on November 22, 1997. He finished his career with 76 wins (68 by knockout) and five losses.
On June 8, 2003, Foreman was inducted into the International Boxing Hall of Fame. However, by that point, the sport that had made him a champion had become almost a footnote to his illustrious career.
The George Foreman Grill & More Ventures
After leaving the ring for the second time, Foreman remained busy as a commercial pitchman, most notably for the George Foreman Lean Mean Fat-Reducing Grilling Machine, which debuted in 1994.
He continued to preach at his Houston church and joined the HBO Sports boxing broadcast team. Salton, Inc. paid Foreman $137.5 million in cash and stock in December 1999 for the rights to his name and image.
In October 2017, Foreman finally revealed the origins of his multimillion-dollar grill concept, claiming that shortly after being knocked out by Ali, he had a hallucination in which a talking piece of meat demanded to be grilled.
In addition to the famous grill, Foreman has a clothing line, several books, and a short-lived 2008 reality show called Family Foreman, which featured Foreman’s wife, Joan, and ten children, five of whom were named George. Foreman had been married four times prior to his marriage to Joan, whom he has been with since 1985.
More Reality TV: ‘Better Late Than Never’
Returning to reality TV in 2016, Foreman starred in Better Late Than Never, a reality-travel series that follows him and fellow castmates William Shatner, Henry Winkler, and Terry Bradshaw around the world as they cross items off their bucket list and learn about different cultures.
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