Doug Burgum, the Governor of North Dakota, has emerged as one of the wealthiest candidates in the 2024 Republican presidential race. With a net worth estimated at over $100 million, he stands out among his peers, trailing only Donald Trump and Vivek Ramaswamy in terms of financial resources. Burgum’s wealth primarily stems from his successful career in the tech industry, particularly from the sale of Great Plains Software to Microsoft in 2001.
Burgum’s journey to wealth began in his hometown of Arthur, North Dakota, where he was born in 1956. Growing up in a family that owned a grain elevator, he learned the value of hard work early on. After earning a degree from North Dakota State University, he pursued an MBA at Stanford University, where he famously gained admission as a chimney sweep. This unique background helped shape his entrepreneurial spirit, leading him to invest in Great Plains Software, a company that revolutionized accounting software for small and medium-sized businesses.
In 1983, Burgum mortgaged his inherited farmland to invest $250,000 in Great Plains Software, eventually becoming its president. Under his leadership, the company went public in 1997 and was acquired by Microsoft for $1.1 billion in stock in 2001. This deal significantly boosted Burgum’s wealth, as he received over 1.7 million Microsoft shares, valued at approximately $100 million at the time. Following the acquisition, he served as a senior vice president at Microsoft until 2007, during which he regularly sold off portions of his stock.
Business Ventures and Investments
After leaving Microsoft, Burgum continued to diversify his investments. He founded the Kilbourne Group, a real estate and investment firm focused on revitalizing downtown Fargo, and co-founded Arthur Ventures, a venture capital firm that invests in technology companies outside of Silicon Valley. His strategic investments have paid off, particularly with Atlassian, an Australian software company where he served on the board and made significant profits from his early stock purchases.
In addition to his tech investments, Burgum has a diverse portfolio that includes real estate holdings in Montana, Minnesota, and Florida, as well as farmland across North Dakota. He also has a stake in Pinky Promise Films, a production company founded by his daughter. Despite his wealth, Burgum carries substantial debts, estimated between $24 million and $85 million, primarily related to mortgages and credit lines tied to his real estate investments.
Political Career and Philanthropy
Burgum’s political career began in earnest when he was elected governor of North Dakota in 2016. His tenure has been marked by a focus on tax cuts, energy production, and a moderate approach during the COVID-19 pandemic. He was re-elected in 2020, largely due to his significant personal investment in his campaign, contributing over $1.5 million of his own money.
Philanthropy is also a significant aspect of Burgum’s life. He has been involved in various charitable initiatives, including the Doug Burgum Family Fund, which focuses on youth, education, and health. His contributions to North Dakota State University and other local organizations have earned him recognition for his business leadership and philanthropic efforts.
Future Prospects and Speculations
As Burgum continues his presidential campaign, speculation about his future in politics remains high. Analysts suggest that he could be a potential running mate for Donald Trump, should Trump secure the Republican nomination. This possibility has sparked interest in Burgum’s background, career, and financial status, as he could play a significant role in shaping the future of the Republican Party.
Despite his wealth and business acumen, Burgum’s polling numbers have remained low, often below 1% in national averages. However, his financial resources allow him to remain in the race longer than many of his competitors. His ability to self-fund his campaign has been a crucial factor in his political strategy, enabling him to maintain visibility and support.
Conclusion
Doug Burgum’s journey from a small-town grain elevator worker to a tech mogul and governor is a testament to his entrepreneurial spirit and determination. With a net worth of at least $100 million, he stands as one of the wealthiest candidates in the 2024 presidential race. As he navigates the complexities of his campaign, his financial resources and business background will undoubtedly play a significant role in shaping his political future.
FAQs
What is Doug Burgum’s net worth?
Doug Burgum’s net worth is estimated to be at least $100 million, making him one of the wealthiest candidates in the 2024 presidential race.
How did Doug Burgum make his money?
Burgum made his fortune primarily through the sale of Great Plains Software to Microsoft for $1.1 billion in 2001, as well as through various investments in real estate and technology companies.
What is Burgum’s political background?
Doug Burgum has served as the Governor of North Dakota since 2016 and was re-elected in 2020. He has focused on tax cuts, energy production, and a moderate approach during the COVID-19 pandemic.
Is Doug Burgum a potential vice presidential candidate?
There is speculation that Doug Burgum could be a potential running mate for Donald Trump in the 2024 presidential election, given his wealth and political connections.
What philanthropic efforts is Doug Burgum involved in?
Burgum is involved in various charitable initiatives, including the Doug Burgum Family Fund, which focuses on youth, education, and health, as well as significant contributions to North Dakota State University.