Lauder is chairman emeritus of Estee Lauder, the world's third-largest maker of cosmetics and fragrances. The New York-based company owns the Clinique, M.A.C. and Aveda brands, and had revenue of $15.9 billion in the year to June 30, 2023. Lauder donated his collection of Cubist art to the Metropolitan Museum of Art in 2013.
Lauder's wealth derives from his stake in Estee Lauder, the world's third-largest maker of cosmetics and fragrances, according to Beauty Packaging magazine's 2023 list of the largest beauty products companies. He owns 80.7 million Class A and Class B shares directly and through the New York-based LAL Family Partners, based on February 2024 filings. The Class B shares don't trade; they're convertible to A shares and are treated as such here.
The value of his cash investments is based on an analysis of dividends, insider transactions, taxes and market performance.
The billionaire donated his entire collection of Cubist artworks, including 33 pieces by Picasso, to the Metropolitan Museum of Art in 2014. The collection isn't included in the net worth analysis.
Maggie Schoonmaker, an Estee Lauder spokeswoman, declined to comment on the net worth calculation.
Leonard Lauder is the oldest son of Estee and Joseph Lauder. He was born in New York in 1933. After receiving his bachelor's degree from the University of Pennsylvania's Wharton School, he studied at Columbia University's Graduate School of Business and served as a lieutenant in the US Navy. He joined his family's cosmetics company in 1958, when it had annual sales of $800,000.
He became president of Estee Lauder in 1972, rising to chief executive officer 10 years later. During his tenure, he initiated the company's international expansion, which began in 1960 with the opening of an Estee Lauder counter at Harrods department store in London.
He is chairman emeritus at Estee Lauder and at the Whitney Museum of American Art. Lauder was married for more than 52 years to his wife, Evelyn, who died in November 2011. He was remarried in 2015 to his longtime friend, Judith Glickman. He has two children, William and Gary, and five grandchildren.