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Barbara Picower Net Worth: How Rich is Barbara Picower Actually?

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Barbara Picower Net Worth

Barbara Picower is an American business executive who serves as the President of The JPB Foundation. The charity foundation was established in 2011 with $1.2 billion in contributions from her late husband’s estate, Jeffry Picower. Barbara agreed to forfeit $7.2 billion to help repay victims defrauded by Madoff. As of 2023, Barbara Picower net worth is estimated to be around $200 million.

Who is Barbara Picower?

Full Name Barbara Picower
Date of Birth 1942
Age 80
Born Place United States
Profession Business executive
Net Worth $200 million
Husband Jeffry Picower

Barbara Picower is one of the top philanthropists from the United States. She is the widow of the biggest beneficiary of the Bernard Madoff Ponzi scheme. Barbara set up one of the U. S. biggest philanthropic organizations, The JPB Foundation in 2011. The foundation had $1.1 billion in total assets in late 2012. By 2014, the foundation increased its asset size to more than $2 billion of assets.

Barbara was born in 1942 in the United States. Not much detail is available about her parents and upbringing. She attended Hofstra University and earned her Bachelor of Arts Degree in Political Science. Then, she joined New York University and holds a Master of Arts Degree in History and Secondary Education. Additionally, she earned a Master of Science Degree in Nutrition.

Barbara Picower Net Worth & Career

Barbara Picower founded a charitable institution, The JPB Foundation in 2011. She founded the charity institution from the proceeds of the estate of her late husband, Jeffry Picower. The foundation was built with the aim of enhancing the quality of life in the U. S. through transformational initiatives that promote the health and resiliency of communities. Besides serving as a President of the foundation, she also manages a grantmaking portfolio mainly focusing on reproductive rights, medical research, and health issues.

The JPB Foundation has grants total of approximately value $104 million including $25 million to the Massachusetts Institute of Technology. Along with that, the foundation also has an additional $2 million to the Institute’s innovation fund. Barbara’s late husband, Jeffry Picower was one of the nation’s richest men for years with a peak net worth of around $10 billion. Though, his huge fortune and Barbara’s massive philanthropic activities were a secret known only to the small circle of colleagues.

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Jeffry’s great wealth was exposed in December 2008 after the collapse of Bernard Madoff’s Ponzi scheme. It came to know that Jeffry had received a net of $7.2 billion from Bernard L. Madoff Investment Securities in distributions over the years. After that, Barbara stopped making big grants out of the charitable organization, the Picower Foundation which had $958 million in assets during the Madoff scam’s collapse.

Jeffry Picower died at 67 years of age in the swimming pool of his Palm Beach mansion in October 2009. He died after the lawsuit was filed by the trustee of Madoff’s bogus investment firm, Irving Picard, to retrieve the $7.2 billion in distributions. Barbara was reading a book nearby when Jeffry died in the swimming pool.

For over a year, Barbara continued to fight Irving Picard who kept pursuing the money by suing Jeffry’s estate. In December 2010, Barbara agreed to return $7.2 billion saying that her husband was in no way complicit in Madoff’s fraud.

Barbara Picower’s Husband & Personal Life

Barbara Picower was married to an American investor, Jeffry M. Picower who was involved in the Madoff investment scandal. She tied the knot with Jeffry in 1969. Barbara and Jeffry has only one child, a daughter, Gabrielle Picower. Barbara co-founded The Picower Foundation with her late husband in 1989.

She served as the director of the foundation where a close family friend, Bernie Madoff administered the Picowers’ foundation funds. Unfortunately, the Picower Foundation shut down in 2009 due to the Madoff scam. Jeffry died at 67 years of age due to drowning in his Palm Beach Mansion’s swimming pool in 2009.

Barbara Picower Net Worth

Barbara Picower has earned an estimated net worth of $200 million as of 2022. She was left with $200 million after the demise of Jeffy Picower. Her late husband, Jeffy had changed his will 10 days before his death. His will calls for his estate to give everything in excess of $250 million to the new tax-exempt foundation that will support charitable purposes and medical research. Barbara was slated to get $200 million. While her only child was slated to get $25 million. Likewise, Jeffry’s longtime business assistant, April Freilich was also supposed to receive $13.5 million.

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