Home Depot creates 3,000 multimillionaires, co-founder says
Home Depot co-founder Ken Langone on U.S. debt, the need to improve the educational system, the economy, health care and the rise of 401(k) millionaires.
When Ken Langone co-founded Home Depot in 1978, he not only helped create what would become the world’s largest home improvement retailer, but he also changed the lives of thousands of employees.
“We have 3,000 kids – a kid at Home Depot, if you’re under 83 you’re a kid,” Langone told FOX Business’ Maria Bartiromo on Tuesday. “We have 3,000 kids that started in the parking lot – entry level that are multimillionaires today.”
Ann-Marie Campbell began her career as a cashier, and today, she is the executive vice president of U.S. stores.
“She’s from Jamaica. She knows all about capitalism. She’s a product of capitalism,” said Langone. “But better than that, she’s bringing all of these kids to the party with her – it is the American Dream.”
Home Depot has nearly 400,000 associates and more than 2,200 stores in the U.S., Canada and Mexico, according to its website. It has paid employees more than $1 billion in profit sharing over the past five years.
Bolstered by a robust economy, America’s retirement savings reached a record high in the third quarter, according to Fidelity Investments, which reported that the number of 401(k) millionaires is up 41 percent from last year while the number of IRA millionaires is up 25 percent from the same period.