Roger Penske is a former American professional racecar driver, successful businessman, and Presidential Medal of Freedom awardee with an estimated net worth 2024 of $3.8 billion.
He is well-known for owning many auto racing car businesses, including “Team Penske,” “the Indianapolis Motor Speedway,” and “IndyCar.”
Penske is also the founder and head of the Penske Corporation, the main company for his various ventures. Additionally, he was the boss of the Super Bowl XL team in Detroit, Michigan.
Roger Penske Net worth
Roger Penske is worth 3.8 billion dollars as of 2024. In 2023, he was worth $3.8 billion, which means he saw a slight decline at the beginning of 2024.
Below is a table showing his net worth history.
| 2023 | $3.8 billion |
| 2024 | $4.1 billion |
Now, let’s discuss how Penske is able to grow his value to $3.8 billion.
Penske is the head of Penske Corporation in Bloomfield Hills, Michigan. The company has various businesses, including a big share in Penske Automotive Group, which is a company that runs car dealerships in the United States, Canada, and parts of Europe.
They also have Penske Truck Leasing, which sells, rents, and maintains trucks. Another part of the company is Penske Motor Group, which has car dealerships in California and Texas.
In a deal that is said to have started in October 2019, Penske finally acquired the Indianapolis Motor Speedway from Hulman & Co in November of the same year. The exact amount he paid for this purchase wasn’t made public. However, experts say the deal was worth $250 million to $300 million.
Running such an established company like Penske Corporation guarantees Penske a whooping salary with allowances in 7 figures.
How does Penske spend his fortune?
Yacht Podium – How Much Did He Buy It?
Roger Penske is the esteemed owner of the Yacht Podium, which was bought for an estimated price of $120 million. It has an annual maintenance cost of $12 million.
The Podium yacht is a 72-meter luxury vessel powered by Caterpillar engines. It can accommodate up to 12 guests and a dedicated crew of 14. The British yacht design company “Redman Whiteley Dixon,” popularly known as RWD, designed it.
Private Jet
The 86-year-old billionaire entrepreneur owns a Gulfstream G280 (N500RP, N504RP) private jet that costs between US$20.00 and US$22.50 million for 2018 – 2022 models. It has an estimated annual fixed operation cost of $574,572.
Profile Summary
| Net Worth | $3.8 billion |
| Full Name | Roger Searle Penske |
| Age | 86 years old |
| Date of Birth | February 20, 1937 |
| Place of Birth | Shaker Heights, Ohio |
| Nationality | American |
| Occupation | Entrepreneur |
| Ethnicity | White |
| Parents | Father: Jay Penske Mother: Martha Penske |
| Sibling | David Penske |
| Wives | Lissa Penske Kathy Penske |
| Children | Roger Jr, Gregory, Blair, Mark, and Jay Penske |
| Height | 5’7″ 170 cm 1.70 m |
| Weight | 70 kg 154 pounds |
| Corporations | IndyCar Indianapolis Motor Speedway Team Penske |
Early Life
Roger Penske was born in Shaker Heights, Ohio, on February 20, 1937. As a teenager, he fixed up old cars and sold them to make money right from his family’s home in Cleveland, Ohio.
He finished high school in Shaker Heights in 1955 and graduated from Lehigh University in 1959, where he was in a group called Phi Gamma Delta.
Regarding Roger Penske’s parents, his father is Jay Penske. He was a successful entrepreneur who worked as a corporate executive for a metal company in the U.S. He was the person who initially told Roger to venture into business.
On the other hand, Roger’s mother is Martha Penske. She is believed also to have been an entrepreneur working closely with her husband, Jay.
Still talking about family, Roger has a brother named David Penske. David heads Penske Buick/GMC Truck in Shillington, Pennsylvania.
Racing Career
Before venturing into the business world, billionaire Penske started his career as a professional race car driver at Marlboro Motor Raceway in Maryland, which isn’t used. He raced on hills and then raced Porsches on-road tracks.
In 1961, Sports Illustrated said he was the best driver in the Sports Car Club of America. He tried Formula One racing twice and won a NASCAR race in 1963. But he never raced in the Indianapolis 500.
Penske kept on racing until 1965 when he quit as a driver. He wanted to focus on his first Chevrolet car deal in Philadelphia, Pennsylvania, which he opened with a $75,000 loan from his father.
Later, he built one of the best teams in IndyCar and NASCAR racing. He’s the owner with the most wins at the Indianapolis 500, with 19 victories.
People know him by the nickname “The Captain.” Besides, Penske worked as a race strategist for his IndyCar team, especially for driver Will Power.
Political Adventure
Sometimes ago, Roger was involved in politics. Specifically, in 2012, one of his establishments “Penske Racing” gave $500,000 to support Mitt Romney’s Super PAC.
Some people talked about him maybe becoming the Mayor of Detroit, but he said no.
In 2020, he supported Donald Trump in the U.S. presidential election. This was after he got the Presidential Medal of Freedom in 2019.
Awards & Honors
| Category | Awards and Honors |
|---|---|
| Auto Racing | Six-time NASCAR Xfinity Series Champion as owner (2010, 2013, 2014, 2015, 2017, 2020, 2021) |
| Six-time IndyCar Series Champion as owner (2006, 2014, 2016, 2017, 2019, 2022) | |
| Three-time NASCAR Cup Series Champion as owner (2012, 2018, 2022) | |
| 19-time Indianapolis 500 winner as owner (1972, 1979, 1981, 1984, 1985, 1987, 1988, 1991, 1993, 1994, 2001, 2002, 2003, 2006, 2009, 2015, 2018, 2019, 2023) | |
| Three-time Daytona 500 winner as owner (2008, 2015, 2022) | |
| 1990 Golden Plate Award of the American Academy of Achievement | |
| 2018 Simeone Foundation Spirit of Competition Award recipient | |
| Halls of Fame | 1995 Motorsports Hall of Fame of America inductee |
| 1998 International Motorsports Hall of Fame inductee | |
| 2002 Indianapolis Motor Speedway Hall of Fame inductee | |
| 2015 Automotive Hall of Fame inductee at a Renaissance Center gala in the City of Detroit, Michigan | |
| 2016 Sports Car Club of America (SCCA) Hall of Fame Inductee | |
| 2019 NASCAR Hall of Fame inductee | |
| National | 2019 Presidential Medal of Freedom recipient |
| Local | Street renamed Roger Penske Drive in Santa Ana, California |
Roger Penske’s Personal Life
Penske has five kids. He had two with his first wife, Lissa, and three with his second wife, Kathy. They are Roger Jr, Gregory, Blair, Mark, and Jay Penske.
He likes collecting cars. He has some rare American and European cars, like a Ferrari FXX. There are only 30 of those in the world.
Read also: Kathy Penske Biography