As of 2026, Herb Kohl’s net worth was estimated at about $630 million to $1.5 billion at the time of his death. The Milwaukee businessman built his fortune through the Kohl’s stores, real estate and investments. He later owned the Milwaukee Bucks and served four terms as a US senator.
| Quick facts | Details |
|---|---|
| Net worth | About $630 million to $1.5 billion at death (estimate) |
| Full name | Herbert Kohl |
| Born | February 7, 1935, Milwaukee, Wisconsin |
| Died | December 27, 2023, aged 88 |
| Nationality | American |
| Education | BA, University of Wisconsin-Madison; MBA, Harvard Business School |
| Profession | Businessman, NBA team owner, US senator, philanthropist |
| Source of wealth | Kohl’s stores, Herb Kohl Investments, real estate, sale of the Milwaukee Bucks |
| Known for | Kohl’s, the Milwaukee Bucks, 24 years in the US Senate |
| Political party | Democratic |
| Marital status | Never married, no children |
| Foundation | Herb Kohl Philanthropies |
Who Was Herb Kohl
Herb Kohl was an American businessman, sports team owner and politician from Milwaukee. He helped run the Kohl’s chain his father started, then made a second fortune through investments. Most fans remember him as the man who kept the Milwaukee Bucks in Wisconsin.
He represented Wisconsin in the US Senate from 1989 to 2013. He paid for much of his own campaigns, and his slogan was “Nobody’s Senator but Yours.” He retired from politics after four terms and went back to his business and charity work.
Kohl died in Milwaukee on December 27, 2023, at age 88. He never married and had no children. Much of his wealth went to Herb Kohl Philanthropies, the charity that carries his name.
Herb Kohl Net Worth
Estimates of Herb Kohl’s wealth vary a lot. Forbes put his fortune at about $630 million in its last count of his wealth. Other reports placed it as high as $1.5 billion once the Bucks sale and his real estate were counted.
One source listed about $400 million at the time of his death, after years of large gifts. Our estimate uses the most cited range of $630 million to $1.5 billion. Because his money now funds his foundation, no new figure will be published for him.
| Income source | What it includes |
|---|---|
| Kohl’s stores | Family grocery and department store chain, sold to BATUS in the 1970s |
| Herb Kohl Investments | Private investment firm he set up after leaving Kohl’s |
| Milwaukee Bucks | Bought for $18 million in 1985, sold for $550 million in 2014 |
| Real estate | Property and shopping center holdings in Wisconsin |
| Senate salary | Federal pay during 24 years in office, a small share of his wealth |
Early Life and Education
Herbert Kohl was born in Milwaukee on February 7, 1935. His parents, Max and Mary Kohl, were Jewish immigrants from Europe. Max Kohl opened a small grocery store in Milwaukee and grew it into a regional chain.
Herb grew up working in the family business. He graduated from Washington High School in Milwaukee. He then earned a bachelor’s degree from the University of Wisconsin-Madison in 1956.
He went on to Harvard Business School and earned his MBA in 1958. He also served in the US Army Reserve for several years. That mix of retail work and business training shaped the rest of his career.
Career at Kohl’s
Max Kohl’s grocery stores did well across the Milwaukee area. In 1962 the family opened its first Kohl’s department store in Brookfield, Wisconsin. The idea was simple: good brands at prices that middle class families could afford.
Herb took a leading role in the business and served as president of Kohl’s from 1970 to 1979. The chain grew into a group of grocery, drug and department stores. In the 1970s the family sold the company to BATUS, the US arm of British American Tobacco.
The sale gave the Kohl family a large cash payout. Herb used his share to start Herb Kohl Investments. The Kohl’s department store chain later grew into a national retailer, though the family no longer owned it by then.
Herb Kohl Investments and Real Estate
After Kohl’s, Herb ran his own investment firm from Milwaukee. It held stakes in real estate, shopping centers and other private businesses. This firm turned his store money into a much larger fortune over the next few decades.
He kept a low profile as an investor. He rarely gave interviews about his deals and did not chase publicity. Much of what the public learned about his money came from the yearly financial reports he filed as a senator.
Owning the Milwaukee Bucks
In 1985 Kohl bought the Milwaukee Bucks for about $18 million. At the time, there were fears the team could move to another city. He said he bought it to keep the Bucks in Milwaukee.
He owned the team for nearly 30 years. The Bucks had some strong seasons, but they never won a title under him. Still, he became known as a loyal owner who cared more about the city than about profit.
In 2014 he sold the Bucks to Marc Lasry and Wes Edens for $550 million. That was more than 30 times what he paid. As part of the deal, he pledged $100 million toward a new arena so the team would stay in Milwaukee.
The arena, now called Fiserv Forum, opened in 2018. The Bucks won the NBA title there in 2021, and the street outside was renamed Herb Kohl Way.
Political Career
Kohl chaired the Democratic Party of Wisconsin in the 1970s. In 1988 he ran for the US Senate and won. He went on to win three more elections and served until January 2013.
He used his own money to pay for most of his campaigns. He said this meant no donor could tell him how to vote. His slogan, “Nobody’s Senator but Yours,” was built around that idea.
In the Senate he served on the Appropriations and Judiciary committees. He also chaired the Special Committee on Aging, where he worked on issues facing older Americans. He was known as a quiet senator who focused on Wisconsin farmers, schools and businesses.
He chose not to run again in 2012. His farewell remarks before leaving office are shown in the video above.
Philanthropy and Giving
Kohl gave away a large part of his fortune while he was alive. He donated $25 million to the University of Wisconsin-Madison for a new arena. The Kohl Center, home to Badgers basketball and hockey, opened in 1998.
He started the Herb Kohl Educational Foundation in 1990. It gives scholarships and awards to Wisconsin students, teachers and schools every year. Thousands of people across the state have received money from it.
His giving now runs through Herb Kohl Philanthropies. The group funds education, health and community programs in Wisconsin. His estate continues to support its work after his death.
Herb Kohl did not keep a personal social media account. His charity, Herb Kohl Philanthropies, posts on X as @HKPgiving. It shares news about scholarships, grants and events in his name.
Here is a post from the official Herb Kohl Philanthropies account on X. It marks one year since the celebration of his life.
The account keeps his name in front of Wisconsin students and teachers. Many posts thank the people who win awards from his foundation.
How Herb Kohl’s Wealth Grew Over Time
| Period | What happened |
|---|---|
| 1950s | Graduated from UW-Madison and Harvard Business School |
| 1962 | Kohl family opened the first Kohl’s department store |
| 1970s | Served as president of Kohl’s, then the family sold the chain to BATUS |
| After Kohl’s | Built Herb Kohl Investments and real estate holdings |
| 1985 | Bought the Milwaukee Bucks for about $18 million |
| 1989 to 2013 | Served four terms in the US Senate |
| 2014 | Sold the Bucks for $550 million and pledged $100 million for a new arena |
| 2023 | Died at 88, with his wealth going largely to charity |
His fortune came in three big steps. The store sale gave him starting capital. His investments grew it, and the Bucks sale gave him the largest single payday of his life.
Life Lessons From Herb Kohl
The first lesson is to stay loyal to your community. Kohl could have sold the Bucks to anyone, but he insisted the buyers keep the team in Milwaukee. He still made a large profit on the sale.
The second lesson is to keep your independence. By paying for his own campaigns, he could vote as he saw fit. In business, owning your own capital gives you the same kind of freedom.
The third lesson is to give while you are alive. Kohl did not wait until his death to share his money. His scholarships and gifts helped people for more than 30 years while he could still see the results.
The last lesson is to stay humble. Kohl lived quietly for a man of his wealth and rarely spoke about money. He was widely described as a shy and private person.
How Herb Kohl Compares to Other Business Leaders and Politicians
Kohl was one of the richest members of the Senate during his time there. His colleague Chuck Schumer has a far smaller fortune, built mostly from his salary and savings. House member Jim Jordan and Georgia politician Stacey Abrams also have much more modest wealth.
Among business owners, Kohl sits well below steel billionaire Lakshmi Mittal. He is also far behind mining billionaire Andrew Forrest. What sets Kohl apart is how much of his fortune went back to his home state.
Frequently Asked Questions
What was Herb Kohl’s net worth?
Herb Kohl’s net worth was estimated at about $630 million to $1.5 billion at the time of his death. Forbes put his fortune at about $630 million, while other reports were higher.
How did Herb Kohl make his money?
He made his money from the Kohl’s stores his father founded, his own investment firm and real estate. The sale of the Milwaukee Bucks for $550 million was his biggest single deal.
Did Herb Kohl found Kohl’s?
No, his father Max Kohl founded the business as a grocery store. Herb served as president of Kohl’s from 1970 to 1979 and helped grow the chain.
How much did Herb Kohl pay for the Bucks?
He bought the Milwaukee Bucks for about $18 million in 1985. He sold the team in 2014 for $550 million to Marc Lasry and Wes Edens.
Was Herb Kohl married?
No, Herb Kohl never married and had no children. Much of his wealth went to Herb Kohl Philanthropies.
When did Herb Kohl die?
Herb Kohl died in Milwaukee on December 27, 2023, at age 88. A celebration of his life was held in Milwaukee a few weeks later.
How long was Herb Kohl a senator?
He served four terms in the US Senate for Wisconsin, from 1989 to 2013. He chose not to run again in 2012.
Conclusion
Herb Kohl’s net worth was estimated at $630 million to $1.5 billion at his death. He earned it through Kohl’s, smart investing and the sale of the Milwaukee Bucks. He spent much of it on scholarships, schools and the city he loved.
His story shows that wealth can be built quietly and shared widely. Kohl kept the Bucks home, served Wisconsin for 24 years and left most of his fortune to help others.
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