Let’s get to know about Barbara Picower and her net worth in this article. Stay with us to find out more about Barbara.
Barbara Picower, president of the JPB Foundation, has progressively re-established herself as one of the country’s leading benefactors. Her late husband’s estate, Jeffry Picower, donated $1.2 billion to start the charitable organization in 2011.
Barbara consented to give up $7.2 billion to reimburse Madoff’s victims. So what is estimated Barbara Picower’s net worth as of 2023? So keep reading this article about Barbara Picower’s net worth, career, husband & more!
Who Is Barbara Picower?
One of the most significant figures in American charity is Barbara Picower. She is the surviving spouse of Bernard Madoff’s Ponzi scheme victim, who profited the most.
The JPB Foundation was established by Barbara in 2011. It is one of the most prominent charity organizations in the US.
The foundation’s assets totalled $1.1 billion as of the end of 2012. The foundation’s assets were worth over $2 billion by 2014.
Barbara was born in 1942 in the United States and is 81 years old as of 2023. Only scant details about her parents or childhood are publicly known. She spent four years at Hofstra University studying for a Bachelor of Arts in Political Science.
Barbara earned a Master of Arts in History and Secondary Education from New York University. She also has a Master of Science in Nutrition from a recognized institution of higher learning.
Barbara Picower US Largest Foundations President
In 2011, Barbara Picower established a philanthropic organization called The JPB Foundation. She used the money left to her by her late husband, Jeffry Picower, to establish a nonprofit organization that supports charitable causes.
The foundation promotes community health and resilience via transformative programs to improve US quality of life.
It was the driving force for the foundation’s creation. In addition to being the foundation’s president, she manages a grantmaking portfolio focused on reproductive rights, medical research, and health issues.
The JPB Foundation has awarded grants with a combined value of around $104 million, with the Massachusetts Institute of Technology receiving $25 million. The foundation also donated two million dollars to the Institute’s innovation fund.
Barbara’s late husband, Jeffry Picower, was one of the wealthiest people in the US, with a peak net worth of over $10 billion.
Although it was a well-kept secret within the select group of coworkers, everyone knew of his enormous income and Barbara’s extensive charitable contributions.
After Bernard Madoff’s Ponzi scheme was discovered to be a fraud in December 2008, Jeffry’s immense riches became public knowledge.
It was discovered that Jeffry had been given payouts totalling $7.2 billion by Bernard L. Madoff Investment Securities throughout their relationship.
After that, Barbara refrained from making large gifts from the philanthropic organization known as the Picower Foundation, which at the time of the fall of the Madoff scheme had assets totalling $958 million.
In October of 2009, Jeffry Picower passed away at 67 while swimming in the swimming pool of his estate in Palm Beach.
Following the filing of the lawsuit by the trustee of Madoff’s fraudulent investment firm, Irving Picard, to recover the $7.2 billion in payouts, he passed away shortly after that. When Jeffry drowned in the pool, Barbara was nearby reading a book.
For over a year, Barbara did not give up the fight against Irving Picard, who never stopped trying to get the money by suing Jeffry’s estate.
In December 2010, Barbara agreed to refund $7.2 billion while stating that her husband was not involved in Madoff’s scheme.
Barbara oversees the organization as the JPB Foundation’s president and board chair. The nonprofit organization’s objectives include enhancing and protecting the environment, helping low-income individuals, and funding innovative medical research.
The Picowers were initially believed to be one of Madoff’s many trusting victims. According to a lawsuit filed on behalf of Madoff victims, Jeffry “knew or should have known” about the fraud, according to a 2009 New York Times report.
Barbara Picower Husband
Jeffry M.Picower was Barbara’s husband, an American investor who was married to Barbara Picower and was implicated in the Madoff investment scam.
In 1969, she became Jeffry’s wife by officially tying the marriage. Gabrielle Picower is Barbara and Jeffry Picower’s only child, a girl. In 1989, Barbara and her late husband were instrumental in establishing The Picower Foundation.
She served as the charity’s director, overseen by Bernie Madoff, a close family friend who was also the foundation’s administrator of the Picowers’ finances.
The Picower Foundation was forced to close its doors in 2009 due to the Madoff scandal. Jeffry drowned in his Palm Beach house pool at 67 in 2009.
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How Did Her Husband Die?
In 2009, Jeffry’s body was found in the pool of his Florida property in Palm Beach. Forbes claims that Barbara’s husband drowned when she was relaxing by the pool and reading.
The medical examiner determined that Jeffry drowned after suffering a heart attack. He was also highlighted regarding problems with his heart and Parkinson’s illness.
According to Forbes, Jeffry had a net worth of up to $7 billion at the time of his death, making him one of the wealthiest men in America.
Barbara Picower Net Worth
Barbara is not broke despite having paid billions back to Madoff’s victims. It’s safe to say that Barbara still has millions, if not billions, of dollars in assets.
Barbara inherited $200 million from Jeffry’s estate, claims a 2009 Reuters report.
She might have had some money left over from the billions she and her husband gained with Madoff even after paying the $7.2 billion settlement.
Barbara’s JPB Foundation, which she founded in 2011, acquired $1.2 billion from the Jeffry Picower estate, according to a 2014 Forbes story.