What is Micky Arison's Net Worth and Salary?
Micky Arison is an American businessman with a net worth of $10 billion. For many years, Micky Arison was recognized as the richest person in Florida, although he is currently among the top five wealthiest residents in Florida. His wealth largely stems from his involvement with Carnival Corporation, the largest cruise ship company globally, which he owns 8.8% of. He inherited this stake from his father, Ted Arison. Additionally, Micky is well-known in the sports world as the owner of the Miami Heat NBA team. Under his ownership, the team has won three championships since he took control in 1995.
Early Life and Family
Micky Arison was born on June 29, 1949, in Tel Aviv, Israel. As a child, he emigrated to the United States with his father, Ted Arison, who previously served in the Israeli army and later spent ten years in the air cargo business after moving to the U.S. In 1966, they relocated to Miami, where Micky attended the University of Miami.
During this period, Ted collaborated with Knut Kloster, a cruise ship executive from Norway, to form Norwegian Caribbean Lines with just one ship. Their venture revolutionized the cruise industry by offering affordable, short Caribbean cruises targeting middle America and focusing on the ship experience rather than the destinations.
By 1971, Ted Arison was embroiled in a lawsuit with Knut Kloster following a financial dispute. During the lawsuit's peak, Ted used seized funds to establish Carnival. Micky dropped out of college to assist his father, starting as a sales rep.
Miami Heat
In 1988, Ted Arison and a group of investors were awarded an NBA franchise, naming the team Miami Heat. By 1995, Micky had taken full control of the team. Today, the Miami Heat's estimated worth is $3 billion.
Carnival
Micky's tenure at Carnival witnessed numerous ups and downs. He rose quickly from a sales rep to reservations manager to vice president. The innovative decision to create a "fun" atmosphere on Carnival cruises, including installing casinos on ships, greatly benefitted the company financially. In 1979, Ted appointed Micky as CEO at 30, eventually assuming the chairman role.
By 1985, Carnival began stabilizing, with gross revenues surpassing $1 billion by 1989, although not without exploiting employees. Stocks plummeted in 1990, but the company's fortunes improved by 1992 as Micky led acquisitions such as Seabourn, Airtours, Costa Crociere, and Cunard Line.
Salary
In 2009, Micky earned a total compensation of approximately $7.2 million. This included a base salary of $880,000, a cash bonus of around $2.2 million, stock grants worth about $3.6 million, and other miscellaneous compensation of approximately $500,000.
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Controversy
In 2012, Micky faced criticism for his perceived failure to address the "Concordia cruise ship disaster," where 32 passengers died after the Costa Concordia struck a reef. Many viewed his lack of public engagement following the incident as insensitive.
Carnival Losses During 2020 Pandemic
The coronavirus pandemic severely impacted Carnival in 2020, resulting in a $4.4 billion loss. With an 85% drop in revenue from 2019, the company faced significant financial challenges, including $2 billion in losses from selling cruise ships at discounted prices. Without U.S. federal stimulus support due to its overseas headquarters, Carnival projected monthly losses of $650 million during the lockdown period.
Real Estate
In 2020, the Arison family sold an apartment tower in Miami for $81 million. The tower housed 275 units, averaging about $295,000 per unit, likely to mitigate losses incurred during Carnival's financial struggles amid the pandemic.
