What is Peter Cruddas' Net Worth?
Peter Cruddas, an accomplished English businessman and banker, has an impressive net worth of $1.3 billion. Cruddas amassed his fortune as the founder and CEO of CMC Markets, a renowned London-based online financial retailer.
Early Life and Career Beginnings
Born on September 30, 1953, in Hackney, London, Peter Cruddas' journey to success is nothing short of inspiring. At 15, he left Shoreditch Comprehensive School without any formal qualifications. Despite this, Cruddas quickly found employment as a telex operator for Western Union in London.
His determination and hard work paid off, leading him to roles in the foreign currency departments of various financial institutions, including Marine Midland and the Bank of Iran.
Founding CMC Markets
In 1989, Cruddas made a bold career move by founding CMC Markets. With an initial investment of approximately £10,000, he ventured into the business of foreign currency exchange. Under his leadership, CMC Markets has grown exponentially and is now valued at over £1.2 billion.
Political Involvement and Philanthropy
Cruddas is also known for his political and philanthropic contributions. A staunch supporter of the Conservative Party, he was appointed co-treasurer in 2012. However, he resigned following allegations involving a £250,000 cash donation offer to then British Prime Minister David Cameron and Chancellor George Osborne.
In 2013, Cruddas successfully filed a defamation case against The Sunday Times, receiving £180,000 in damages.
His philanthropic efforts are noteworthy, particularly through the Peter Cruddas Foundation, which he established to support underprivileged children. The foundation has had several distinguished leaders, including Baron Young of Graffham and David Young.
