|Net Worth:||$ Million|
|Birthday:||Jul 24, 1941|
|Age:||81 years old|
|Height:||5.8 feet (177cm)|
|Occupation:||Businessman, Fashion designer|
|Last Updated:||June, 2023|
Peter Nygard is a businessman, clothing manufacturer and fashion designer. He has founded Nygard International which had brought him a lot of money. In 2023 Peter Nygard net worth is estimated at 900 million USD. continue reading if you want to know more about his success story.
How Did Peter Nygard Become Rich?
Peter Nygard (full real name Pekka Juhani Nygård) was born in the capital city of Finland, Helsinki, on July 24, 1941 during World War 2. When he was only 11 years old his parents moved to Deloraine, Manitoba in Canada. In Canada he finished his school education.
After that, Peter enrolled into the University of North Dakota, located in Grand Forks – third largest city in the state of North Dakota. In 1964 the future businessman had successfully received his degree in a business.
After finishing his university education, Peter Nygard moved back to Canada to look for a business opportunity that is going to make him a fortune. Having been a diligent student during his university years, Peter knew business theory very well and was ready to use his knowledge to make himself rich.
Only after three years, in 1967 Peter Nygard establishes his first company under the name of Nygård Apparel Manufacturing Company. The company were producing sportswear and its headquarters were located in Winnipeg, Manitoba at a time.
In 1978 Nygard company established its presence in the United States, and experiencing an insane growth in revenue, Peter was able to move his headquarters into Toronto, Canada, where he build an office for his international sales and marketing team. At the time the company also expanded its product line, and became the largest producer of women’s apparel in Canada.
On Friday, November 6, 2009 the company, now called Nygard International, had a change of its headquarters once again. this time Peter has decided to move them into the financial center of the world – in Times Square, New York, United States. That same day, after a grand opening ceremony, Nygard’s fashion concept retail store was opened too.
Unfortunately for Peter Nygard, he had a lot of accusations of sex trafficking and sexual abuse in the past. the FBI and NYPD raided the company headquarters on February 2020, which prompted Peter to leave his company. On March 18, 2020 he was arrested and Nygård International had to file for bankruptcy under Chapter 15. The company’s brands – ADX, Alia, Allison Daley, Bianca Nygard, Nygård Fashions, Nygard Slims and TanJay – were put on a sale. On April 30, it was authorized to sell parts of his business.
The company was liquidated in late January 2021, after the last part of its property were sold off. Previously, the company owned 50 million to 350 creditors all around the world, including 40 people from Manitoba.
Peter Nygard himself was facing sexual abuse and sex trafficking allegations. In February 2021 he was put into a jail.
What Is Peter Nygard Net Worth?
Peter Nygard net worth is estimated at $900 million in 2023. He had built his astonishing wealth with Nygard International. However, following his arrest, the company was sold off and liquidated. In the future his net worth is going to plummet, as he has to spend money on lawyers and repay the damage he had done to different people.
How Peter Nygard Spends His Money?
Peter Nygard had spent a lot of money throughout the life. apart from investing into his company, he was known to spent $1.76 million (over 6 million in 2023) for a beach bungalow at Lyford Cay in the Bahamas in 1984. In 1987 he built a 14,000-square-metre compound.
In 2010 Peter was planning to expand his Bahama’s house and was telling journalists about $50 million investment. However, this plan failed completely: Bahamian prime minister had rejected the plan for renovation and forced the businessman to abandon the projects. Nowadays Nygård Cay is in a state of decay.
Apart from his Bahamian resort, Peter also owned other properties, including one at Falcon Lake in Manitoba. It was worth several million dollars, but following the various lawsuits the businessman was forced to sell it.
- Peter had a active sexual life throughout his whole life. He has 10 children from 8 different women.
- In 2002 a park in Deloraine, Manitoba, where he grew up, was named after him. Following his arrest, in May 2020 the name was changed to Prairie Sentinels Park.
- In 2012 queen Elizabeth II awarded him with a Diamond Jubilee Medal.
- Discovery+ has released Unseamly: The Investigation of Peter Nygård, a documentary about his life. the documentary aired in February 2021 and featured interviews with Peter’s former employees, journalists, family members.
- Many people linked Peter Nygard to Jeffrey Epstein.
- He is a pal of Prince Andrew.
- His former girlfriend Suelyn Medeiros is also associated with sex trafficking.
- Singer Tanya tucker is a good friend of Peter Nygard.