Net Worth: $60 million
Age: 79
DOB: 18 March 1944
Birthplace: Roseville, New South Wales
Richard Harold Smith is one of the most fascinating and charismatic businessmen in Australia. Better known as Dick Smith, he has been a household name for many years, thanks to his business dealings, adventurous spirit and philanthropic nature.
While his net worth is not as big now as it once he, Smith still deserves recognition for the contributions he has made to Australian business.
In this post, we will take a look at the intriguing journey of Dick Smith, exploring his early life, the founding of his iconic companies and how he made his money.
Early Life
Dick Smith’s story begins in the suburbs of Sydney, where he grew up in a middle-class family.
He attended North Sydney Technical High School and while he was not especially academically gifted, his early life was marked by a curiosity about technology and an adventurous spirit. This could have been due to him being the grandson of the photographer Harold Cazneaux.
At the age of 16, Smith received an amateur radio licence. He also earned the Baden-Powell Award as a rover.
Business Launch
Smith’s entrepreneurial spirit first emerged when he established his own radio repair business in 1968. This venture marked the beginning of a lifelong commitment to innovation and experimentation.
Recognising the growing interest in do-it-yourself (DIY) electronics, Smith began selling electronic components through mail-order catalogues. This laid a good platform for what was to become one of his most successful ventures.
Dick Smith Electronics
In 1972, Dick Smith founded Dick Smith Electronics, a retail chain that quickly became a go-to destination for those wanting electronic products in Australia. The company’s success was built on offering a wide range of electronic components, gadgets, and DIY kits, catering to both hobbyists and
professionals. The retail stores became iconic with their distinctive red and white signage, while their products became synonymous with innovation and quality in the electronics industry.
One of the notable aspects of Dick Smith’s approach to business was his commitment to providing excellent customer service. His hands-on approach and genuine passion for electronics resonated with customers, in turn fostering a loyal customer base.
Adventures and Aviation
Beyond the world of electronics, Dick Smith is renowned for his adventurous spirit and love for aviation. In 1982, he made headlines by completing a solo helicopter journey around the world. This daring feat showcased Smith’s determination and fearlessness, further establishing him as a national figure.
Smith’s passion for aviation extended to his involvement in various aeronautical endeavours. He founded the Australian Geographic Society in 1986, with a mission to promote and support Australian scientific research, exploration and conservation.
By doing this, he highlighted his commitment to environmental causes and his desire to contribute positively to society.
Dick Smith Foods
In the late 1990s, Dick Smith set his sights on another industry – food. Concerned about the dominance of multinational food corporations and the impact on local producers, he launched Dick Smith Foods in 1999. The company focused on producing and promoting Australian-made and owned food products.
Dick Smith Foods quickly gained popularity among consumers who were eager to support local farmers and producers. The brand’s commitment to transparency and ethical practices struck a chord with Australians, and it became a symbol of the pushback against globalisation in the food industry.
From iconic spreads like Dick Smith’s OzEmite to other pantry staples, the brand offered consumers a partisan alternative to multinational conglomerates.
Philanthropy
Dick Smith’s success in business did not lead to complacency; instead, it fueled his passion for philanthropy and public advocacy.
Throughout his career, Smith has been vocal about issues ranging from population growth and environmental sustainability to responsible business practices. He has used his platform and wealth to support causes aligned with his values, including education, conservation and humanitarian efforts.
In 2010, Dick Smith announced that he would donate the majority of his wealth to charity, a decision aligned with his belief in using wealth for the greater good. This move positioned him as a philanthropic leader, inspiring others to consider the impact of their wealth on society.
Controversies and Criticisms
Despite his achievements and positive contributions, Dick Smith has not been immune to controversy. His outspoken views on population control and immigration have sparked debates and criticism. Some argue that his stance is divisive, while others appreciate his willingness to address challenging and often unpopular issues.
However, Smith was one of 25 Australian’s of the Year who signed an open letter supporting the Yes campaign in the Indigenous Voice referendum.
In the business realm, the closure of Dick Smith Electronics in 2016 raised questions about the challenges faced by brick-and-mortar retailers in the digital age. While the closure was a setback, it should not overshadow Smith’s enduring legacy in the business world.
Conclusion
Dick Smith’s journey from school drop out to a successful businessman, adventurer and philanthropist is a remarkable story. Whether in the realm of electronics, aviation, or food, his ventures have left an indelible mark on Australian industry and culture.
Beyond his business acumen, Dick Smith’s willingness to tackle controversial issues and use his wealth for philanthropy sets him apart as a unique figure in the business landscape.
As Australia continues to evolve, Dick Smith remains a source of inspiration for aspiring entrepreneurs, adventurers and advocates who seek to make a difference in their communities and the world at large.