Peter Nygard was born in Finland in the early 1940s before immigrating to Canada in 1952. He rose to become a global fashion magnate.
His current estimated net worth is $900 million. In spite of this, his riches and reputation have suffered as a result of claims of sex trafficking and sexual assault.
|Net Worth:||$900 Million|
|Date of Birth:||1943|
Early Life of Peter Nygard
On July 24, 1941, Peter Nygard was born in Helsinki, Finland. About his parents, not much is known. Regarding his siblings, there is no information available.
When he was still a child, his parents moved to Canada in search of a better way of life. He finished high school there before continuing on to the University of North Dakota to earn a degree in business studies.
He graduated from university in 1964 and three years later, he went on to start his company.
Peter Nygard’s Career
In Toronto, Canada, Peter Nygard established Nygard Apparel Manufacturing. He always had an interest in fashion and business.
He has been in hot water numerous times throughout his career for unfair labor practices. The company's headquarters were in Toronto, and the current location is Times Square, New York.
He was facing accusations of tax evasion and even an attempted murder case. After a couple of victims, who also happened to be his employees, accused him of sexually assaulting them at his Bahamas home in 2020.
After the incident, his company's headquarters were raided, which resulted in his incarceration. Additionally, he has won numerous honors, including the Queen Elizabeth II Diamond Jubilee Award.
Through Nygard International, Peter Nygard made money. The business used to make billions of dollars in sales each year.
Although his exact monthly income is still unknown, rumors have it that Peter earns at least $10 million each month. The Amateur Boxing Federation of the Bahamas Team is also sponsored by him.
It also aids in his compensation. There is no information available regarding whether he participates in brand endorsements that pay him.
Peter Nygard’s Net Worth
According to celebritynetworth, Peter Nygard net worth is $900 million Finnish-Canadian fashion executive. He has gained his money as the founder and chairman of Nygard International, a Canadian-based maker of women's clothes.
Canadian Business Magazine put his net worth at $750 million in 2009. At the time, he was the 70th richest Canadian in the world. Mr. Nygard's fortune is now valued at $900 million.
Peter Nygard’s Controversy
Ten women filed a civil class-action complaint against Peter in February 2020, alleging the businessman of rapes that allegedly took place at his seaside home in the Bahamas.
He is charged with running a sex trafficking organization and hiring underage recruits through friends (the legal age of consent in the Bahamas).
Nygard has angrily refuted the charges, alleging that they are the product of a smear campaign funded and directed by his Bahamian neighbor, hedge fund millionaire Louis Bacon, with whom he has been engaged in a protracted dispute.
For extravagant parties, he would fly in women from all over the world. A New York Times investigation claims that he travels with a group of women who describe themselves as his “paid girlfriends.”
The same inquiry revealed that Nygard's employees kept a list of more than 700 women who were available for invitations to events at a moment's notice.
According to The Times, Peter has been heard saying, “Do you see those toilets?” while staring at a group of ladies he hasn't had sex with yet. He also allegedly refers to women's bottoms as “toilets.”
In 1987, Nygard first bought the Bahamian property that would later become known as “Nygard Cay.” He constructed a hedonistic resort during the following ten years, which had a 32,000 square foot grand hall with a 100,000 pound glass ceiling that was partially damaged by fire in 2009.
Later, Nygard would assert that Bacon, his neighbor, started the fire. He unveiled a $50 million renovation plan that would take two years to complete a few months after the fire.
The plans were rejected by the Bahamian Prime Minister's Office. For more than ten years, Bacon and Nygard have been at odds over the fire and the delayed renovations.
Over the years, the resort has hosted famous guests including Michael Jackson, Prince Andrew, Oprah Winfrey, and Robert DeNiro.
Both sides have spent tens of millions of dollars suing one another in more than 25 lawsuits in various international jurisdictions.
Jessica Alba apparently thought the party she attended at Nygard Cay in 2004 while filming “Into the Blue” “gross.” When Alba, then 23 years old, reflected on her time spent at Nygard's home, she said, “These females are like 14 years old in the Jacuzzi, taking off their clothing…”
Private Life of Peter Nygard
Peter Nygard has had numerous relationships during his life. He is the father of ten children born to eight different women. There have been no reports indicating that he is currently married.
However, following his arrest in 2020, he has been held in jail awaiting the processes, and in December 2021, the court confirmed its decision to extradite him to the United States.
Dependence on Wealth
Peter Nygard has amassed $900 in riches for himself. His principal source of wealth is his company, which is a well-known brand.
He established the company on a small scale, and it now has branches in several major cities, with its headquarters in Times Square in New York. He also makes money by investing in other opulent and exotic real estate holdings.
He also supports an amateur boxing squad through the Amateur Boxing Federation. However, there are speculations that his imprisonment has had an impact on his wealth-generating factors.
Peter Nygard's net worth is expected to be over $900 million in 2022. He is a Finnish-born Canadian fashion designer and businessman who founded the world-famous Nygard International Company in 1967, just a few years after graduating, and led it to success.
He has an estimated annual income of $50 million, which includes a number of luxury real estate properties that he owns. He was arrested in 2020 on rape and sex trafficking accusations. He has recently made headlines after the court declared its determination to extradite him.