Richard Petty’s Net Worth

Richard Petty

Age: 86 years old

Nationality: American

Net Worth: $110 million

Date of Birth: July 2, 1937

Source of Wealth: Professional Racing Driver

Gender: Male

Height:6’2” (1.88m)

Introduction

Richard Petty, a former stock car racing driver from the United States, started his NASCAR career in the 1950s and earned the nickname “The King.”

Throughout his nearly 40-year career, Richard Petty achieved major success, winning five Winston Cup Series championships, two Grand National Series victories, and tying the record with seven NASCAR Cup Series victories.

He also set records for the most NASCAR Cup Series victories with 27 and the most consecutive victories with 10.

As of February 2024, Richard Petty’s net worth is estimated to be $65 million.

Richard Petty Facts

  • In 1993, Richard Petty hopped back into a race car for a NASCAR tire test at the Indianapolis Motor Speedway.
  • Between 1970 and 1974, he won a total of 39 races.
  • In May 2011, Richard Petty was chosen as the Grand Marshal for the Sprint Cup Series’ 2011 STP 400.
  • Following a tire test at the Indianapolis Speedway, he donated his car to the Speedway’s museum.
  • During the new 30-race calendar, Richard Petty dominated with 23 victories between 1974 and 1975.

Richard Petty’s Early Life

Richard Lee Petty was born on July 2, 1937, in Level Cross, North Carolina, USA. His parents were Elizabeth and Lee Petty, a NASCAR racer.

He attended Randleman High School and played football there. After high school, he studied at Greensboro Junior College.

Richard Petty kicked off his NASCAR career at Toronto’s CNE Stadium in 1958, shortly after turning 21. Surprisingly, he was voted the 1959 NASCAR Rookie of the Year.

Despite making around $40,000 in the 1960s, Richard Petty continued to hone his skills.

He competed in the NASCAR Grand National Points Race, finishing second, and had his breakthrough year in 1963 with wins in Martinsville and Bridgehampton, showcasing his talent as a race winner.

Richard Petty’s Career

In 1964, Richard Petty clinched his first Grand National Championship and Daytona 500 win.

In 1965, due to a Chrysler boycott, he turned to drag racing but faced a tragic accident in Georgia that resulted in fatalities and injuries.

Regardless of legal battles, he returned to NASCAR and won his second Daytona 500 in 1966.

In 1967, Richard Petty set a record by winning 27 out of 48 races, including ten consecutive victories.

He secured his second Grand National Championship. In 1971, driving a new Plymouth Road Runner, he won his third Daytona 500.

In 1980, Richard Petty won races but a crash at Pocono dashed his title hopes. He rebounded in 1981 to claim his sixth Daytona 500 victory.

However, switching to a Pontiac Grand Prix in 1982 led to his first winless season since 1978.

His last top-ten finish came in 1991, and he announced retirement after the 1992 season. Richard Petty is regarded as one of NASCAR’s greatest alongside Cale Yarborough, Jimmie Johnson, and Danica Patrick.

Richard Petty’s Personal Life

Richard Petty married Lynda Owens in 1958, and they were blessed with four children: Kyle, Sharon, Lisa, and Rebecca.

Sadly, Owens passed away from cancer in 2014. Their son Kyle followed in his father’s footsteps, becoming a NASCAR driver and achieving remarkable success.

The Petty family runs Richard Petty Motorsports from their hometown of Level Cross. Richard also manages a car modification and restoration business called Petty’s Garage.

A longtime Republican, Richard Petty ran for secretary of state of North Carolina in 1996 but lost to Elaine Marshall in the general election.

He’s among NASCAR drivers like Carl Edwards and Jeff Burton who have considered venturing into public office.

To stay updated on Richard’s latest endeavors, you can follow his official Instagram or Twitter accounts.

Richard Petty’s Career Earnings

In 1972, Richard clinched his sixth Winston Cup, marking another milestone in his career. Four years later, he won the Daytona 500 driving an Oldsmobile Cutlass Supreme.

He continued to excel, winning four more races and securing his seventh and final NASCAR championship by just 11 points.

Richard Petty’s exact yearly earnings are hard to pin down as his company, Richard Petty Motorsports, is privately owned.

There are no public records to estimate his income. However, he has long-standing sponsorships, like with STP, which recently renewed a deal worth $250,000.

Additionally, partnerships with big brands like GlaxoSmithKline, Nicorette, and Liberty Medical have likely earned him millions.

In 2019, Richard sold his shares in RPM for approximately $20 million. Currently, he invests his wealth in property and other low-risk assets.

Richard Petty’s Net Worth

In 1983, Richard Petty had three victories and several top-10 finishes, making it a successful season for him.

On July 4th, 1984, Richard Petty made history by becoming the first driver to win 200 races, securing the milestone victory at the Firecracker 400.

Here’s a summary of Richard Petty’s yearly net worth:

  • Richard Petty’s net worth in 2017: $30 million
  • Richard Petty’s net worth in 2018: $35 million
  • Richard Petty’s net worth in 2019: $38 million
  • Richard Petty’s net worth in 2020: $40 million
  • Richard Petty’s net worth in 2021: $45 million
  • Richard Petty’s net worth in 2022: $65 million

In 1992, despite some lackluster race performances, Petty qualified for all 29 races of the season.

He concluded his career at Atlanta Motor Speedway’s Hooters 500, which drew a record crowd of 160,000 fans.

How Does Richard Petty Spend His Money?

Richard Petty has found his ideal home on a ranch in Wyoming, which he purchased in 1992. The ranch spans 90 acres, featuring snowy slopes in the winter and lush green grass in the late spring.

In their hometown of Level Cross, North Carolina, the Petty family’s NASCAR legacy is celebrated at the Petty Museum on Branson Mill Road.

Despite driving some of the world’s most expensive cars, Richard prefers to drive a truck at home for its comfort and practicality in his environment.

Richard also has a passion for motorcycles and has owned some of the most expensive ones. He regularly participates in the Kyle Petty Charity Ride.

Richard Petty’s Awards and Achievements

After retiring from racing in 1995, Richard Petty began working as a color commentator for CBS Television.

He then became a spokesperson for various businesses and products, including Liberty Medical, Cheerios, Nicorette, and Goody’s Headache Powder.

Here are some highlights from Richard Petty’s career:

  • He was the first motorsports athlete to receive the Medal of Freedom from President George H. W. Bush in 1992.
  • Petty won the 1959 Grand National Series Rookie of the Year award.
  • He was voted NASCAR’s Most Popular Driver 8 times, in 1962, 1964, 1968, and from 1974 to 1978.
  • Inducted into the Motorsports Hall of Fame of America in 1989.
  • Named one of NASCAR’s 50 Greatest Drivers in 1998.

After retiring, he founded Victory Junction, a summer camp for chronically ill kids, providing them with joyful and educational experiences outdoors.

This venture showcased a new side of Richard Petty, making him even more beloved by fans despite no longer competing.

Richard Petty’s Career Highlights

In his final season, Richard Petty qualified on the front row of the Pepsi 400 but had to drop out due to the intense heat.

During a dramatic race, he was involved in an accident on the 94th lap, and his car caught fire.

Regardless of the setback, his pit team managed to get the car back in working order, and he finished in 35th place.

Here are some notable highlights from Richard Petty’s career:

  • Inducted into the NASCAR Hall of Fame’s inaugural class on May 23, 2010.
  • Won the Gwyn Staley Memorial 250 at North Wilkesboro Speedway in 1962.
  • Secured his first Daytona 500 victory in 1964.
  • Achieved a record of 55 premier series victories in 1967.
  • Won 10 NASCAR premier races between 1980 and 1984.

In 2006, Richard Petty lent his voice to the character Strip Weathers in the Disney/Pixar animated film “Cars,” which was a major hit that year.

The character was inspired by Richard Petty’s famous Road Runner Superbird, number 43.

Favorite Quotes from Richard Petty

Richard Petty was known for his outspoken opinions on various topics and never hesitated to share them.

Even after retiring from racing, he provided insightful perspectives on the life of a race car driver.

Here are some of our favorite quotes from Richard Petty:

  • “No one wants to quit when he’s losing and no one wants to quit when he’s winning. ” – Richard Petty
  • “You can work hard, and do everything that you think is right, but one thing you’ll never overcome in life is fate. You can’t control fate.” – Richard Petty
  • “You can only live in the past for so long, and we kind of stretched our luck on that. We think we’re on the way back, but it’s just a matter of how quickly things come together.” – Richard Petty
  • “If guys don’t respect themselves, they don’t respect other people.” – Richard Petty
  • “There is no doubt about precisely when folks began racing each other in automobiles. It was the day they built the second automobile.” – Richard Petty

3 Valuable Life Lessons from Richard Petty

Richard Petty was a unique driver, known for his relentless competitiveness, much like Denny Hamlin and Jeff Gordon.

Here are some key lessons we can learn from Richard Petty:

1.   Recognize When to Stop

Petty understood the challenge of knowing when to retire from racing. It’s tough to decide when to step back, balancing the desire to keep going with the need to leave on a high note.

Making this decision requires careful consideration of your options.

2.   Acknowledge the Role of Luck

Petty knew that luck plays a part in success. Despite hard work, sometimes fate steps in, and outcomes aren’t solely determined by effort.

3.   Have Self-Respect

Petty valued respect for himself and others. He understood that self-respect is crucial for maintaining respect in relationships with others.

Summary

Richard Petty is celebrated as the ultimate stock car racing driver, thanks to his countless podium finishes and consistent performances.

In less than five years of turning pro, he made a mark on the global racing scene.

His remarkable contributions and achievements earned him spots in various stock car racing halls of fame, such as the Motorsports Hall of Fame in America and the NASCAR Hall of Fame.

As of February 2024, Richard Petty’s net worth is estimated to be $65 million.

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