Tito’s vodka founder joins America’s richest listBy Nicola Carruthers
Bert Beveridge, the founder of Texas-based Tito’s Handmade Vodka, has been named as the newest spirits billionaire to join the list of America’s richest people.
The Austin-based owner made the list at number 324 out of 400 on The Forbes 400 list. According to Forbes, his company is estimated at US$2.5 billion and has sold 45 million bottles of Tito’s in 2016.
- Beveridge started the company in 1997 with US$90,000 borrowed using 19 credit cards. He slept on floors and couches while he built the business.
The Texas billionaire is the only spirits producer to make the 2017 list, which also includes the Santo Domingo family, who holds a huge stake in beer giant Anheuser-Busch.
The brand is currently sold in 100 markets around the world including the US, Canada, Europe, the Middle East and Asia.
Earlier this year, the company donated 100% of the proceeds from its online store to charitable causes, allowing customers to select their charity of choice from six options at the checkout.
In 2015, Tito’s failed to end a labelling lawsuit against it after a California judge ruled that the TTB’s approval of the brand’s labels does not provide “safe harbour”.