Every year Forbes releases its list of 400 wealthiest individuals in the U.S. This year’s list, released on Monday, marked Samuel Adams founder Jim Koch’s debut as one of the richest Americans, largely thanks to the wildly popular Truly Hard Seltzer.
Koch founded Samuel Adams in 1984 and currently serves as chairman of the brewery’s parent company, Boston Beer, of which he owns 26 percent. According to the list released by Forbes, Koch’s net worth is estimated to be $2.6 billion — his shares of Boston Beer accounting for an estimated $2.3 billion. He sits in the 327th spot of the 2020 Forbes 400.
In the 12 month period ending June 27, Boston Beer brought in nearly $1.5 billion in sales. It is estimated that Truly will account for 40 percent of the company’s sales by the end of 2020, almost double its share in 2019. The company’s beer sales accounted for 25 percent in 2018, but are expected to drop below 10 percent by 2025.
With the rise of hard seltzer, the company has been able to make up for declining beer sales over the past year and during the pandemic.
“We have watched this category explode, helped drive it, and we are continuing to drive it,” Koch told Forbes in January. “All we are going to do is just keep making great tasting Truly, upgrading the flavors when we find a chance and constantly make sure we have the best-tasting product.”
Boston Beer’s stock surged 120 percent between January 2 and July 24. In comparison, shares of Anheuser-Busch InBev, the world’s largest beer producer, dropped 35 percent in the same period, costing heir Julio Mario Santo Domingo III his place on the list.
With Truly offering the largest range of hard seltzer flavors, Koch isn’t short of options when it comes to toasting his success.