Miguel McKelvey is an American businessman and financial advisor. He co-founded WeWork, a company that provides flexible shared working solutions. According to Forbes, Miguel had a net worth of $2.9 billion in 2019.
However, his fortunes have decreased over time, and the businessman is now estimated to be worth $900 million. Learn more about Miguel McKelvey net worth, his career, and his company WeWork.
- Full name: Miguel McKelvey
- Year of birth: 1974
- Age: 48 years
- Place of birth: Oregon, United States
- Occupation: Businessman
- Height: 2.03m
- Networth: $900 million
- Source of Wealth: WeWork
Miguel McKelvey was born in Eugene, Oregon, in 1974. His mother, Lucia, was an entrepreneur who ran a local newspaper called ‘What's happening.’ According to Miguel, his mother operated the local newspaper business together with other women in the neighborhood, and they inspired him to be the vibrant businessman he is today.
After primary school, he enrolled at South Eugene High School and later to Colorado College. While at college, Miguel decided to study architecture because a professor recommended the course. He transferred to the University of Oregon to register for the architecture course and graduated in 1999.
Miguel started his entrepreneurial journey immediately after his graduation. He visited his friend in Tokyo and noticed that many people, especially students, needed help understanding English. He started a website known as English Baby, whose main goal was to help the natives learn the English language through quizzes. The business grew, but he eventually sold it to focus on other equally important things. He then moved to New York to focus on architecture because that was his profession.
Miguel worked as an architect in New York for a few years before meeting his friend, Adam Neumann, who would later become his business partner. Adam was then running a clothing business, and they shared a few business ideas to establish a solid business together. During their business idea research, they noticed that the building they were staying in had some vacant spaces they could use for commercial purposes, and they asked the landlord if he could allow them.
They turned all vacant rooms into commercial coworking spaces, and the business thrived well. In 2008, they sold the then-booming business to the landlord, and in 2010, they launched their new business known as WeWork.
WeWork was not the first business to deal with coworking spaces; but Miguel and Adam were the first to profit from it. The two realized that they could make a profit by inviting investors. They found investors and managed to broaden the business to many states.
In WeWork, Adam was the CEO, while Miguel was the chief culture officer, taking care of the logos, architecture, and company website. Within a few years, the two partners raised more than $10 billion from investors and grew their business to almost 30 countries and more than 100 cities globally. In January 2019, the company had a valuation of $47 billion.
Since 2010, WeWork has had different ventures, including WeGrow and WeLive.
Miguel Leaving WeWork
Despite the great performance of WeWork, Miguel left WeWork as the company's chief culture officer and now oversees the operations without active involvement in the company. On June 5th, 2022, the business announced that he would leave the company but did not explain more details.
Adam Neumann had left the company earlier in 2019 and said that his decision was based on the fact that he had become a distraction to the company’s IPO plans. The company had started to make massive losses before the two left.
According to CNBC, Miguel said that leaving WeWork was one of the hardest decisions he had to make in his life.
WeWork is one of the most reputable businesses in the coworking space industry, so its fall caught the attention of mainstream media. Multiple documentaries about the two business moguls have also been documented. WeCrushed is a notable series which tells the story of the WeWork founders, Miguel, Adam, and his wife, Rebeccah. In the show, Kyle Marvin portrays the role of Miguel McKelvey.
Miguel McKelvey Net Worth and Source Of Wealth
Miguel has an estimated net worth of $900 million. He got most of his fortune from WeWork and his career in architecture. According to his LinkedIn profile, McKelvey is also a financial advisor to Known holdings. His successful architecture career and earnings from WeWork have earned him a luxurious lifestyle, and he is now considered one of the most successful business people in the United States.
Miguel McKelvey Personal Life
Miguel likes to keep most of his family and personal affairs private, so there are not many known details about his family. However, Miguel had a wife, Hiyam Khalifa, but they divorced in 2017. The couple had children, but their details are not known.
Frequently Asked Questions
Here are the most commonly asked questions about Miguel McKelvey net worth.
Who is Miguel McKelvey?
Miguel McKelvey is a 48-year-old American businessman and investor. He is popularly known for his company WeWork which he co-founded with his partner Adam Neumann.
Before his entrepreneurial journey, Miguel graduated with a degree in architecture from the University of Oregon. Besides his career, Miguel enjoys designing websites and logos.
Where is Miguel McKelvey now?
McKelvey stepped down from his position as WeWork’s chief culture officer in 2020. Since then, he has maintained a low-profile life in public but still actively acts as a financial advisor in Known Holdings ltd. He also takes on architectural projects considering his education foundation is architecture. He is also a full time partner of a United Kingdom company NAYAH. When he is not busy at work, Miguel enjoys spending time with friends.
Why did WeWork fail?
Many reasons have been linked to the fall of the once-profitable WeWork firm. The first reason is a poor business model where the company failed to measure the execution of its capability at every step.
In 2018, the company reported a massive loss of $12 billion, and more losses began to follow. In 2020, the demand for WeWork working spaces decreased due to the pandemic, as many people chose to work from home. The company incurred huge debts for renting the buildings, yet the profit turnover was low.
Where is Adam Neumann now?
After resigning from WeWork, Miguel ventured into the residential firm industry and started a new firm known as Flow. According to the Washington Street Journal, the businessman has invested in more than 4,000 apartments in Miami, whose valuation surpasses $1 billion. In January 2022, he bought the entire ground floor of a retail space apartment in Florida for $17 million. He is reportedly invested in many other luxurious buildings in the same state. Adam's full interest is in the real estate industry now.
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Written by Allen Lee
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