Age, Biography and Wiki

Paul Merage was born on 1943 in Tehran, Imperial State of Iran, is an American billionaire businessman (born 1943). Discover Paul Merage's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 81 years old?

Popular As N/A
Occupation Businessman
Age 81 years old
Zodiac Sign
Born 1943
Birthday 1943
Birthplace Tehran, Imperial State of Iran
Nationality Iran

We recommend you to check the complete list of Famous People born on 1943. He is a member of famous CEO with the age 81 years old group.

Paul Merage Height, Weight & Measurements

At 81 years old, Paul Merage height not available right now. We will update Paul Merage's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

Physical Status
Height Not Available
Weight Not Available
Body Measurements Not Available
Eye Color Not Available
Hair Color Not Available

Who Is Paul Merage's Wife?

His wife is Elisabeth (Lilly) Merage

Family
Parents Not Available
Wife Elisabeth (Lilly) Merage
Sibling Not Available
Children Richard, Michelle and Lauren.

Paul Merage Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Paul Merage worth at the age of 81 years old? Paul Merage’s income source is mostly from being a successful CEO. He is from Iran. We have estimated Paul Merage's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
House Not Available
Cars Not Available
Source of Income CEO

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Timeline

1943

Paul Merage (born 1943) is an American billionaire businessman who co-founded Chef America Inc., the company that popularized the microwavable frozen snack Hot Pockets.

Merage was born in Iran in 1943 to a Jewish family, the son of Katherine and Andre Merage.

He has four siblings: Louise, Camron, David, and Lin.

His father ran an import/export business in France before he was forced to flee back to Iran prior to World War II.

He attended Alborz High School in Tehran.

1961

In 1961, at the age of 17, he immigrated to the United States to attend the University of California, Berkeley, where he earned a B.A. in economics and an M.B.A.

After college, he worked for nine years in a succession of increasing responsibilities in product management at General Foods (now Kraft Heinz Company), Hunt Wesson and Specialty Foods where he was director of new products.

1977

In 1977, he Founded Chef America, Inc. with his younger brother David.

Initially, Paul Merage had to obtain three mortgages on his home to fund the business.

When the company ran out of initial funding the brothers also had to borrow money from their parents.

Chef America started by selling frozen Belgian waffles - then largely unfamiliar in the United States - to restaurants as they were difficult to cook.

In 1977, the company had $12 million in sales and was the largest mass-producer of frozen Belgian waffles in the US.

1983

In 1983, he noticed that as more women entered the work force there was a newly emerging need for a hot meal or snack that children could easily prepare themselves when returning from school.

This demographic trend coincided with the development of microwave oven for home use.

Even though microwave ovens did not have widespread distribution in US households in 1983, Merage correctly predicted that microwave oven usage would continue to grow exponentially.

Merage developed the concept of a quick two-minute microwaveable meal which was all enclosed in a crust for ease of handling, using nothing more than a paper towel.

He named it “Hot Pockets”, and promoted it as the “Hot Meal without a Big Deal.

1986

" He personally led the effort to formulate this product; after two years of testing and experimentation, he developed and patented a unique process which resulted in a product with tasty fillings and a crispy crust. Chef America then marketed Hot Pockets nationally. By 1986, approximately 25% of US households owned a Microwave. As microwave ownership increased and as more women entered the workforce Hot pockets gained greater recognition and eventually became a success. In later years the company expanded the brand to Lean Pockets, Croissant Pockets and Breakfast Pockets.

2001

For over a decade Merage has been a major and active supporter of El Sol Academy, a dual immersion charter school in Santa Ana, California founded in 2001 with 110 students, later enrolling nearly 1,000 students in preschool through eighth grade.

One of Merage's major ongoing philanthropic programs is Merage Institute for U.S.-Israel Trade.

The Institute's Innovation Bridge Program has brought almost 1000 of the leading high tech Israeli scientists and business leaders to Newport Beach for a special two week business “boot camps”.

The “boot camps” are focused practical, best practices, on how to best introduce and promote new Israeli technologies in the U.S. to the mutual benefit of both nations.

It addresses new technologies in such fields as life sciences, security, military, IT, food/agriculture and Financial Transactions.

Merage is a member of the University Synagogue, a Reconstructionist synagogue in Irvine, California.

2002

In October 2002, he sold Chef America to Nestlé SA for $2.6 billion;, at the time, the company had sales of $750 million and over 1,800 employees.

2003

After the sale, he co-founded MIG group of investment companies in 2003 with Richard Merage and Greg Merage.

He serves as chairman of MIG parent companies.

MIG Capital LLC, managed by Richard Merage is a highly ranked US Hedge fund managing over US$1 billion in assets.

MIG Real Estate, managed by Greg Merage is involved in development and management of commercial real estate.

It manages a large portfolio of commercial properties coast to coast.

MIG Private Equity is a fund of funds with a portfolio of investments ranging from consumer products to technology companies.

2005

In 2005, Paul and Lilly Merage donated $30 million to the School of Business at University of California, Irvine, which was renamed Paul Merage School of Business in his honor.

Merage also donated $3 million to the Merage Jewish Community Center of Orange County, California.

He has been an active member of the Business School's advisory board which he chaired for a number of years.

He has been board member and a leading donor for the Pacific Symphony and has served on the board of the Orange County Performing Arts Center.

2015

In 2015, his net worth was estimated at $1.8 billion.