How much is Parker Schnabel worth?
|Net Worth:||$10 Million
|Profession:||Professional TV Personality|
|Date of Birth:||July 22, 1994 (age 28)|
|Country:||United States of America|
|Height:||5 ft 8 in (1.75 m)|
About Parker Schnabel
When you were growing up and an adult asked you what you aspired to be when you grew up, did you share that you wanted to be a miner? Although many associate wealth, power, and prestige with medical, law, and political careers they often overlook the mining industry. Parker Schnabel, a hit cast member of the Discovery Channels reality TV show “Gold Rush” and the CEO of “Little Flake Mining Company” did not overlook the mining industry.
Schnabel has earned income equal to an estimated salary of $2.5 million dollars per year, since 2019.
At the ripe old age of 5 years old, Parker began his career as a gold miner at his grandfathers’ company “Big Nugget Mine”. When he turned 18, Parker decided to use his college savings to fund his move to the Klondike and invest in a ground lease from Tony Beets.
In just under 6 years, Parker mined over an estimated $13 million dollars’ worth of gold and gained the attention of the Discovery Channel. In 2011, Parker made his reality TV debut as he aired his attempts of mining “Big Nugget Mine” on the hit TV reality series “Gold Rush”. Now, just 9 years later he has secured his fame and wealth as an Alaskan gold miner.
An Alaskan native, Schnabel was born into a family of gold miners. John Schnabel, Parker’s grandfather was the owner of “Big Nugget Mine” and served as Parker’s mentor; however, John passed away in 2016 at the age of 96. Upon his death, Parker inherited the family business. He operates two mining businesses, and is a main cast member of a hit reality TV show.
Although Paul was born into a wealthy family business, he truly directed his own path towards success. The United States mining industry generates over an estimated $100 billion dollars in revenue each year. Of that estimated $100 billion revenue, an estimated $9 billion dollars can be traced back to gold that is mined in 12 different states.
Paul’s grandfather John founded “Big Nugget Mine” in 1984 and soon thereafter was able to mine over 50 ounces of Gold. While this was a tremendous and prosperous achievement for the entire Schnabel family, Paul easily surpassed this benchmark.
In 2011, Paul leased land from the mining tycoon Tony Beets and found an impressive 1,029 ounces of gold during his first year. His findings generated him an estimated $1.4 million dollars perhaps more and put him on the Discovery Channel’s radar. Later that year, he began his career as a cast member on the hit TV show “Gold Rush” which catapulted him towards financial success.
While most 18-year-olds look forward to investing tremendous amounts of money for continuing education, Paul decided to take a different approach. Instead of using his accumulated college savings to pay for a degree, Paul invested all his money into a land lease in the Klondike. Due to his hard work, determination, and vision Paul regained all his investment, and then some. Now, he owns two gold mines and holds an important role on a hit reality TV show.
Although Schnabel generates a heft income each year, you will likely not find him in a fancy car or living in a luxurious home; rather, you will notice him investing more money and time into land. Each year, Paul expands him mining empire which helps him secure another season on “Gold Rush” while also increasing his commodity ownership.
Schnabel’s Total Net Worth
Parker Schnabel has earned estimated total career income of $13.5 million dollars from his career in mining and on television. It has been reported that by the time he was 24 years old, he had already mined $13 million dollars worth of gold.
As Schnabel lives in the state of Alaska, he will have had to pay around 33% in taxes on his career income. After tax, it is estimated that his career earnings are at around $9.04 million dollars, having paid $4.46 million dollars in taxes.
Parker Schnabel is not married and has no children. He lives in a property that he bought in Alaska for $950,000. In his personal life he has likely spent $1 million dollars of his career earnings but also earned $2 million dollars from his investments. He will have also had to pay around $500,000 in business costs, unrelated to his mining business. Therefore, it is estimated that Parker Schnabel has a net worth of a rounded $10 million dollars.
Although some may be reluctant to throw their life savings into a business model, Paul Schnabel proved that it could result in tremendous success. Being born into a family mining dynasty was simply not enough for Paul. With hard work, dedication, and a vision for success Paul was able to take over the family business while also making it his own.
Thanks to his grandfathers hard work and mentorship, Paul was able to reach new levels of success in the gold mining industry. So, the next time you ask someone what they want to be when they grow up – do not be surprised if they say they want to be a miner.