Hobby Lobby founder David Green turned a $600 loan into a billion-dollar retail empire, then gave away ownership

David Green had started a picture frame business in 1970 with a $600 loan. Then over five decades later, the business grew into Hobby Lobby, which is a major arts and crafts retailer with more than 1,000 stores. His fortune also grew substantially but his decision to transfer the company’s ownership to a charitable trust changed how his wealth was assessed.

David Green Started Hobby Lobby With a $600 Loan

Green began making miniature picture frames in 1970 using a $600 loan to get the business started, according to Hobby Lobby’s official history.

Then Green opened a small store in Oklahoma City. Which marked the beginning of Hobby Lobby as a retail business in 1972. The company expanded beyond its original picture frame operation into a broader arts and crafts retailer.


The business grew over the following decades with a presence across the United States. Hobby Lobby now operates more than 1,000 stores, as per its corporate newsroom.

The expansion laid the foundation for Green’s wealth. His fortune grew from a privately held retail business. It grew from a small manufacturing operation into a nationwide chain.

David Green’s Net Worth Was at $1.5 Billion in 2006

Green’s wealth had reached billionaire status by the mid 2000s. As Forbes estimated his net worth at $1.5 billion in its 2006 ranking of the 400 richest Americans. Hobby Lobby operated 378 stores and generated $1.6 billion in sales at that time,.

Forbes continued to list Green among wealthy American entrepreneurs in subsequent years. Its 2007 billionaire profile also placed his net worth at $1.5 billion.

These are historical estimates that show the scale of Green’s fortune as Hobby Lobby expanded and should not be treated as estimates of his current personal wealth.

David Green and His Family Were Worth $13.7 Billion in 2023

Green’s fortune grew considerably over the years as Hobby Lobby expanded. Forbes valued Green and his family at $13.7 billion on its 2023 Forbes 400 list. It had placed them among the wealthiest families in the United States.

Why Forbes Put David Green’s Wealth Below $1 Billion in 2024

Then in October 2024, Forbes reported that Green and his family had an estimated net worth of less than $1 billion. This was down from $13.7 billion on the 2023 Forbes 400 list.

The publication said it removed Green from the ranking after learning that he had placed his Hobby Lobby equity in an irrevocable trust designed to support nonprofits and ministries.

The change was tied to the ownership transfer and not evidence that Hobby Lobby’s business value had fallen by the difference between the two estimates. The Forbes 400 ranking measures the wealth attributed to individuals and families and the transfer affected how the publication assessed Green’s fortune.

Why David Green Decided to Give Away Hobby Lobby’s Ownership

Green has described his approach to ownership and giving as being rooted in his Christian faith. In a 2022 interview with Fox Business, he discussed his decision to transfer the company’s ownership and his desire to preserve its mission beyond his lifetime.

He said, "Wealth can be a curse; we all do well, working in the company and get[ting] paid for what we do. So we see ourselves as, really, stewardships of the profits that we earn," as quoted by Fox Business.

The transfer placed the company’s equity in a trust, so the ownership wouldn't be handled solely as a conventional inheritance. Green’s stated goal was to support religious and charitable work through the company’s long-term stewardship.

During that 2022 interview, Green also said Hobby Lobby gave away 50% of its profits annually and did not have debt. He said, "We started with $600, and we'll do $8 billion [in sales] this year. God has blessed us, and we like to use that blessing for His sake," as quoted in the report.