Larry Page Net Worth: Why Is Google Founder's Salary Only $1 Per Year?

Larry Page’s net worth is not proportional to his annual salary. He may be making just $1 per year but make no mistake about it, his net worth is around at least $59 billion. Here is how he is spending his vast wealth.

Larry Page may be the co-founder and former chief executive officer (CEO) of Google, but his salary is a meagre $1 per year. Why is that? The $1 salary per year is considered a symbolic gesture, according to Investopedia. Foregoing a huge salary means he's looking out for shareholders. Since CEOs of tech companies like Page, receive performance bonuses and compensations in the form of stocks, this gesture shows his wealth will only increase dependent on the stock and company performance.

Other tech CEOs who have the same unique $1 annual salary are Mark Zuckerberg of Facebook and Oracle’s Larry Ellison.

The 46-year-old multi-billionaire relinquished all his power at Alphabet and transferred them to Sundar Pichai, Google’s CEO. Brin also gave Pichai full authority over at Alphabet.

Life after Alphabet will not be boring for Page. His interest lies in high tech cars. This was evident in the year 2000s when he invested in Tesla, before the name Elon Musk became a household name. Aside from electric cars, Page also invested in Kitty Hawk, a flying car venture, and another startup called Opener, per The Street.

His penchant for green technology has spilled to his own home. According to Business Insider, the Google founder acquired a $7.2 million home in Old Palo Alto. In 2009, roughly four years after buying the house, Page started to buy the adjacent properties. He installed solar panels to the roof garden of the 6,000-square-foot home.

Page likes to flaunt when traveling. He bought a 60-meter yacht which features sun decks, a gym and a jacuzzi. Together with Google co-founder Sergey Brin, they acquired a Boeing 767-200 in 2005. It boasts of dining areas, bathrooms and state rooms.

If you happen to be the founder of the most used search engine in the world, apparently you can have an entire airport to yourself. Business Insider added that Brin and Page bought an $82 million private airport in 2014. Despite all the high tech cars and air and sea vehicles, Page is reportedly driving a Toyota Prius.

The Google founder is known to lend a helping hand to charities as well. From 2000 to 2017, he was able to donate $38.5 billion to different causes. If Page decides to put up a new company in the future, experts believe it will be successful, maybe not as much as Google but successful nonetheless.