William Austin, 76, founder of closely held Starkey Hearing Technologies Inc., became a billionaire in 2014. The Eden Prairie, Minnesota-based company -- the only U.S.-based member of the so-called “Big 6” hearing-aid makers -- counts five presidents, two popes and Dolly Parton among its clients.
Hans-Ueli Rihs, meanwhile, owns 5.7 percent of Sonova Holding AG, the largest provider of hearing-care products by revenue. Shares of the Staefa, Switzerland-based company climbed to a record last month and account for more than half of his $1.1 billion net worth, according to the Bloomberg index.
Sonova didn’t make Rihs available for comment.
The company also sells hearing aids directly and boosted its retail presence two years ago by acquiring Amplifon’s main rival, AudioNova International. Since then, Sonova has sold its Portuguese retail business to Amplifon to focus more on other markets.
Sonova already had spawned at least one other billionaire.
In 1985, Rihs and his late brother, Andy Rihs, along with business partner Beda Diethelm, became shareholders of the company, then named Phonak Holding AG. Diethelm, a former technical manager at the firm, has been the top shareholder since 2016. Today, his 10.2 percent stake is worth $1.2 billion.
Andy Rihs, who died in April, had been chairman and chief executive officer and owned a larger share of the company than his brother until 2013. His 3 percent stake was worth about $320 million at the time of his death. Hans-Ueli Rihs also controls a Swiss casino business and owns the Young Boys of Bern soccer club, which just won its first league championship in three decades.
“It’s intense competition among the manufacturers,” Lee said of Sonova. “We’ve got the Big 6, but it looks like it’ll be the Big 5 now. Could it become the Big 4? One day maybe.”
This article was provided by Bloomberg News.