Mike Wallace Net Worth

What was Mike Wallace's Net Worth and Salary?

Mike Wallace was an American journalist and media personality who had a net worth of $40 million at the time of his death. He was best-known for being a long-running correspondent on the CBS news show "60 Minutes". Mike Wallace passed away on April 7, 2012 at the age of 93.

In the early 1960s, Wallace became a full-time correspondent for CBS News. He decided to pursue hard news as a career after the death of his oldest son, Peter, in 1962, subsequently explaining in an interview that he wanted to "do something that would make Peter proud."

Never afraid of asking the tough questions, Wallace interviewed numerous world leaders. He had the courage to question the sanity of the Ayatollah Ruhollah Khomeini in 1979 and later challenged Russian leader Vladimir Putin about whether Russia was truly a democracy and questioned him about corruption. Wallace also talked with other newsmakers, using the same no-nonsense approach.

For each interview, he was known to do extensive research and approach every subject with a skeptical eye. Wallace once asked singer Barbra Streisand about spending two decades in psychoanalysis, saying "What is she trying to find out that takes 20 years?" He also asked comedian Johnny Carson about a possible drinking problem.

One of his most controversial segments came in 1998 when he included footage of the assisted suicide of a terminally ill patient by outspoken euthanasia supporter Dr. Jack Kevorkian. Though his stellar career was not without controversy, Wallace tirelessly dug to the bottom of each story for nearly 40 years. As fellow 60 Minutes correspondent Morley Safer once explained, Wallace "took to heart the old reporter's pledge to comfort the afflicted and afflict the comfortable." For his impressive work, Wallace won numerous accolades, including 21 Emmy Awards.

Early Life and Education

Born on May 9, 1918, in Brookline, Massachusetts, Wallace grew up in a middle-class family. His parents, Frank and Zina Wallace, were Russian Jewish immigrants. From an early age, Wallace showed an interest in journalism, writing for the Brookline High School newspaper and working on the staff of the University of Michigan's student newspaper, where he earned a Bachelor of Arts degree in 1939.

From Radio to Television

Wallace began his professional career in radio, serving as a newscaster and continuity writer for the Grand Rapids News in Michigan. He then served in the United States Navy during World War II as a communications officer. After the war, he moved to Chicago, where he worked as a radio announcer for WMAQ.

In the early 1950s, Wallace transitioned to television, hosting several talk shows and game shows. In 1956, he gained notoriety as the host of "Night Beat," a series of one-on-one interviews that later became "The Mike Wallace Interview" on ABC. His rigorous and confrontational interview style, considered novel at the time, would become a trademark throughout his career.

60 Minutes

In 1968, CBS producer Don Hewitt invited Wallace to join a new show that would blend hard news and feature reporting. This groundbreaking program was "60 Minutes." Wallace, along with Harry Reasoner, co-hosted the show, marking the beginning of a remarkable journalistic legacy.

On "60 Minutes," Wallace distinguished himself with his relentless pursuit of answers, interviewing some of the most prominent figures of the 20th century, including Martin Luther King Jr., Malcolm X, and Richard Nixon. His interviews were notable for their breadth, ranging from politicians and entertainers to criminals and despots. Wallace was not afraid to ask tough questions, an approach that garnered both controversy and respect.

Awards and Recognition

Throughout his career, Wallace received numerous accolades for his contributions to journalism. These included 21 Emmy Awards, three Peabody Awards, a Robert F. Kennedy Journalism Award, and the Paul White Award from the Radio Television Digital News Association. Despite personal and professional setbacks, including a well-publicized lawsuit in the 1980s and struggles with depression, Wallace remained committed to his craft.

Retirement and Legacy

In 2006, after an illustrious career, Wallace announced his retirement from "60 Minutes." His final interview, conducted at age 87, was with Iranian President Mahmoud Ahmadinejad. Despite retiring, he occasionally returned for special interviews, demonstrating his enduring passion for journalism.

Mike Wallace passed away on April 7, 2012. His contribution to journalism, particularly his role in shaping the television interview, continues to be celebrated. His dedication to uncovering the truth, challenging those in power, and engaging audiences has had a profound impact on the field of journalism. Wallace's robust career has set a standard for journalistic integrity and tenacity that continues to influence aspiring journalists and his professional peers.

Personal Life

Mike was married four times. He had two children with his first wife, Norma Kaphan, including Fox News journalist Chris Wallace.

Real Estate

For several decades, Mike's primary residence was a two-floor apartment overlooking Central Park located at 730 Park Avenue. The monthly maintenance for a two-floor unit like his came to nearly $9,000. In 2012, not long after his death, Mike's heirs listed the apartment for sale for $20 million. They ultimately accepted $13 million in July 2014.

He also owned an oceanfront home on Martha's Vineyard.