He’s a billionaire who never went to college. Here’s how Don Vultaggio made his fortune.

• Cofounder of the company behind AriZona iced tea, Don Vultaggio, is worth nearly $6 billion.
• Unlike other billionaires, including Elon Musk and Jeff Bezos, Vultaggio never went to college.
• He attributes his success to giving customers service and value and treating employees like family.

In an era when American billionaires are minted in Silicon Valley and fortunes are built on algorithms and artificial intelligence, Don Vultaggio stands out.

With a net worth of nearly $6 billion, the 73-year-old cofounder of Arizona Beverage USA made his billions largely by selling $0.99 cans of iced tea that have become as iconic as they are affordable.

Unlike ultrawealthy university alums, including Elon Musk, Jeff Bezos, and Warren Buffett, Vultaggio never went to college. In fact, he said he probably wouldn’t have finished high school if his mother hadn’t stepped in.

“I wasn’t a good student, but it wasn’t the school’s fault. It was my fault, and it worked out for me, but sometimes it doesn’t work out,” Vultaggio told Business Insider’s Emily Christian during a recent interview at AriZonaLand in Keasbey, New Jersey.

Vultaggio said that mentorship, not formal education, laid the foundation for his career.

Vultaggio’s mentors were his first boss and his father

When he was a teenager, still in school, Vultaggio said he began working for his first boss at a Brooklyn grocery store, earning $1 per hour. “That guy gave me the experience of being a business person,” he said. The job taught Vultaggio the value of $1 and how long an hour can last.

When that boss died a few years ago, the family sent his ashes to Vultaggio. “He’s buried in my backyard, and a plaque there that says ‘World’s greatest boss.'”

After graduating from high school, Vultaggio was still working in grocery stores, just like his father, who’d been in the business his entire career. “He said, I don’t want my son in the supermarket business,” Vultaggio recalled. “So he got me a job at a local brewery.”

A couple of years later, the brewery closed, teaching Vultaggio an important lesson in business: “I always say that when businesses fail, they forgot what the customer wanted,” he said, “It was a brand of beer that was popular at a point but then lost its popularity.”

For about the next 20 years, Vultaggio ran his own multibrand beer-distributing business that he grew from the ground up. “I went to tough neighborhoods in New York and brought beer to bodegas in the city.”

He said it worked out because, while his beers weren’t the cheapest, he gave his customers service and value when they needed it — a trait that served him well when he finally co-founded Arizona Beverage USA, aka AriZona, with John Ferolito in 1992.

Trusting his instincts

“When I first started the brand, I didn’t know anything about iced tea other than I drank it when I was a kid. I didn’t know how to develop it, source it, how to make it — all that sort of thing, but I learned on the job,” Vultaggio said.

What he did know going in was how customers shopped for beverages because he’d seen it firsthand countless times in the stores and shops he’d delivered to for so many years.

“Consumers made a decision right at the cooler. It didn’t matter what they saw yesterday on television on a commercial. They made a decision right there, and a price sign motivated that decision,” he said.

Those instincts eventually led Vultaggio, in 1997, to do what one of his salesmen said was the dumbest idea he’d ever had: print “99¢” right on his iced tea tallboys.

“Since I didn’t have the resources to compete with Coke and Pepsi on advertising, I said I’ve got to have a can that jumps out of the cooler,” Vultaggio said.

By 2000, sales were up 30%, he told The New York Times. Today, AriZona is one of the leading ready-to-drink tea marketers in the US, selling about 2 billion cans a year and generating $4 billion in sales, according to Forbes.

While its tallboys are the company’s claim to fame, it also sells gallon-sized jugs and smaller plastic bottles of its teas, juice cocktails, and energy drinks.

Vultaggio’s success

Vultaggio attributes his success to a few things.

“When somebody lays their hard-earned dollar on a table and gets a can of tea or juice, and they say, ‘Wow, that’s a good deal.’ I’ve now secured that customer.”

Initially, what set AriZona beverages apart was its large 24-ounce cans, decorated in colorful designs that Vultaggio’s wife created, selling at the same price as its competitors’ smaller bottles. Today, it’s the fact that the company hasn’t raised the $0.99 price on its big cans in 33 years, despite inflation and price hikes by other leading brands, including Nestlé, Lipton, and Snapple. The company has, however, reduced the size of its big cans to 22 fluid ounces.

Not everything’s been smooth sailing. Vultaggio spent about a decade in a bitter legal dispute with his former business partner, Ferolito, who wanted to sell his stake in the company. Vultaggio eventually bought out Ferolito’s stake for a reported $1 billion in 2015.

Owning the company is a big part of why he’s managed to keep costs down, even during the pandemic when transportation costs increased. “We own everything; we can afford to hold the line. We didn’t have some bank or some board of directors or some stockholders saying, ‘What are you doing?'” he said.

Meanwhile, Vultaggio’s net worth has nearly doubled from $3 billion in 2018 to nearly $6 billion in 2025, according to Forbes.

Despite his immense wealth, Vultaggio still describes himself as a “regular guy.” From forklift drivers to executives, Vultaggio says he believes in running a business like a community where people treat each other with respect.

“That’s why we’re successful,” he said. “Not just me. A lot of people, thousands of people, all contributing on a regular basis. I tell people, you have to run a business like it’s a family.”

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