Earl Bakken Net Worth (Updated 2026).

Earl Bakken, a name that’s synonymous with medical innovation, began his career in an unlikely setting – a garage in Minneapolis, Minnesota. In the late 1940s, this young engineer, fresh out of the University of Minnesota, started tinkering with electronic devices, driven by his curiosity and passion for invention.

His big break came in 1957 when he and his partner, C. Walton Lillehei, a renowned cardiac surgeon, collaborated to develop the first external, battery-operated, transistorized pacemaker. This groundbreaking device, which could be worn on a belt, revolutionized the treatment of heart conditions, making Bakken a household name in the medical world.

Earl Bakken’s Current Net Worth (2025)

As of 2025, Earl Bakken’s net worth is estimated to be around $1.5 billion. This significant wealth accumulation is a testament to his successful career and entrepreneurial ventures.

Career

Earl Bakken, a Minnesota native, co-founded Medtronic, a medical device company, in 1949. He served as the company’s CEO from 1960 to 1991 and chairman until 1994. Under his leadership, Medtronic grew from a small venture to a global leader in medical technology.

Other Ventures

After retiring from Medtronic, Bakken remained active in business and philanthropy. He founded Bakken Systems, a company focused on renewable energy, in 1999. He also served on several corporate boards and was involved in various civic and charitable organizations.

Assets

Bakken’s assets include a significant stake in Medtronic, real estate, and investments in various companies. His Minnesota estate, a historic home known as “Wayside,” is one of his notable properties. He also owns a ranch in Montana and has investments in healthcare and technology sectors.

Annual Income

While specific details about Bakken’s annual income are not publicly available, his wealth can be attributed to his long-standing involvement with Medtronic. As a co-founder and former CEO, he would have benefited from the company’s growth and success through stock ownership and compensation packages.

Frequently Asked Questions about  Earl Bakken

Frequently Asked Questions: Earl Bakken Net Worth

1. What is Earl Bakken’s net worth?

Earl Bakken’s net worth is estimated to be around $1.5 billion.

2. How did Earl Bakken make his fortune?

Earl Bakken co-founded Medtronic, a medical device company, in 1949. He served as its chairman and CEO until 1989, and his innovative work in the medical technology field significantly contributed to his wealth.

3. What is Earl Bakken’s role in the founding of Medtronic?

Earl Bakken and his brother-in-law, Palmer Hermundslie, founded Medtronic in a garage in Minneapolis, Minnesota. Bakken served as the company’s first CEO and played a crucial role in its growth and success.

4. What are some of the medical devices Medtronic is known for?

Medtronic is known for a wide range of medical devices, including pacemakers, defibrillators, stents, and insulin pumps. These devices have significantly improved the lives of millions of people worldwide.

5. What awards has Earl Bakken received?

Earl Bakken has received numerous awards for his contributions to the medical field, including the National Medal of Technology (1990), the Presidential Medal of Freedom (2004), and the IEEE Medal of Honor (2014).

6. When was Earl Bakken born?

Earl Bakken was born on October 11, 1924.

7. Where did Earl Bakken grow up?

Earl Bakken grew up in Minneapolis, Minnesota.

8. What is the Bakken Medical Device Center named after?

The Bakken Medical Device Center at the University of Minnesota is named after Earl Bakken in recognition of his significant contributions to the medical device industry.

9. What is the Bakken Museum?

The Bakken Museum in Minneapolis, Minnesota, is a museum dedicated to the history of electricity in life, focusing on the work of Earl Bakken and the development of the medical device industry.

10. What is Earl Bakken’s philosophy on innovation?

Earl Bakken is known for his philosophy of “inventing for life,” emphasizing the importance of creating technologies that improve and save lives. He believed in the power of innovation to make a positive impact on the world.