Billionaire Profile
Thomas Hagen & family
Global Rank
#669

Image: Public domain | via Wikimedia Commons

Thomas Hagen & family

CEO, Erie Insurance Group
US
Real-Time Net Worth
$5.7B
As of December 2025
Age
89
Source
Insurance
Industry
finance-investments
Citizenship
US

Biography

Thomas Hagen, born in 1935 or 1936, is an 89-year-old American billionaire businessman. His wealth stems from his career in the insurance industry, particularly with the Erie Insurance Group. Hagen served as CEO of Erie Insurance Group from 1990 to 1993 and currently holds the position of Chairman. His career spans over four decades in various leadership roles at Erie Insurance. Hagen also served as the Secretary of Commerce and Secretary of Community & Economic Development for the state of Pennsylvania. He is known for his philanthropic efforts, including a $1.5 million donation to Mercyhurst University's history department. As of December 5, 2025, Hagen's net worth is estimated at $5.7 billion.

Wealth Over Time

In-Depth Profile

Early Life

Thomas Bailey Hagen was born around 1935 or 1936. Details of his early life and childhood are not widely available. He attended Penn State Behrend from 1953 to 1955 and earned a bachelor's degree from Ohio State University in 1957.

Rise to Success

Hagen's career is largely defined by his long tenure at Erie Insurance Group. He joined the company and rose through the ranks, eventually becoming CEO from 1990 to 1993. His leadership was pivotal in guiding the company through a period of growth. He later served as Chairman. Hagen also contributed to public service, holding positions as Secretary of Commerce and Secretary of Community & Economic Development for the state of Pennsylvania.

Key Business Strategies

Hagen's success is tied to his long-term commitment and leadership within Erie Insurance Group, a company founded by his father-in-law. He emphasized the importance of community involvement, contributing to the company's ethos and success. His strategic vision and dedication played a crucial role in Erie Insurance’s development, establishing it as a leading national insurance provider.

Philanthropy

Thomas Hagen is known for his philanthropic endeavors. In 2017, he donated $1.5 million to Mercyhurst University's history department, which was subsequently renamed in his honor. He has also been involved in restoration efforts in Erie, Pennsylvania, in collaboration with the Erie Insurance Group. These efforts have solidified his reputation as a respected community leader, demonstrating his commitment to giving back.

Career Milestones

1957

Graduated from Ohio State University

Earned a bachelor's degree.

1990

CEO of Erie Insurance Group

Served as CEO, guiding the company through a period of growth.

1995

Secretary of Commerce for Pennsylvania

Served in the public sector, contributing to Pennsylvania's economic development.

2017

Donation to Mercyhurst University

Donated $1.5 million to Mercyhurst University's history department.

2024

Received Pennsylvania Society's Gold Medal

Received the highest honor from the Pennsylvania Society for Distinguished Achievement.

Philanthropy & Social Impact

Education

Susan Hirt Hagen Center for Transformational Philanthropy

Undisclosed

Established at The Erie Community Foundation

Education

Mercyhurst University History Department

$1.5M

Donated to the department in 2017

Business Philosophy & Leadership

Leadership Principles

Servant Leadership

Leads by example and treats others with respect.

Community Involvement

Emphasizes the importance of giving back to the community.