Frederick W. Smith is the son of a millionaire. He was born in 1944 in Memphis, Tennessee. His father had founded a bus company, and his grandfather also made his money in transportation.

Smith experienced pain at an early age. His father died when he was four-years-old. Then Calve-Perthes disease, a hip deformation, plagued him. He fought back sufficiently to play football during his days at a private Memphis high school.

At age 15, Smith obtained his pilot's license. After that, many of his friends and best ideas sprung from flying.

His alma mater is Yale University, where he majored in economics and political science. In a now famous economics paper, Smith proposed his idea for what would become Federal Express.

After graduation, Smith joined the Marines. He served in Vietnam as a platoon leader. He found he was not immune to bullets and was hit a few times. To avoid this wear and tear, he enrolled in flight school. Unfortunately, the war had not ended by the time he had completed his flight training. He flew more than 200 ground-support missions in Vietnam. During his four years of service in the marines, he was awarded the Bronze and Silver stars.

Returning to the States, Smith used his $4 million inheritance to start Federal Express in Memphis. In one year, he raised $72 million in loans and equity investments to get his company off the ground. Despite heavy losses in the beginning, Federal Express soon passed the $400 million mark in revenues.

Smith has been married twice. He is the father of five girls and one son.