Perot, whose 19 percent of the vote in 1992 stands among the best showings by an independent candidate in the past century, died early Tuesday at his home in Dallas surrounded by his devoted family, family spokesman James Fuller said.
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"With deep sadness, I am letting you know that Mr. Perot passed away early Tuesday at his home, surrounded by his family. Mr. Perot was a true patriot and a dedicated humanitarian. He will be missed greatly. Family, friends, and associates are encouraged to honor Mr. Perot's memory by continuing to support his commitment to these organizations: Circle Ten Council of the Boy Scouts of America, Perot Museum of Nature and Science, North Texas Food Bank, Salvation Army DFW, Teach for America: Dallas/ Fort Worth, University of Texas Southwestern Medical Center and Visiting Nurses Association of Dallas," a statement from Fuller read.
As a boy in Texarkana, Texas, Perot delivered newspapers from the back of a pony. He earned his billions in a more modern way, however - by building Electronic Data Systems Corp., which helped other companies manage their computer networks.
Yet the most famous event in his career didn't involve sales and earnings; he financed a private commando raid in 1979 to free two EDS employees who were being held in a prison in Iran. The tale was turned into a book and a movie.
Perot first became known to Americans outside of business circles by claiming that the U.S. government left behind hundreds of American soldiers who were missing or imprisoned at the end of the Vietnam War. Perot fanned the issue at home and discussed it privately with Vietnamese officials in the 1980s, angering the Reagan administration, which was formally negotiating with Vietnam's government.
Perot's wealth, fame and confident prescription for the nation's economic ills propelled his 1992 campaign against President George H.W. Bush and Democratic challenger Bill Clinton. Some Republicans blamed him for Bush's loss to Clinton as Perot garnered the largest percentage of votes for a third-party candidate since former President Theodore Roosevelt's 1912 bid.
During the campaign, Perot spent $63.5 million of his own money and bought up 30-minute television spots. He used charts and graphs to make his points, summarizing them with a line that became a national catchphrase: "It's just that simple."
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Perot's second campaign four years later was far less successful. He was shut out of presidential debates when organizers said he lacked sufficient support. He got just 8 percent of the vote, and the Reform Party that he founded and hoped to build into a national political force began to fall apart.
However, Perot's ideas on trade and deficit reduction remained part of the political landscape. He blamed both major parties for running up a huge federal budget deficit and letting American jobs to be sent to other countries. The movement of U.S. jobs to Mexico, he said, created a "giant sucking sound."
Perot continued to speak out about federal spending for many years. In 2008, he launched a website to highlight the nation's debt with a ticker that tracked the rising total, a blog and a chart presentation.
Henry Ross Perot was born in Texarkana on June 27, 1930. His father was a cotton broker; his mother a secretary. Perot said his family survived the Depression relatively well through hard work and by managing their money carefully.
Young Perot's first job was delivering papers in a poor, mostly black part of town from his pony, Miss Bee. Perot said when the newspaper tried to cut his commission, he complained to the publisher - and won. He said he learned to take problems straight to the top.
From Texarkana, Perot went to the U.S. Naval Academy even though he had never been on a ship or seen the ocean. After the Navy, Perot joined International Business Machines in 1955 and quickly became a top salesman. In his last year at IBM, he filled his sales quota for the year in January.
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In 1962, with $1,000 from his wife, Margot, Perot founded Electronic Data Systems. Hardware accounted for about 80 percent of the computer business, Perot said, and IBM wasn't interested in the other 20 percent, including services.
Many of the early hires at EDS were former military men, and they had to abide by Perot's strict dress code - white shirts, ties, no beards or mustaches - and long work days. Many had crew cuts, like Perot.
The company's big break came in the mid-1960s when the federal government created Medicare and Medicaid, the health programs for seniors, the disabled and the poor. States needed help in running the programs, and EDS won contracts - starting in Texas - to handle the millions of claims.
EDS first sold stock to the public in 1968, and overnight, Perot was worth $350 million. His fortune doubled and tripled as the stock price rose steadily.
In 1984, he sold control of the company to General Motors Corp. for $2.5 billion and received $700 million in a buyout. In 2008, EDS was sold to Hewlett-Packard Co.
Former president George W. Bush also released a statement writing, "Texas and America have lost a strong patriot. Ross Perot epitomized the entrepreneurial spirit and the American creed. He gave selflessly of his time and resources to help others in our community, across our country, and around the world. He loved the U.S. military and supported our service members and veterans. Most importantly, he loved his dear wife, children, and grandchildren. Laura and I send our heartfelt condolences to the entire Perot family as they celebrate a full life."
The Associated Press contributed to this report.