After graduating from the Washington and Lee University and serving the marine, Rupert Johnson Jr joined the Franklin Resources in 1965. Currently, he serves as the Vice Chairman while his brother Charles serves as the Chairman of the Board of Directors at the Franklin Resources. On the other hand, his brother's son Gregory Johnson is serving as the Chief Executive Officer.

He was a member of the Board of Trustees at the Washington and Lee University and currently, he sits as one of the members of the Board of Trustees at Santa Clara University. In 2011, he is said to worth $4.5 billion but in 2012, his estimated net fortune reduced to $4.4 billion. As of March 2017, his net worth is valued by Bloomberg at $5.62 billion.