Top Five Wealthiest People in Los Angeles
Eli Broad
Net Worth: $5.7 billion
Profession: American philanthropist
How He Made His Wealth: A native of Detroit, Michigan, Broad made his fortune with his real estate company, Kaufman & Broad, which he founded with $25,000 that he had to borrow from family. He went on to buy financial company Sun Life Insurance (later called SunAmerica), where he served as CEO. He sold to AIG in 1998 for $18 billion in cash and stock. Despite the collapse of AIG in 2008, Broad’s net worth is up $500 million over the last year, thanks to various investments and the appreciation of his celebrated art collection.
Fast Facts: He is actively involved in revitalizing L.A.’s downtown area and is an avid supporter of enriching the city’s cultural life. Along with his wife Edythe, Broad created a family foundation in the 1960s as a way to support their charitable interests and causes. Combined, The Eli and Edythe Broad Foundation and The Broad Art Foundation have assets of $2.5 billion. The Broads have one of the most expansive collections of contemporary art, which they lend generously to museums and galleries, and they have plans on building their own museum to house the collection.
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