The 50 Wealthiest Angelenos: George Joseph #30

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#30 – George Joseph

Net Worth: $950 million -21%

Last Year: $1.2 billion

Age: 87

Residence: Los Angeles

Source of Wealth: Insurance



The Money:

With most of his wealth tied up in Mercury General Corp., property and casual insurer he founded in 1962, Joseph? net worth took hit as shares fell 27 percent. Annual compensation as chairman fell by almost half in 2008 to less than $1 million because company failed to meet performance benchmarks. Easing the pain, Joseph pocketed $44 million in dividends.


Buzz:

Publicity-shy father of five stepped down as chief executive three years ago and handed reins to Gabriel Tirador. Joseph remains active as chairman of company, which in October announced agreement to acquire auto insurance subsidiary of competitor Aon Corp. Mercury said in March that it would cut 360 positions, or 7 percent, of work force. Joseph earned degrees in physics and math from Harvard in three years before joining Occidental Life as systems analyst. Became salesman and in April 1962 founded Mercury. Joseph donated at least $15,000 to Republican Party in 2008.

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