50 Wealthiest: George Joseph #29

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NET WORTH: $1.37 billion +11%

LAST YEAR: $1.23 billion

AGE: 90

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Insurance

THE MONEY: Founder of Mercury General saw wealth appreciate as insurer’s stock performed well. Continues to benefit from hefty annual dividends.

BUZZ: The nonagenarian chairman of L.A. insurer now works reduced hours at property and casualty insurer’s Wilshire Boulevard headquartes but has stepped up political activism. Backed another attempt at ballot measure allowing insurers to offer discounts to drivers who switch providers. First attempt went down in flames in 2010 over concerns it would hurt people without continuous coverage. Measure on this November’s ballot has been tweaked to exempt people who have served in the military. Also, last fall, gave the biggest donation – $1 million – to fund ballot challenge filed by state Republican Party over the redrawing of state Senate district maps; referendum is on the November ballot. Joseph piloted bomber in World War II, earned dual Harvard degrees and worked as door-to-door salesman before founding Mercury General in 1961. Lives in Hancock Park with his latest wife, Vicky. Couple also owns home in Santa Barbara and has funded building of cross at L.A.’s Good Samaritan Hospital.

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