Net Worth: $2.2 B
LAST YEAR: $2.6 B
CHANGE: -15.4%
AGE: 101
RESIDENCE: Hancock Park
SOURCE OF WEALTH: Insurance
THE MONEY: Joseph, who turned 101 on Sept. 11, saw his net worth drop substantially as shares of Mercury General plunged. With 35% of Mercury General’s stock in his portfolio, Joseph is by far the largest shareholder in the company he founded in 1961. Mercury saw its stock price plummet 47% for the 12-month period ending in July, while net income experienced steep losses as inflation and supply chain issues made vehicle repairs much more costly. In addition, many property losses in Texas and California were not covered by Mercury’s reinsurance. For Joseph, the stock price plunge was partly offset by another round of dividend payouts that added to his already substantial dividend pool.
THE BUZZ: Joseph continues to be ranked by Forbes as the oldest billionaire in the United States, but this year also became the oldest billionaire in the world, moving up from fourth-oldest last year. He served as a navigator on a B-17 bomber during World War II and started Mercury after working as a door-to-door life insurance salesman. The carrier Joseph was working for at the time balked at his idea of moving into auto insurance, so he struck out on his own, offering low-cost auto and home policies. Last year, Mercury had 4,300 employees and wrote more than $3.86 billion in premiums. Joseph was still putting in appearances at Mercury’s mid-Wilshire headquarters well into his 90s. He has a home in nearby Hancock Park and another in Santa Barbara. He and his wife, Vicky, have made philanthropic contributions to USC, Harvard University, Cal State Fullerton, Cedars-Sinai Medical Center and Good Samaritan Hospital.
