Net Worth: $2.7 billion
LAST YEAR: $2.7 billion
CHANGE: 3.50%
AGE: 75
RESIDENCE: Brentwood
SOURCE OF WEALTH: Medical devices, investments
Michelson was raised in Philadelphia by his grandmother, who suffered from a spinal deformity, which inspired Michelson to become an orthopedic spinal surgeon. He holds 955 patents related to orthopedic surgery. He became a billionaire in 2005 thanks to a $1.35 billion settlement with medical manufacturing giant Medtronic following an extended legal battle over his patents. He invested the payout into Karlin Asset Management, an investment firm which currently handles more than $1.5 billion in venture capital, private equity, real estate, natural resources and other asset classes. Over the past year, the venture capital and private equity assets did well, while the real estate portfolio saw values drop somewhat. With his Medtronic settlement payout, he also set up Michelson Philanthropies, which now includes three foundations and two nonprofits. His latest cause is spearheading the development of the California Center for Immunology and Immunotherapy, one of two centers at an emerging UCLA research park at the former Westside Pavilion; in August he announced he has committed $100 million in personal funds toward the effort, part of a $120 million donation commitment to the UCLA David Geffen School of Medicine.
Charitable Giving: In conjunction with his $100 million gift for the immunology institute, the Michelsons announced another $20 million from their 20MM Foundation to go toward research grants to young scientists engaged in immunology research. That brings the total donation to the UCLA David Geffen School of Medicine to $120 million, the largest single gift ever from the Michelsons.
Giving Pledge: In 2016, Michelson and his wife Alya signed the Giving Pledge, a campaign launched by Bill Gates and Warren Buffett encouraging centimillionaires and billionaires to contribute the majority of their fortunes to philanthropic causes.
Refugee Work: Michelson’s wife, Alya, who was born in Russia but grew up near Lviv in western Ukraine, has helped find housing for refugees left homeless by the ongoing war in that country.
Key dates
â—† 1995: Michelson founded the Gary Karlin Michelson, M.D. Charitable Foundation Inc., which was later renamed the Michelson Medical Research Foundation, with a $100 million contribution.
â—† 2005: Michelson became a billionaire after a $1.35 billion settlement with Medtronic over his patents. Michelson holds 955 patents related to orthopedic surgery. He invested the funds in Karlin Asset Management and also set up
Michelson Philanthropies with the money.
â—† 2010: Michelson founded the 20MM Foundation to make college more affordable by underwriting free online textbooks.
â—† 2016: Michelson and his wife signed the Giving Pledge.
â—† 2024: Michelson and his wife Alya gave $120 million to UCLA; $100 million for the California Center for Immunology and Immunotherapy at the former Westside Pavilion and $20 million for the UCLA David Geffen School of Medicine.
