Net Worth: $2.1 billion
Source of Wealth: Homebuilding, financial services
Homebuilder. Retirement fund magnate. Contemporary art collector. Fund raiser. Philanthropist. Close friend of Mayor Richard Riordan and President Clinton.
Eli Broad not only wears all of those hats, but is also L.A.'s most public billionaire.
His most prominent role over the last year has been raising money for the planned downtown Disney Concert Hall, a project for which he has helped attract $185 million over the last two years $5 million of that from his own pocket. Last month, he hosted a Democratic fund raiser at his Brentwood home attended by Clinton that netted $1.2 million.
Broad became a millionaire before the age of 30 by co-founding Kaufman and Broad Home Corp., now L.A. County's largest residential real estate developer. After making millions by selling low-cost homes to baby boomers, he went on to sell retirement plans to that same group through L.A.-based SunAmerica Inc., one of L.A.'s largest public companies.
Broad has a modest annual salary for a CEO of a company the size of SunAmerica $600,000 but through the success of SunAmerica stock, he netted $47 million last year, making him the highest-paid executive of an L.A.-based company.
Broad is known for his relatively frugal style particularly at SunAmerica, where he is chairman and chief executive. There are no company cars and no box seats at sporting events, and all company employees, including Broad himself, fly coach.
In 1995, he put a Roy Lichtenstein painting he purchased on his American Express card, collecting 2.5 million frequent-flier miles in the process. Broad donated the miles to CalArts in Valencia for use by the school's students.
"It's never really been about personal wealth that's simply a byproduct of a successful venture," Broad said in a statement. "My current plans are to donate the bulk of my assets to a foundation that will provide for future generations."
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