NET WORTH: $1.02 billion -7%
LAST YEAR: $1.1 billion
RESIDENCE: Los Angeles
SOURCE OF WEALTH: Investments
THE MONEY: Berkshire Hathaway vice chairman is giving away some of fortune in twilight years. Still owns more than 6,000 shares, which fell 6 percent over past year. Took his standard $100,000 salary like partner Warren Buffett.
BUZZ: Always blunt and a bit cantankerous, told “groupies” at conference last summer that financial bubble was caused by “some combination of megalomania, insanity and evil.” Down year for Berkshire, which trailed S&P. Munger cited insurance losses after Japanese tsunami. Company launched share buyback to raise price and now is looking for acquisitions. Berkshire owns stake in Chinese carmaker BYD, which opened North American headquarters in Los Angeles in October. Berkshire also bought remaining stake in Munger’s Wesco Financial, a diversified insurance, steel and furniture company in Pasadena. Munger recently donated Berkshire shares worth about $20 million to alma mater University of Michigan after previous transfers to children and family trust. Omaha, Neb., native joined Army during World War II; attended Harvard law. Met Buffett at 1959 dinner party. Politically active offspring Molly Munger is sponsoring California ballot measure that would raise taxes to support schools.
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