Net Worth: $4.7 billion, up 6.3 percent
LAST YEAR: $4.4 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Air Lease Corp.
THE MONEY: A 15.8 percent increase in net income at Air Lease, which generated profit of $438 million last year, helped boost value of Udvar-Hazy’s shares by 6 percent. Upped stake in company to nearly 7 million shares – totaling nearly 7 percent – making him Air Lease’s second-largest shareholder. Holding in SkyWest Inc. rose 34 percent in value.
THE BUZZ: Air Lease’s 2015 revenue was up 16 percent over previous year to $1.22 billion as spike in passenger traffic and low-cost carriers continued to boost market for commercial aircraft leasing. Expanded plane fleet to 240 over past year, though economic slowdown in China, a key market for aircraft leasing companies, poses potential problems. Air Lease generated almost 23 percent of its revenue from China in 2015 – up slightly from prior year. Founder and Chief Executive Udvar-Hazy made bulk of wealth by selling International Lease Finance Corp. to AIG in 1990. A lifelong aficionado of airplanes, Udvar-Hazy has flown jets for more than 30 years.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Wealthiest Angelenos: 8. STEVEN UDVAR-HAZY
- 9. Steven Udvar-Hazy
- Wealthiest Angelenos: 12, Steven Ferencz Udvar-Hazy
- The 50 Wealthiest Angelenos: Steven Udvar-Hazy
- 8. Steven Udvar-Hazy
- The 50 Wealthiest Angelenos: Steven Udvar-Hazy - #18
- Wealthiest Angelenos: Steven Udvar-Hazy - #18
- Air Lease IPO to Target Emerging Markets