Net Worth:
$6.5 billion +17%
Last Year:
$5.6 billion
Age:
74
Residence:
Los Angeles
Source of Wealth:
Homebuilding, insurance
The Money:
The self-proclaimed “venture philanthropist” disclosed that his fortune rose nearly $1 billion over the past year on gains of American International Group Inc. stock, as well as investments in limited partnerships, mutual funds and other vehicles He valued his world famous modern art collection at $1 billion.
Buzz:
Made his fortune co-founding two Fortune 500 firms: home builder Kaufman & Broad and financial services firm SunAmerica, now part of AIG. He is considered by many a modern-day Medici given his art collection and ardent advocacy of education reform. Broad’s $60 million contribution enabled ground to break on a long-awaited expansion of Los Angeles County Museum of Art, including the 70,000-square-foot Broad Contemporary Art Museum scheduled for completion in early 2008. Has contributed more than $1 billion to educational and cultural institutions over the years through his various foundations. His Eli and Edythe Broad Art Center at UCLA opened last year. Recent grants include $10 million to Green Dot Public Schools to open 21 new small high schools in Los Angeles. Revitalizing downtown L.A. has been a major focus since he helped jump-start a faltering fundraising campaign for the Disney Concert Hall in the late 1990s, but appears to be pulling back somewhat. In March, Broad stepped down as chairman of the Grand Avenue Committee, which is guiding the $2 billion Grand Avenue redevelopment project through the city and county approvals process. A longtime Democratic Party contributor, gave to Tom Vilsack’s 2008 presidential campaign before the former Iowa governor withdrew from the race according to campaign filings; has since contributed to Hillary Clinton’s campaign.
