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Sunday, Sep 25, 2022
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The 50 Wealthiest Angelenos: Michael Milken #29



#29 – Michael Milken

Net Worth: $1.05 billion -25%

Last Year: $1.4 billion*

Age: 62

Residence: Los Angeles

Source of Wealth: Investments



The Money:

Milken has invested broadly since making it big on junk bonds. Holdings include Knowledge Universe, company whose subsidiaries provide educational services and products. Educational sales were soft last year. Other investments presumed to take hit.


Buzz:

Milken back in headlines after President Bush denied request for a pardon in January. Second failed request for pardon stemming from 1990 felony convictions for securities violations. Supporters said pardon warranted due to funding of medical and educational causes. Encino native pioneered issuance of high-yield bonds for noninvestment grade companies while at Drexel Burnham Lambert in 1980s.

*Adjusted downward.

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