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Thursday, Aug 11, 2022

Wealthiest Angelenos (1 – 20)

Below is the list of the top 20 Wealthiest Angelenos. Click


to see numbers 21 – 50.



Net Worth: $10.6 billion -34%

Last Year: $16.1 billion

Age: 90 – Residence: Beverly Hills

Source of Wealth: Investments

The Money: Kerkorian stayed at the table too long last year and big 2006 Vegas winnings evaporated. The majority owner of MGM Mirage saw shares lose half their value as soft economy kept tourists home. Decline forced Kerkorian to turn to the Middle East and bring in Dubai World as an investor. Personally sold 10 million shares to the investors. Other holdings include 100 million shares of Ford recently acquired.

Buzz: Despite advanced age and the haircut he took last year, the billionaire investor still not slowing down. His 100 million shares of Ford gives him a 4.7 percent stake in struggling auto maker the third one he’s taken a run at. Made unsuccessful $4.5 billion low-ball bid for Chrysler in 2006, same year he acquired 9.9 percent of GM. Unloaded GM stake after board rejected his shakeup proposals, including Nissan alliance. Meanwhile, in Vegas, Kerkorian was in negotiations last year to purchase the MGM City Center development and Bellagio casino from MGM Mirage. Part of an attempt to reorganize the company in which he holds a 51 percent stake. Instead, Kerkorian brought in Dubai World as an investor in its casinos and $9 billion City Center project. Company also announced a joint venture with Kerzner International Holdings to develop 40 acres of land into a multibillion-dollar casino resort at the northern end of the Strip. Since 2000, Kerkorian has purchased Steve Wynn’s Mirage Resorts for $6.4 billion and the Mandalay Bay Resort group for $7.9 billion. MGM Mirage now owns more than half of the hotel rooms on the Strip. Kerkorian has been an active investor for decades. Bought and sold film studio Metro-Goldwyn-Mayer three times. In his youth was an amateur boxer and flew planes in World War II. Helped develop Caesars Palace.



Net Worth: $7 Billion -17%

Last Year: $8.4 Billion

Age: 84 – Residence: Beverly Hills

Source of Wealth: Media, Entertainment

The Money: Weak ad spending and the prospect of a recession battered media mogul Sumner Redstone, who owns controlling stakes in CBS Corp. and Viacom Inc. Since last summer their stock price has declined 31 percent and 6 percent respectively. Holdings in video game developer Midway Games lost even more, about 70 percent.

Buzz: After years of corporate tinkering, CBS and Viacom managed to operate last year without the interference of Redstone, who in 2006 famously sacked movie star Tom Cruise and Viacom CEO Tom Freston. But this time nasty family squabbles were front and center. He settled a lawsuit with his son Brent by buying out his stake in the family business, cinema chain National Amusements. A similar suit from a nephew was dismissed. The moves consolidated Redstone’s position against daughter Shari, who serves as vice-chair of CBS and Viacom. Although clause in Redstone’s trust gives her automatic succession to become chairwoman at both companies when he dies, he now wants to revoke that right, sparking a public feud over corporate governance. In 2002 Redstone divorced his wife of 52 years; tabloid columnists now write his second marriage to younger bride Paula Fortunato, a former school teacher, could end the same way. However, the autocratic octogenarian appears to be making amends to Tom Cruise. Redstone terminated his Paramount movie studio’s relationship with the “Mission: Impossible” star two years ago over the star’s erratic behavior. However, a chastened Cruise has been making talk show rounds, and now there’s talk Paramount may cast Cruise in the next film in the blockbuster series. Famous for quote “Content is king,” Redstone made first big money investing in studios. Boston native. Harvard grad.



Net Worth: $6.9 billion +6%

Last Year: $6.5 billion

Age: 75 – Residence: Los Angeles

Source of Wealth: Homebuilding,


The Money: L.A.’s best-known venture philanthropist saw the value of his approximately 2,000-piece art collections appreciate by at least 40 percent to $1.4 billion due to the boom in world art market. Broad, whose portfolio includes real estate, limited partnerships and mutual funds, took profits prior to last summer’s market downturn and now has twice as much cash sitting on sidelines. Gains helped offset a big decline in the value of his stake in American International Group, which bought his financial services firm SunAmerica in 1998.

Buzz: Broad turned to philanthropy and civic service after making his fortune co-founding SunAmerica and home builder Kaufman & Broad. Last year, Broad and his wife Edythe gave $175 million, ranking No. 10 on a list of largest U.S. donors. His latest namesake, the Broad Contemporary Art Museum at the Los Angeles County Museum of Art, opened earlier this year on the Miracle Mile. Museum was fueled by a $60 million contribution to LACMA from the Broad Foundations, collective name for three entities that donate money to arts education and science. Spreading the wealth, Broad gave $26 million last summer to alma mater Michigan State University for a new art museum and another $1 million to the National Museum of American Jewish History in Philadelphia. A $20 million medical research gift to UCLA led the university in September to rename its stem cell research institute in the Broads’ honor. In January, the couple donated $23.3 million to three L.A. charter school groups. Broad’s largess not restricted to non-profits: At height of last August’s credit crunch, he helped prop up a Goldman Sachs hedge fund with a $1 billion infusion, which he retrieved in March.



Net Worth: $4.8 billion +7%

Last Year: $4.5 billion

Age: 65 – Residence: Malibu

Source of Wealth: Entertainment

The Money: Former record label impresario co-founded and owns 5 million shares of DreamWorks Animation. Share price remained even over the year. Given vast estate, stake amounts to virtual pocket change at $150 million. Saw net worth increase due to skyrocketing art market. Art collection valued at nearly $2 billion.

Buzz: Lost out to Sam Zell in attempt to buy the L.A. Times, despite $2 billion bid. B But has had recent discussions with Zell about purchasing the troubled paper. Geffen out of the movie business now that award-winning “Dreamgirls” made it to the silver screen. Huge art enthusiast. Sold $475 million in paintings in 2006, including a Jackson Pollock for $140 million. Supporter of Democratic Party and Barack Obama. Started out in William Morris mailroom and worked his way up. Founded Geffen Records in 1980 and sold a decade later to MCA. Pocketed $710 million when MCA sold to Matsushita. Founded DreamWorks Studios and serves as chairman of spinoff animation unit. During last year’s Malibu wildfires, Geffen, owner of the Malibu Beach Inn, opened it to evacuees and firefighters free of charge.



Net Worth: $4.5 billion

Last Year: $4.5 billion

Age: 85 – Residence: Los Angeles

Source of Wealth: Agriculture,

Real Estate

The Money: Major holdings include Dole Food Co. Inc. and Castle & Cooke Inc., both taken private by Murdock. Saw net worth hold steady as Dole increased in value but homebuilder Castle & Cooke took hit due to softening housing market.

Buzz: Mixed year for produce magnate. Murdock oversees vast network of holdings, including nearly all of Hawaiian island of Lanai where produce is grown. Decided to sell off 2,000 acres earlier this year for $39 million, though Dole remains the island state’s seventh largest private landholder. Suffered embarrassment in November when jury found Dole liable for making five Nicaraguan banana plantation workers sterile through pesticide exposure. Judge cut award to $1.5 million. Self-made billionaire funding construction of a $1.5 billion 350-acre biotech research campus in North Carolina for consortium of universities. The complex will contain lab, office, residential and commercial space. Locally, the healthy eating advocate opened wellness complex in Westlake Village late in 2006. Includes Four Seasons Hotel & Spa and houses California Health & Longevity Institute, which includes medical facilities, teaching center and television studio. Big donor to Republican Party. Breeder of prized Arabian horses, has a 36,000 plant orchid collection, collects art and antique furniture.



Net Worth: $4.2 Billion +2%

Last Year: $4.1 Billion

Age: 63 – Residence: Beverly Hills

Source of Wealth: Entertainment, Media

The Money: Saban sat back and watched investment in Israeli national telecommunications company, Bezwq Israel Telecom, appreciate nicely. It’s so far unclear how purchase of Univision Communications will turn out. Gains partly offset by IRS tax hit and $24 million in philanthropic donations.

Buzz: After taking control of Univision in early 2007, Saban revamped the company’s sales force and middle management. But pending lawsuit with Mexican broadcaster Televisa could cut Univision’s programming supply. Settled one legal matter: claims by Feds he improperly moved $1.5 billion into offshore tax shelters. Settlement amount undisclosed but likely tens of millions of dollars or more. Born in Egypt and raised in Israel, Saban has gift of foreseeing popular trends and tastes. Made his first fortune by buying worldwide rights to Japanese TV show “Mighty Morphin Power Rangers.” He traded “Rangers” for half ownership in Fox Family Network, which Walt Disney bought in 2001 for $5.3 billion. A strong health care benefactor, major donations included $20 million for wellness center in Woodland Hills that opened this year and $10 million to the Los Angeles Free Clinic, now renamed the Saban Free Clinic. Politically, big contributor to Hillary Clinton’s presidential campaign.



Net Worth: $3.7 Billion

Last Year: $3.7 Billion

Age: 55 – Residence: West Los Angeles

Source of Wealth: Pharmaceuticals

The Money: Breast cancer drug Abraxane has propped up net worth of South African-born researcher and surgeon Patrick Soon-Shiong. Sales of drug have boosted share price of L.A. drug developer Abraxis BioScience, compensating for more sluggish performance of his other company, generic drug maker APP Pharmaceuticals Inc.

Buzz: In November, Soon-Shiong spun off plain vanilla APP from sexier Abraxis, leading to surge in the latter’s stock price. Continues as chairman and chief executive of Abraxis, but handed off CEO job at APP. Remains APP’s chairman. Made significant research investments at UCLA and USC that may benefit pipeline down the road. Son of Chinese doctor who fled to South Africa during World War II, Soon-Shiong joined UCLA medical school faculty in 1983. First company, VivoRx, faltered after feuding with investors. In the 1990s founded APP predecessor American Pharmaceutical Partners Inc. Later created Abraxis to develop higher-margin proprietary drugs. In January 2007, Soon-Shiong and wife pledged $35 million to St. John’s Health Center.



Net Worth: $3.5 billion +3%

Last Year: $3.4 billion

Age: 55 – Residence: Beverly Hills

Source of Wealth: Supermarkets, Investments

The Money: Chief of Los Angeles holding company Yucaipa Cos. continued dealmaking in 2007 with mixed results. Spent $1.5 billion to acquire AmeriCold Logistics, nation’s largest cold storage firm. Sold stake in SuperValu grocery chain for $145 million 56 percent rate of return. Other deals didn’t pan out.

Buzz: Provided counsel to employee unions trying to keep Wall Street Journal out of Rupert Murdoch’s hands and rescue bankrupt Twinkies-maker Interstate Bakeries Corp both unsuccessful. Said to want to take another crack at owning L.A. Times. Among the largest investors in Al Gore’s fast growing Internet TV service, Current TV. Former President Bill Clinton this year ended his role as a Yucaipa senior advisor, but Rev. Jesse Jackson and former Los Angeles Times publisher Jeffrey Johnson remain in Yucaipa brain trust. A loyal Democrat, Burkle likely to hold lavish fundraisers for eventual Democratic Party presidential candidate at his historic Green Acres mansion in Beverly Hills. Son of former Statler Bros. executive, Burkle made fortune turning around underperforming groceries. Branched out into media and telecommunications, but supermarkets remain close to heart. Past investments include natural foods chain Wild Oats and Pathmark Stores. Yucaipa owns British jeweler Garrard & Co. and Allied Holdings Inc., nation’s largest hauler of new cars. Helped bankroll rapper Sean Jean’s clothing empire.



Net Worth: $3.3 billion +6%

Last Year: $3.1 billion

Age: 61 – Residence: Pacific Palisades

Source of Wealth: Entertainment

The Money: Spielberg’s annual income estimated at more than $100 million drawn from various business ventures. Holds 6 million shares of Dreamworks Animation SKG stock valued at $180 million. Most of his wealth is privately held. Modest presumed investment gains.

Buzz: The producer is set to score once again with the release of “Indiana Jones and the Kingdom of the Crystal Skull,” fourth installment of series, featuring Harrison Ford and Cate Blanchett. Also in production on fourth Jurassic Park film, sequel to last year’s Transformers and movie based on the Tintin comic. On video game side, has exclusive contract with Electronic Arts to develop three games, first available this month only on Nintendo Wii. “Boom Blox” game targeted at children. Spielberg hired as artistic adviser for opening and closing ceremonies of 2008 Beijing Olympics, but withdrew, accusing China of not doing enough to pressure Sudan on Darfur. On the philanthropic side, used profits from award-winning “Schindler’s List” to set up Shoah Foundation to collect video testimony from Holocaust victims. Moved archives to University of Southern California in 2007 and created USC Shoah Foundation Institute for Visual History and Education. Spielberg reportedly collects 2 percent of gross sales at Universal parks in Florida, where he serves as creative consultant, as well as piece of Universal Studios Japan receipts. Big backer of the Democrats, endorsed Hillary Clinton for president. Received numerous honors, including British Empire knighthood.



Net Worth: $3.25 Billion +5%

Last Year: $3.1 Billion

Age: 77 – Residence: Beverly Hills

Source of Wealth: Entertainment

The Money: It was a year of change for the former talent agent. Completed sale of Spanish-language media powerhouse Univision Communications to private equity group led by fellow Angeleno Haim Saban. The transaction earned Perenchio and his wife nearly $1.4 billion but added little to net worth. Perenchio’s Coca-Cola stock and diversified holdings, organized in family investment firm Chartwell Partners LLC, showed incremental gains.

Buzz: Since the sale of Univision, Perenchio a private man who fined executives for granting media interviews has continued to keep a low profile, except for politics. He and wife Margie showed up for White House dinner in honor of Queen Elizabeth II. Ranks third among financial supporters of Gov. Schwarzenegger with cumulative donations of $2.3 million. Perenchio started as a studio executive under Lew Wasserman at MCA, then became a Hollywood agent. He partnered with sitcom king Norman Lear to buy Embassy Pictures in 1981. After selling it to Coca-Cola, he produced feature films until buying Univision in 1992 for $550 million, leveraging just $33 million of his own money. Took company public in 1996 before explosion of Spanish language media. Since 2004, has given more than $9 million to the Republican group Progress for America.



Net Worth: $2.9 Billion -20%

Last Year: $3.6 Billion

Age: 62 – Residence: Beverly Hills

Source of Wealth: Aircraft Leasing

The Money: The subprime meltdown and credit crunch took a toll on Udvar-Hazy even though business is aircraft leasing. The co-founder of International Lease Finance Corp. saw net worth shrink when parent American International Group reported $12 billion in subprime-related losses. Has 30 million AIG shares, which fell 44 percent over the past 12 months, sparking talk of a possible ILFC spin off. Stake in Skywest Airlines also turned south. Interests in real estate, private equity and other securities didn’t help cushion blow much.

Buzz: As chairman of ILFC, Udvar-Hazy owns more jets than anyone else in the world. His fleet totals about 900 planes worth $48 billion. At last year’s Paris Air Show he stirred controversy by criticizing technical flaws in the Airbus A350; the company quickly changed its design and Udvar-Hazy signed up for 20 planes. The Hungarian-born entrepreneur attended UCLA, then joined fellow & #233;migr & #233;s Leslie and Louis Gonda to launch ILFC in 1973. They sold it to insurance giant AIG in 1990 for stock but Udvar-Hazy remained in pilot seat. Decorates Century City office with 2,000 model planes. Name adorns the Smithsonian National Air & Space Museum in Washington, D.C., in recognition of a $66 million donation.



Net Worth: $2.8 billion +22%

Last Year: $2.3 billion

Age: 90 – Residence: Los Angeles

Source of Wealth: Beverages, Real Estate, Auto Sales, Financial Services

The Money: Owner of Topa Equities, Century City holding company for 42 firms. Said all sectors did well, particularly consumer goods and services offered by his insurance agencies, auto dealerships and beverage distributorship. Not heavily invested in the stock market so wasn’t significantly impacted by choppy markets over past year. Other holdings include extensive commercial real estate and agriculture.

Buzz: Anderson said diversified holdings stood up well to last year’s downturn. Largest landowner in Westwood Village and Montana Avenue shopping area in Santa Monica. Owns the tallest building in Ventura County at Oxnard’s Topa Financial Plaza. Son of Minneapolis barber, received BA in business administration at UCLA on hockey scholarship, going on to earn MBA from Harvard University before enlisting in the Navy during World War II. After war, added law degree from Loyola. In 1987 he donated $15 million to alma mater UCLA, which named the Anderson School of Business in his honor. Added $1 million gift last year. Became an early Budweiser distributor with Ace Beverage Co. in 1956. Recent acquisitions include Budweiser-Corona distributorship in Pasadena and Acura dealership in Thousand Oaks. Named Greater Los Angeles Chamber of Commerce’s Distinguished Business Leader for 2007. He and wife Marian are significant backers of Children’s Hospital Los Angeles. Also strong supporters of the Downtown L.A. YMCA and private charities to help Skid Row homeless.



Net Worth: $2.6 Billion +8%

Last Year: $2.4 Billion

Age: 67 – Residence: Rolling Hills

Source of Wealth: Computer Technology

The Money: An $800 million jump in computer memory sales at Kingston Technology Co. pumped up Tu’s net worth. The privately held company Tu co-founded reported $4.5 billion in sales and double the revenue gains of public rivals Micron Technology and AMD.

Buzz: Tu and partner David Sun founded company in 1987 after selling computer parts manufacturing company that left them financially devastated. “Out of this dark time, Kingston was born,” Tu stated in a press release marking company’s 20th anniversary last fall. Today, even as prices for memory products continue to fall, flash memory unit has supercharged sales. Kingston added 1,000 workers this year, mostly in China, upping its size to 4,500 employees. Tu and Sun are famous for treating employees well. In 1996, when they sold 80 percent of the company to Japan’s Softbank for $1.5 billion, shared proceeds by doling out average $130,000 bonuses to each of the 550 employees. Partners bought company back three years later for $450 million. Tu keeps low profile and lives in quiet Rolling Hills, an exclusive Palos Verdes Peninsula gated community far away from the Westside’s glitz.



Net Worth: $2.54 billion -2%

Last Year: $2.6 billion

Age: 69 – Residence: Los Angeles

Source of Wealth:

Real Estate, Development

The Money: The real estate market has tanked but Roski has just about held his own a testament to the strength of his holdings as owner and chief executive of Majestic Realty Co., one of the country’s largest privately held commercial real estate development and management companies. While industrial vacancy rates are up a bit, the company has prime holdings centered in the San Gabriel Valley. Also benefiting from ownership of the Silverton Casino in Las Vegas.

Buzz: Roski made splash in April when he announced plans for an $800 million football stadium in City of Industry on land he owns. The stadium would be built without tax dollars, but not until a team agreed to move to L.A. Roski has experience in the field: His company developed Staples Center with fellow billionaire Philip Anschutz. Also co-owns Kings and has piece of the Lakers. Meanwhile, Roski’s Silverton Casino is undergoing a $130 million expansion that should be completed early next year. A second phase of the casino development includes $300 million hotel tower with 365 rooms, nightclub and meeting space. A former Marine who graduated with a finance degree from USC, Roski hit it big after joining family business in the 1960s. An avid mountain climber, has scaled Mt. Kilimanjaro. Along with wife Gayle, is a big supporter of the arts. Is on board of L.A. County Museum of Art, California Science Center and USC.



Net Worth: $2.53 billion +7%

Last Year: $2.37 billion*

AGE: 47 – Residence: Holmby Hills

Source of Wealth: Hospitality,


The Money: Sell-off of assets reveals Pritzker family fortune is much larger than previously estimated. A wealth plan, made public during 2001 lawsuit, called for holdings estimated at $15 billion to be divided up by 2011. But intervening years have been very good to the family. Disposed of smokeless tobacco maker Conwood in 2006 for $3.5 billion. Then on Christmas Day family announced it would sell 60 percent of industrial conglomerate Marmon Group to Berkshire Hathaway for $4.5 billion. Final family jewel, Hyatt Hotel chain, could fetch $11 billion. Pritzker has one eleventh share of family wealth now estimated at roughly $28 billion.

Buzz: Anthony is West Coast presence for Chicago’s biggest billionaire family. Serves as president of family-owned Transunion Credit, one of the three big credit bureaus. Also sits on L.A. County Museum of Art board. With brother J.B. and sister Penny, runs private equity firm Pritzker Group to invest family money. Grandfather Abram Nicholas Pritzker founded dynasty buying distressed Chicago real estate. Later started Marmon to turn around companies. Holdings have ranged from railroad rolling stock to a nuts and bolts manufacturer. From a single hotel near LAX, family built Hyatt into a chain with 735 properties.



Net Worth: $2.5 Billion

Last Year: $2.5 Billion

Age: 43 – Residence: Beverly Hills

Source of Wealth: Private Equity

The Money: Despite series of acquisitions by Platinum Equity private buyout shop, net worth remained unchanged, according to spokesman. In largest deal valued at $2 billion, took private Ryerson Inc., big operator of metal service centers.

Buzz: Gores received unwanted publicity during the Anthony Pellicano trial when it was disclosed his brother, Alec, had hired the gumshoe to investigate whether estranged wife, Lisa, was having an affair with Tom, according to the New York Times. Lisa denied on the stand that she had slept with Tom. The brothers worked together until a 1995 split. Now said to have mended fences. Has completed more than 75 acquisitions with $23 billion in aggregate annual revenue since founding Platinum in 1995. Owns Beverly Hills and Malibu real estate. Also stakes in two film companies. Had executive producer credit for Lindsay Lohan bomb, “I Know Who Killed Me.”



Net Worth: $2.4 billion +25%

Last Year: $2 billion

Age: 84 – Residence: Bel Air

Source of Wealth: Investments

The Money: Berkshire Hathaway has performed well this year, boosting the wealth of Booth, who owns 17,000 shares now worth more than $2.1 billion. Booth has extensive real estate holdings worth about $250 million.

Buzz: Made investment of lifetime in 1963 when he and friend Charles Munger invested $1 million in Warren Buffett’s Berkshire Hathaway. Booth owns 9,000 acres of orange groves and cattle ranches in the San Joaquin Valley, including Otis Orchards, one of the largest independent orange growers in California with two citrus packing houses. His daughter Loren is general manager of the orchards. Booth known to be actively involved in the orchards, as well as an avid hunter, fisherman and the pilot of his own Lear jet. Earlier this year, committed to funding construction of building at high school alma mater, Polytechnic School in Pasadena. Great grandson of Times Mirror founder Harrison Gray Otis, he graduated from Caltech with engineering degree and later earned Stanford MBA.



Net Worth: $2.3 Billion +15%

Last Year: $2 Billion*

Age: 80 – Residence: Holmby Hills

Source of Wealth: Hotels

The Money: Hilton’s wealth swelled in 2007 courtesy of two mega transactions. In April, stockholders approved the acquisition of Harrah’s Entertainment by two private equity groups, giving Hilton a 7 percent premium for his 4.5 million shares. Then in October, Blackstone Group acquired Hilton Hotels for $47.50 a share, a 28 percent premium. The sale prompted Hilton to announce that upon his death he would give to charity 97 percent of his estate, estimated at $2.3 billion indicating prior public estimates had sharply undervalued his net worth.

Buzz: Last year, Hilton severed the last tie between his family and the hotel business started 88 years ago when Barron’s father, Conrad, bought a 40-room establishment in Cisco, Texas. The son joined the company in 1954 and became chief executive in 1966. When Blackstone Group took control, Hilton resigned as co-chairman of the company with its 2,900 hotels, 490,000 beds and multiple flags. Rather than bequeath the sale proceeds to his granddaughter Paris or other relatives, Hilton committed it to his father’s Conrad N. Hilton Foundation, which funds projects in water sanitation, affordable housing and blindness prevention.



Net Worth: $2.25 billion +25%

Last Year: $1.8 billion*

Age: 62 – Residence: Beverly Hills

Source of Wealth: Real Estate

The Money: Value of Casden’s real estate portfolio rose dramatically with completion of his Westwood mixed-use Palazzo development, likely worth about $500 million. Casden also disclosed the value and stake of his Casden Properties portfolio, which he pegs at 58 percent and $1.9 billion, respectively. Private equity investments roughly $200 million.

Buzz: It took years to assemble the property for the Palazzo project, with its 350 luxury apartments and 50,000 square feet of retail. Next big project: high-rise residence on prime real estate his company owns in Beverly Hills. Formed Casden Israel LLC two years ago to pursue real estate development in Israel and has plans for high-end apartments on Tel Aviv waterfront. The 400-foot-tall project will break ground later this year targeting international clientele. Keeps himself busy with his renowned international coin collection, which Casden said was last appraised at $40 million. Wealth largely derived from the sale of his apartment portfolio seven years ago, netting him $795 million. Casden philanthropic activities include alma mater USC and various Jewish causes.



Net Worth: $2.2 billion +10%

Last Year: $2 billion

Age: 84 – Residence: Los Angeles

Source of Wealth: Investments

The Money: Chaos on Wall Street has been good to Munger, the vice chairman of Berkshire Hathaway. He owns more than 15,000 shares of the company, which investors have flocked to amid the turmoil in the financial markets. Shares are up over the past 12 months.

Buzz: Right hand man of Warren Buffett and one of the initial investors in Berkshire Hathaway, Munger spends much of his day as chairman and CEO of Wesco Financial Corp. The Pasadena-based property and casualty insurer is 80 percent owned by Berkshire. Also chairman of legal newspaper publisher Daily Journal Corp. Munger is a benefactor of schools, universities and libraries. In June, he donated $3 million to the law school of alma mater University of Michigan, and in September he gave $21.6 million worth of shares to two private schools in California. Half the shares were given to the Marlborough School, an elite Los Angeles girls prep school, and the other half to Polytechnic School in Pasadena. Got involved in a bit of controversy this year with his attempt to redevelop the Brentwood site of Dutton’s, a landmark independent book store. Despite offering below-market rent, the project ended with the beloved but debt-laden bookstore out of business.


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