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Thursday, Sep 29, 2022
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The 50 Wealthiest Angelenos: George Joseph – #29

The money and the buzz on each of L.A.’s wealthiest.

THE MONEY: Net worth rebounded along with market cap of Mercury General, property and casual insurer he founded in 1962. Owns more than 18 million Mercury shares, which rose 50 percent from last year. Stock also netted some $44 million in dividends. As chairman, took home more than $1.4 million in compensation.

BUZZ: Stepped down as chief executive in 2006 and passed reins to Gabriel Tirador. But even as he approaches 90, veteran insurance exec still making news. Mercury backing June ballot initiative that would allow insurers to offer discounts to Californians who switch providers. Critics fear controversial initiative would raise rates on newly insured drivers. Republican-leaning father of five was World War II pilot and started in insurance industry after earning math and physics degrees in three years from Harvard University. Founded Mercury for customers having difficulty obtaining auto insurance. Donated more than $7,000 to Republicans in 2009.

NET WORTH: $1.25 billion +33%

LAST YEAR: $950 million

AGE: 88

RESIDENCE: Los Angeles

SOURCE OF WEALTH: Insurance

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