Bloomberg Billionaires Index

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#205 Eli Broad $7.40B

Random fact: Began art collection with a Van Gogh drawing.

Overview

Broad is co-founder of Kaufman and Broad -- now KB Homes -- the sixth-biggest home builder in the U.S. He also served as chief executive officer of SunAmerica, a financial services firm he sold to AIG for $18 billion in 1999. Broad has invested more than $4 billion on philanthropic causes, according to his foundation's website.

As of July 23, 2017:
Last change No change
YTD change -$105M (-1.4%)
Industry Diversified
Biggest asset Investments
Citizenship United States
Age 84
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Eli Broad's net worth of $7.40B can buy ...

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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
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Confidence rating:

Broad's wealth stems from the stakes he once held in two public companies that he founded: Kaufman and Broad, the home builder, and SunAmerica, an insurance operation. By the mid-1990s, Broad had divested most of his interest in Kaufman and Broad now America's sixth-largest home builder based on 2016 revenue, according to Builder Magazine. He sold SunAmerica to AIG for $18 billion in 1999.

Following that transaction, Broad held about 29 million shares of AIG, including options. By the end of the financial crisis of 2008, he had disposed of almost all of his AIG holdings and sold his remaining stake of half a million shares in 2016, according to spokeswoman Karen Denne in October 2016.

Broad reinvested some of the proceeds of those share sales into stocks, other securities and his charitable foundations. The billionaire has about $3.5 billion in assorted investments, $3 billion in art and $300 million in cash, as well as real estate he values at $420 million, as of July 2017, according to information provided by Swati Pandey, a spokesperson at the Eli and Edythe Broad Foundation. He has invested more than $4 billion on philanthropic causes, according to his foundation's website.

Biography

Birthdate: 6/6/1933
Family: Married, 2 children
Education: 1954, Michigan State University, Bachelor's Degree

Born in the Bronx to Lithuanian immigrants during the Great Depression, Eli Broad and his family moved to Detroit when he was six. A self-described dyslexic, Broad excelled with numbers. After graduating from Michigan State University with a degree in accounting, he became the youngest CPA in Michigan's history at age 21 -- a record he held until 2010.

Broad began his homebuilder business in 1957, when he founded Kaufman and Broad with Donald Kaufman, a relative of his wife, Edythe. By not including basements, the partners were able to cut costs and price their first homes at $13,700. Kaufman and Broad expanded into one of the largest homebuilders in the U.S., and became the first homebuilder to sell shares in an initial public offering.

Broad expanded beyond construction when he acquired Sun Life Insurance in 1971 for $52 million, renaming it SunAmerica. American International Group acquired the company for $18 billion in 1999.

Broad and his wife, Edythe, moved to Los Angeles in 1963. The couple began collecting art in the 1970s, devoting much of their philanthropy to the arts in the city. He was the founding chairman of the Museum of Contemporary Art in downtown L.A. in 1979.

Milestones
  • 1954 Graduates from Michigan State University.
  • 1957 Starts Kaufman and Broad with Donald Kaufman.
  • 1963 Broad and his wife, Edythe, move to Los Angeles.
  • 1971 Buys Sun Life Insurance for $52 million; renames SunAmerica.
  • 1989 Steps down as CEO of Kaufman and Broad.
  • 2008 Donates $600 million to Harvard University and MIT.
  • 2010 Pledges to give the majority of his fortune to charity.
  • 2012 Eli and Edythe Broad Art Museum opens at Michigan State University.