Philanthropist and businessman Eli Broad’s net worth was $7.2 billion.
Eli was named the 233rd wealthiest person in the world by Forbes in June 2019.
He initially worked as an accountant for two years while being an assistant professor of accounting at the Detroit Institute of Technology in 1956.
Coming from a working-class family, Broad always wanted to work on his own that’s why he opened his own accounting firm.
Eli Broad | Quick Facts
Let’s dive into the personal details of the iconic Eli Broad.
|Full Name||Eli Broad|
|Celebrated As||Eli Broad|
|Date of Birth||June 6, 1933|
|Place of Birth||Bronx, New York City|
|Date of Death||April 30, 2021|
|Wife||Edythe L. Broad (m. 1954)|
|Hair Color||Salt and Pepper|
|Education||Michigan State University (1954), Central High School|
|Net Worth||$7.2 Billion|
|Last Update||July 2022|
Eli Broad | Net Worth and Income
Philanthropist and businessman Eli Broad’s net worth was $7.2 billion.
He started to doing business when he was just 13 years old, where he would sell his stamp collection to people.
Kaufman & Broad, which he teamed up to start in 1957, grew to be one of the country’s largest home builders, specializing in low-cost tract homes that sold for more than $200,000 in the initial year.
Medical research, public education, and the visual and performing arts are supported by the Broads’ two foundations, which provide a combined asset value of $3 billion.
He eventually purchased Sun Life Insurance and transformed it into the annuities behemoth SunAmerica.
In 1998, after three weeks of confidential discussions, he offered SunAmerica to the American International Group (AIG) for $17.8 billion.
At that time, he was the CEO company.
Net Worth of Eli Broad in Different Currencies
Here is what Eli Broad’s net worth looks like in different currencies:
|Euro||€ 6.81 Billion|
|Pound Sterling||£ 5.78 Billion|
|Australian Dollar||A$ 10.26 Billion|
|Canadian Dollar||C$ 9.23 Billion|
|Indian Rupee||₹ 558,020,160,000|
Eli Broad | Houses and Cars
Broad employed Frank O. Gehry to create his primary house in Brentwood in the early 1990s.
It was designed by Frank Gehry and built by the architecture company Langdon Wilson.
Similarly, Broad invested $5.65 million in purchasing two properties in Malibu in the late 1990s and contracted with Richard Meier to construct a beachfront residence of around 5,400 square feet (500 square meters).
The house was finished in 2002.
Interestingly, the estate was sold for $51.65 million two months following Broad’s death.
As for cars, Eli bought his first car, a green 1940 Chevy, for $200 from the money he got from his first salary.
Eli Broad | Lifestyle
Eli Broad’s net worth was $7.2 billion, which enabled him lead a lavish life.
He was born in the Bronx, New York City.
When he was six years old, his family relocated to Detroit, Michigan.
Eli, a student with dyslexia, concentrated on his studies and job, starting a paper route, learning Yiddish and Jewish history and culture, and enrolling in a scouting.
Broad launched his first business while he was in junior high: stamp collecting.
He went to Michigan State University (MSU) after high school, when he began to express his individuality.
Eli majored in accounting and minored in economics at Michigan State University, graduating with honors in 1954.
Broad’s undergraduate employment included selling women’s shoes, door-to-door trash disposal sales, and working as a drill press worker at Packard Motor, where he became a member of the Unit Auto Worker.
On September 5, 1953, at the suggestion of one of his friends, Eli called to Lawson’s house, where he spoke to the love of his life, Edyth.
He liked her immediately, and one year later, with the approval of both of their parents, they got married on December 19, 1954.
Eli and Edyth welcomed two kids after their wedding and relocated to the West, first to Arizona and subsequently moved to their new home in Los Angeles.
Their life together was dynamic, full of intriguing people, formative experiences, and worldwide travel that molded their personal, professional, political, and humanitarian engagements with the globe.
Eli Broad | Philanthropy
Philanthropist and businessman Eli Broad’s net worth was a whopping $7.2 billion at the time of his death.
As a philanthropist, Broad, along with his wife, contributed to different sectors, including education and art.
The Broad Foundations, which comprise The Eli and Edythe Broad Foundation and The Broad Art Foundation, were founded by Eli and Edythe Broad.
These organizations have $2.5 billion in assets.
Broad launched The Broad Center, a non-profit dedicated to the development of education system administrators, in 2001.
The Broad Prize for Public Charter Schools, which gave $250,000 to the best charter management organization in the country, was established by the Foundation in 2012.
In 2008, the Broads donated $10 million to a programming endowment at Santa Monica College for a music and performing arts complex.
Board was a part of the Walt Disney Concert Hall fundraising drive, which opened in October 2003.
The Broads signed The Giving Pledge, a vow for affluent individuals to contribute at least the majority of their fortune to charity, the same year it was founded in 2010.
Broad was essential in collecting a $50 million deposit from Related Companies, the project developer that opened Grand Park in the summer of 2012.
Eli Broad declared in August 2010 that he will construct a modern art museum in Los Angeles.
Eli Board | Businesses & Writing
House Building Company
When he was fired from his accounting job for having an opinion, he started to do his accounting practice behind the desk of his wife’s cousin’s husband, Donald Kaufman. In return for his office space, he provided help with Donald’s accounting.
Later, when the home building business started to grow, he immediately jumped on the opportunity and started his business with Donald in the 1950s.
In 1956, Eli developed the floor design for his and Don’s first house, and the building of the models began.
Kaufman and Broad sold $1.7 million worth of homes in their first year, and by the end of 1959, they were among Detroit’s top builders.
Kaufman and the Broad Home Corporation went public on the New York Stock Exchange in 1961.
Broad paid $52 million in 1971 for Sun Life Insurance Corporation of America, a family-owned healthcare company in Baltimore.
It was later turned into SunAmerica, a retirement savings behemoth.
After three weeks of confidential discussions, he offered SunAmerica to the American International Group (AIG) for $17.8 billion in 1998.
He quit his post as CEO in 1999 to give his full time to philanthropy.
The Art of Being Unreasonable: Lessons in Unconventional Thinking, published in 2012, became the Wall Street Journal, New York Times, USA Today, and Washington Post bestseller.
Similarly, in June 2019, Eli published an article in New York Times where he advocated the wealth tax.
Eli Broad | Career
As a child, Eli used to collet stamp as a hobby which turned out to be of great advantage to his new business idea at the age of 13.
He placed ads in publications while sitting at a foldable desk, earning up to $100 per month in checks and cash from all across the country.
From this business, he got to taste the freedom of being financially independent which later on led him for the great future that he built for himself.
During his college, he discovered his fondness for the sales.
He worked at the A.S. Beck Shoes, where he gained a sizable salary and good commission.
Eli continued to undertake numerous sales jobs, including knocking on strangers’ homes in the summer of 1953 to market a relatively new technology.
He was able to find an accounting internship to assist pay for his college education.
Eli Broad | Interesting Fact
- Eli’s success is a result of his tireless hard work, instincts, intelligence, and ever-elusive luck.
- Kaufman and Broad proceeded to expand across Southern California and was the first construction company in the States to implement the graded mortgage, assuring its consumers of security and support.
- He started his accounting practice shortly after graduation.
How much money did Eli donate?
Eli donated more than $4 billion to different philanthropic endeavors.
When was the Eli and Edythe Broad art museum built?
The museum was built on November 10, 2012.