Eli Broad Net Worth
Eli Broad net worth: Eli Broad is an American businessman and philanthropist who has a net worth of $7.2 billion dollars. Eli Broad is the founder of a philanthropic organization with his wife Edyth, The Broad Foundations, to further entrepreneurship in education, science, and the arts. Over his five-decade business career, Eli Broad has managed to build two Fortune 500 companies from scratch, and today he is actively involved in philanthropic causes. Born on June 6, 1933 in the Bronx, New York, and raised in Detroit, Broad was the only child of Lithuanian-Jewish immigrants. He was 20 years old when he bought his first real estate and became a co-founder of the home builder Kaufman and Broad Home Corporation in 1957, having borrowed $25,000 from his in-laws. Kaufman & Broad (now KB Home) has become recognized as a type of housing that would appeal to a new generation of Detroit home buyers flocking to the suburbs and has eventually turned into one of the nation's biggest home builders. Looking for diversity, Broad purchased family-owned Sun Life Insurance and (later SunAmerica) in 1971. Once he transformed it into the retirement savings powerhouse SunAmerica, Broad went on to sell SunAmerica in 1999 for $18 billion. He held the position of SunAmerica's CEO, currently a subsidiary of AIG, until 2000. As of today, Broad is largely devoted to philanthropy and charity. He and his wife, Edythe, created the Broad Art Foundation in 1984, with the aim to advance entrepreneurship for the public good in education, science and the arts. The couple is also working on the opening of The Broad, a new contemporary art museum, along with worldwide headquarters for their foundation, which is set to open in Los Angeles in early 2014. Besides, he is a member of the Giving Pledge and, like Warren Buffett, boosts the idea of higher taxes for the rich.