Eli L. Broad was born on the 6th June 1933 in The Bronx, New York City USA, of Lithuanian Jewish descent. He is a businessman and entrepreneur, who is probably best recognized for being the founder of SunAmerica, a financial company, and KB Home (Kaufman & Broad), a real estate development company, Fortune 500 companies in different industries. He is also recognized as a philanthropist.
Have you ever wondered how rich Eli Broad is, as of late 2016? According to authoritative sources, it has been estimated that Eli counts his net worth at the impressive amount of $7.5 billion, making him the 65th richest man in the USA. Most of his wealth has been accumulated thanks to his successful involvement in the business industry, with another source coming from the sales of his book “The Art Of Being Unreasonable: Lessons In Unconventional Thinking” (2012).
Eli Broad Net Worth $7.5 Billion
Eli Broad hails from a modest family, as his father was a house painter while his mother worked as a seamstress. When he was a six-year-old boy, the family moved to Detroit, Michigan, where his father worked as a union organizer, and ran five-and-dime stores. There, he went to Detroit Public Schools, and attended Detroit Central High School. Upon matriculation in 1951, he enrolled at Michigan State University, from which he graduated cum laude in 1954, with a major in Accounting, and a minor in Economics. Later, he received an Honorary Doctor of Humanities Degree from Michigan State University, as well as an Honorary Doctor of Laws Degree from Southwestern University.
When a student he also worked various jobs, such as selling women’s footwear, until he became a credentialed Certified Public Accountant (CPA), working as an assistant professor of accounting at the Detroit Institute of Technology. Subsequently, he established his own accounting company; however, he soon began to work at Donald Kaufman’s real estate company as well. In 1957, Eli and Donald made a decision to team up, and they established the home building company Kaufman & Broad (KB Home), which soon achieved enormous success, adding a considerable amount to Eli’s net worth. In the following years, the company spread to Arizona, and California, and within five years it expanded to France as well. In 1974, Eli became the CEO of the company.
In 1971, Eli founded Sun Life Insurance Company of America, which was later transformed into SunAmerica. He sold it to American International Group (AIG) in 1999 for $18 billion, increasing further his fortune.
Thanks to his accomplishments, Eli was named Chevalier in the National Order of the Legion of Honor by the Republic of France in 1994, and he was also awarded with the Carnegie Medal of Philanthropy in 2007, as well as with the William E. Simon Prize for Philanthropic Leadership by Philanthropy Roundtable in 2013.
Speaking about his personal life, Eli Broad has been married to Edythe E. Lawson since 1954; the couple has two sons and their current residence is in Los Angeles, California. Apart from his successful career as a businessman, Eli is also recognized for being a huge philanthropist, as he founded together with his wife the Eli Broad Foundations, an organization which helps spreading science and art education, and it consists of The Eli and Edythe Broad Foundation and The Broad Art Foundation. Every year they award $1 million Broad Prize for Urban Education, and their center is in Los Angeles, California. The organization has donated money to many projects, such as the Los Angeles County Museum of Art (LACMA), The Broad Institute of MIT, etc.
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