Eli Broad, a visionary entrepreneur and philanthropist, has made an indelible mark on various industries, from real estate and finance to education and the arts. Throughout his illustrious career, Broad’s relentless pursuit of innovation and social impact has solidified his status as a transformative figure in both business and philanthropy.
In this blog, Covemarkets will discuss Eli Broad net worth, early life, career and much more.
|June 6, 1933
|87 (as of April 30, 2021)
|Rebecca and Leo Broad
|Bronx, New York City
|Michigan State University (graduated cum laude in 1954)
|Edythe “Edye” Lawson Broad
|Two sons – Gary and Jeffrey
|Estimated net worth of $7.2 billion
|Source of Wealth
|Business ventures, including Kaufman & Broad and SunAmerica
What is Eli Broad Net Worth and Salary in 2023?
Eli Broad’s net worth in 2023 is estimated to be approximately $7.2 billion. His wealth stems from his successful ventures in the business world, including founding two Fortune 500 companies, SunAmerica Inc. and KB Home. Broad’s entrepreneurial endeavors have allowed him to accumulate substantial wealth over the years.
Why is Eli Broad Famous?
Eli Broad is famous for his contributions as a businessman and philanthropist. He is the only person to have founded two Fortune 500 companies in different industries.
Additionally, Broad and his wife, Edythe, co-founded The Broad, a contemporary art museum in Downtown Los Angeles. His extensive art collection, featuring works by renowned artists such as Picasso, Van Gogh, and Warhol, is estimated to be worth over $2 billion.
Eli Broad Overview
Eli Broad was born on June 6, 1933, and passed away on April 30, 2021, to Lithuanian Jewish immigrants. Growing up during the Great Depression, Broad’s parents faced financial hardships.
Despite these challenges, Broad pursued higher education, majoring in accounting and economics at Michigan State University. He worked tirelessly to support himself financially, even becoming the youngest person to pass Michigan’s certified public accountant exam after graduating.
Career and Awards
Eli Broad was a renowned American businessman and philanthropist. He was recognized by Forbes in June 2019 as the 233rd-wealthiest person globally and the 78th-wealthiest in the United States, with an estimated net worth of $6.7 billion. Broad’s career spanned various sectors, including business, education, arts, and scientific research.
In the business world, Broad made significant strides. In 1971, he acquired Sun Life Insurance Company of America, transforming it into the retirement savings powerhouse, SunAmerica. The company went public in 1989, and Broad sold it to the American International Group (AIG) for $17.8 billion in 1998.
He continued as CEO of SunAmerica until 1999 when he left to focus full-time on philanthropy.
Broad’s philanthropic efforts were vast and impactful. He and his wife, Edythe, created the Broad Foundations, which included the Eli and Edythe Broad Foundation and the Broad Art Foundation. These organizations had assets of $2.5 billion.
The couple signed onto the Giving Pledge in 2010, committing to give at least half of their wealth to charity. They personally committed to giving 75% of their wealth away.
As of October 2017, the Broads had given more than $4 billion to support K-12 public schools, advance scientific and medical research, and bring contemporary art to as wide an audience as possible.
Throughout his life, Broad received numerous awards and recognitions. He was a Fellow of the American Academy of Arts and Sciences and was named Chevalier in the National Order of the Legion of Honor by the Republic of France in 1994.
He received the Golden Plate Award of the American Academy of Achievement in 1998 and the Carnegie Medal of Philanthropy in 2007. In 2016, Time magazine named him one of the 100 Most Influential People. In 2018, Broad and his wife were named Distinguished Philanthropists at the John F. Kennedy Center for the Performing Arts in Washington, D.C.
As of 2023, Broad’s legacy continues to impact various sectors, particularly in education, arts, and scientific research. His contributions to transforming public K–12 education to a charter school model, supporting scientific and medical research, and promoting visual and performing arts have left a lasting mark. His life and work continue to inspire many in the fields of business and philanthropy.
Eli Broad married his wife, Edythe, and together they have made significant contributions to the art world and philanthropy. They signed the Giving Pledge, committing to give at least half of their wealth to charitable causes.
Broad’s dedication to giving back is evident in his support for K-12 public schools, scientific research, and making contemporary art accessible to a wide audience.
As of now, there is no information available about Eli Broad’s social media accounts.
FAQs about Eli Broad
What is Eli Broad known for?
Eli Broad is known for his role in co-founding two Fortune 500 companies: KB Home (formerly Kaufman & Broad) and SunAmerica Inc. He was also a prominent philanthropist, focusing on education, science, and the arts.
What are some of Eli Broad’s business accomplishments?
Eli Broad co-founded KB Home, a major homebuilding company, and SunAmerica Inc., a financial services company specializing in retirement savings. His business ventures made him a prominent figure in the business world.
What philanthropic activities was Eli Broad involved in?
Eli Broad was deeply involved in philanthropy, supporting causes such as education, scientific research, and the arts. He established the Eli and Edythe Broad Foundation to promote education reform and supported cultural institutions like art museums and performance centers.
What are Eli Broad’s notable achievements?
Broad founded two Fortune 500 companies, transformed Sun Life Insurance into SunAmerica, and co-founded The Broad art museum. He has also donated billions to various causes through the Eli and Edythe Broad Foundation.
How has Eli Broad impacted the education sector?
Broad’s foundation has invested over $600 million in improving public education, particularly in urban school districts. The Broad Prize for Urban Education has awarded scholarships to thousands of students.
Eli Broad’s life and career exemplify the power of entrepreneurship and philanthropy. From humble beginnings, he built a vast fortune through his business ventures and dedicated himself to giving back to society. With a net worth of $7.2 billion in 2023, Broad’s impact on education, the arts, and scientific research will continue to be felt for generations to come. Thank you for reading.
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