Eli Broad

Eli Broad.
Founder, The Broad Foundation; Chairman, AIG Retirement Services Inc. (formerly SunAmerica Inc.); founder & Chairman, KB Home (formerly Kaufman and Broad Home Corporation)

Los Angeles-based uber art collector and philanthropist Eli Broad was featured prominently on ABC's 20/20 television show called "Cheap in America." Eli Broad was not profiled as cheap - quite the contrary.

Ted Turner isn't the only billionaire moving down on the Forbes list. Eli Broad has made $6 billion building homes selling insurance, but he's now "only" the 42nd richest person in America. Eli has given away more than $2 billion to education charities, art museums and bio--medical research. He thinks that there's a difference between charity and philanthropy: "I wouldn't call it charity," he said. "I'd call it philanthropy…there's a difference. Charity, you just write checks. We try to create things that didn't exist before."

And charity is more efficient than government, he thinks, because when people are spending their own money, they stop spending when a project doesn't work.



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