It’s gotta hurt to lose $32 Billion
According to the Los Angeles Business Journal the top 50 wealthiest Angelenos lost a combined $32 billion last year, making it the worst year on record. In fact the number of billionaires calling Los Angeles home has been reduced to a measly 29, its lowest in five years.
Just about everyone on the list lost millions last year, but forty-one had losses in excess of $100 million and eight hit the $1 billion mark in losses.
This change in financial standings has resulted in quite the shuffling of the wealth deck with last year’s #1, Kirk Kerkorian, losing half his fortune but I wouldn’t cry too many tears for him as he still has more than $5 billion left to play with. The shuffle did however open up the number one spot to a new comer unknown outside of California. Turns out that former surgeon Patrick Soon-Shiong has taken over first place on the list. It didn’t hurt that he sold his generic-drug making company, APP Pharmaceuticals, for $3 billion.
The current list of the Top 10 in the LA Business Journal’s list runs down like this
Rank Name 2009 2008 %Chge (in millions)
1 Patrick Soon-Shiong $6,000 $3,700 +62%
2 Eli Broad $5,400 $6,900 -22%
3 Kirk Kerkorian $5,300 $10,600 -50%
4 David Murdock $3,700 $4,500 -18%
5 Ron Burkle $3,650 $3,500 +4%
6 David Geffen $3,600 $4,800 -25%
7 Steven Spielberg $2,900 $3,300 -12%
8 Haim Saban $2,800 $4,200 -33%
9 A. Jerrold Perenchio $2,400 $3,250 -26%
10 Tom Gores $2,250 $2,500 –10%
hat tip to The Wealth Report
