Eli Broad is Los Angeles’ biggest philanthropist, who has given away over $2 billion, but he and his wife Edythe pledged on June 16 to do even better in the future by distributing 75 percent of their total wealth, currently standing at $5.7 billion, “during and/or after our lifetimes.”
In announcing the pledges, Broad joined two of America’s wealthiest philanthropists, Bill Gates and Warren Buffett, in their so-called “The Giving Pledge,” which urges wealthy Americans to donate at least half their fortunes to charitable causes.
Born into a “liberal Jewish household” of Lithuanian immigrants in New York City, Broad, now 77, moved to Los Angeles in 1961, making an initial fortune as mass homebuilder, and a second through the giant financial services company SunAmerica.
“Philanthropy is much harder than running two Fortune 500 companies,” Broad said in an e-mailed statement, according to businessweek.com. “We will pledge in writing to give away 75 percent of our wealth during and/or after our lifetime,” the statement said.
His major impact on Los Angeles has been through his very hands-on support of public schools, the arts and scientific research.
A 2003 study by researcher Gary Tobin found that Jewish mega-donors, those contributing over $10 million each year to charities, apportioned only 6 percent to Jewish causes, including support for Israeli institutions.
According to the Tobin study, the reasons for the modest proportion of big Jewish giving going to Jewish causes include the ever-growing integration of Jewish giving into everything that includes ”repairing the world,” and the timidity of Jewish organizations in developing projects for mega-donations.
In Broad’s case, while he believes in supporting Jewish causes, his philanthropic decisions are based on hardheaded business sense.
“Like venture capitalists, we look for untapped opportunities, and we make strategic investments,” he declared in his annual foundation report. “As investors, we expect a quantifiable return.”
With that in mind, Broad told The Journal some years ago, “If I find a Jewish philanthropy of merit, I will support it.”
