Early Life and Education
Edythe Broad (née Lawson) was born in Detroit, Michigan, in 1936. She attended public schools in Detroit, where she developed an early appreciation for art through visits to the Detroit Institute of Arts. She met Eli Broad as a teenager, and they married in 1954. Her father provided the initial capital for Eli and a cousin to start their first company, marking the beginning of their significant wealth accumulation.
Career and Rise to Success
Edythe and Eli Broad's financial success stemmed from their business ventures. Eli Broad founded two Fortune 500 companies in different industries: Kaufman & Broad Home Corporation (later KB Home) and SunAmerica Inc. (an insurance and financial services company). SunAmerica was later sold to AIG in 1998 for $18 billion. The couple's business acumen and strategic decisions led to their substantial wealth.
Key Business Strategies
Eli Broad's strategies included identifying and capitalizing on opportunities in homebuilding and the financial sector. In homebuilding, he focused on providing affordable tract homes, and in insurance, he transformed Sun Life Insurance into SunAmerica, a retirement savings powerhouse. These strategies allowed the couple to amass a substantial fortune.
Philanthropy
Edythe and Eli Broad were committed to philanthropy, establishing The Broad Foundations. These foundations have supported various causes, including K-12 public education, scientific and medical research (especially in genomics and stem cell research), and the arts. The Broads signed The Giving Pledge, committing to donate a significant portion of their wealth to charity. Their giving has included substantial donations to the Broad Institute of MIT and Harvard and the creation of The Broad museum in Los Angeles, offering free admission to the public.