Eli Broad is L.A.'s richest man, Biz Journal says

Eli Broad, the subject of a long profile by Ed Leibowitz in the June issue of Los Angeles magazine, gave up $5.9 billion in net worth to the weak economy but still rose to the top of the Los Angeles Business Journal's annual list of L.A.'s 50 Richest, out this week. Broad took over #1 by losing less worth than last year's champion, investor Kirk Kerkorian. The top 10, after Broad, are Marvin Davis, Kerkorian, David Geffen, Jerry Perenchio, Steven Spielberg, Steven Ferencz Udvar-Hazy, Ronald Burkle, Bradley Wayne Hughes and Tom Gores. Accompanying the list and mini-profiles is a piece by LABJ staff writer RiShawn Biddle that basically throws cold water on the whole idea of such lists. So much information stays private, he reports, that "plenty of folks" have the wealth to make the Richest 50 index but their affluence remains unknown to most Angelenos and the media. The Business Journal focuses this year's wealth issue on rich kids. (The LABJ website is balky and mostly not free, but here it is if you want to try.