Xinhua, China
May 28 2007

Los Angeles’ richest man named

2007-05-28 07:21:44

LOS ANGELES, May 27 (Xinhua) — The Los Angeles Business Journal on
Sunday listed self-made mogul Kirk Kerkorian as the city’s richest
man, with estimated wealth of 16.1 billion dollars.

Kerkorian’s wealth last year was estimated at 8.3 billion
dollars.

Born in 1917 in Fresno, California to Armenian immigrants,
Kerkorian never attended college and has made billions in investments
in Las Vegas casinos, airlines and the famed MGM studios — which he
later sold. Reports this week that Kerkorian was interested in buying
the Bellagio Hotel & Casino sent casino shares soaring.

Media mogul Sumner Redstone placed second for the second
consecutive year, with an estimated worth of 8.5 billion dollars.
Redstone is executive chairman of Viacom Inc. and CBS Corp.

The civic-minded Eli Broad moved up the rankings on this year’s
list with an estimated 6.5 billion dollars. Broad has invested
heavily in revitalizing Los Angeles, from revamping the Disney
Concert Hall to financing charter schools. Last year, he was in
fourth place with an estimated worth of 5.6 billion dollars.