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57.4 F
San Diego
Monday, May 20, 2024

No. 2 , Ernest S. Rady

Estimated net worth: $2.2 billion

Ernest S. Rady, 70, may have lost the spot as the wealthiest San Diegan on the Business Journal’s annual list this year, but his worth remains at a steady $2.2 billion.

No. 2 on the Journal’s 2007 list, Rady also is a regular on the Forbes 400 Richest Americans list published in September. This year, Rady nails the mark as the 220th richest American.

In 1966, Rady founded American Assets Inc., a San Diego-based financial services and real estate firm, but he’s attached to several other notable projects. They include the San Diego Padres, the former San Diego Sockers indoor soccer team, hedge funds, radio stations and beer distributorships.

The Winnipeg, Manitoba, Canada, native also founded Westcorp Inc., which would later become a holding company for Western Financial Bank and WFS Financial, in 1972. Wachovia Corp. bought the Irvine-based auto loan provider in 2006 in quite a lucrative deal for Rady.

In his personal life, Rady and his wife, Evelyn, are known for their generosity, having previously donated $60 million to Children’s Hospital. To show appreciation, the hospital, which is the only one in San Diego solely devoted to children, renamed itself Rady Children’s Hospital.

There is also the Rady School of Management at UC San Diego, another benefactor of Rady and his wife’s generosity.


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