At 92, Joan Payden is Among America’s Richest Self-Made Women with a Net Worth of $700 Million
Joan Payden, at the age of 92, has secured her place as one of America’s richest self-made women with an estimated net worth of $700 million, as reported by Forbes. Born in Derby, Connecticut in 1931, Payden’s journey to success is marked by resilience, determination, and a series of pivotal career decisions.
Early Life and Education
- Teenage Years in Indonesia: Joan Payden spent her teenage years in Indonesia before returning to the U.S.
- Academic Achievements: She pursued a dual degree in mathematics and physics at Trinity College, graduating in 1953. This was a remarkable achievement, especially for a woman in that era.
Career Beginnings and Challenges
- Engineering Sector: Payden was one of the few women in engineering during the 1950s, working for a New Jersey-based company building oil refineries. However, she faced a significant setback when she was laid off, which became a turning point in her career.
Transition to Finance
- Merrill Lynch: Payden switched to finance, joining Merrill Lynch. She admitted to being hired at a 25% discount because of her lack of knowledge about stocks and bonds. Despite this, her talents and dedication soon became evident.
- Scudder, Stevens & Clark: Her skills caught the attention of this investment counseling firm, where she became the first woman partner. This milestone set her on the path to greater achievements.
Founding Payden & Rygel
- Establishing the Firm: In 1983, at the age of 52, Joan Payden co-founded Payden & Rygel with Sandra Rygel. The firm specialized in fixed income and global markets.
- Growth and Success: Over the past four decades, Payden & Rygel has grown into one of the largest private money managers in the U.S., managing $162 billion in assets.
Philanthropy and Legacy
- Philanthropic Efforts: Despite her tremendous success, Joan Payden remains humble and is dedicated to philanthropy. She has donated millions to various causes, including animal welfare and education. Her generosity has had a lasting impact on institutions such as Trinity College and universities in Los Angeles.
Joan Payden’s remarkable journey from a young woman in the engineering sector to a financial powerhouse and philanthropist is an inspiring tale of perseverance and success. Her contributions to the finance industry and her philanthropic efforts continue to leave a significant mark.
