What is Avi Arad's Net Worth and Salary?
Avi Arad is an Israeli-American film producer who has a net worth of $300 million. Avi Arad was the chairman, CEO, and a founder of Marvel Studios. While the CEO of Marvel, he oversaw the release of dozens of extremely successful films like "Iron Man" and "The Incredible Hulk." Prior to his work with Marvel, he was a successful toy designer. After departing from Marvel, he later started his own production company and began making a number of "Spider-Man" films with Sony.
Early Life
Avi Arad was born in 1948 in Ramat Gan, Israel to a Jewish family. His parents were Holocaust survivors from Poland. As a child, he grew up reading Superman and Spider-Man comics that were translated into Hebrew. In 1965, he was conscripted as a solider into the Israel Defense Forces, as is the custom for all young Israelis. He fought and was wounded in the 1967 Six-Day War. After he was wounded, he spent 15 days recuperating and then finished his military service in 1968. In 1970, Arad moved to the United States and enrolled at Hofstra University. There, he studied industrial management. In order to support himself and pay for his tuition, he worked as a truck driver and Hebrew teacher during this time. In 1972, he graduated with a Bachelor of Business Administration.
Career
After finishing his studies, Arad began his career working in the toy design business. He initially started as a toy designer and made toys for many major toy companies like Tyco, Mattell, and Hasbro. Over the course of his career, he designed over 150 toys and games. In the late 1980s, he started working with Toy Biz, a toy company owned by another Israeli immigrant, Isaac Perlmutter. While working at Toy Biz, Arad developed many toys that went on to become top sellers like My Pretty Ballerina, Baby Wanna Talk, and Magic Bottle Baby.
In 1993, Toy Biz came to an agreement with Marvel Entertainment by which they agreed to make various toys associated with Marvel comic book characters. Putting his youthful love of comic books to good use, he created many X-Men action figures while working with Toy Biz. The toys he designed brought in millions of dollars for the company. By this time, Ronald Perelman was in charge of Marvel. Both Perlmutter and Arad tried to consult Perelman that there were many additional ways Marvel could market their many characters and stories to make the company more profitable, but by 1996, Marvel was facing financial difficulties and had to declare bankruptcy.
By 1998, Perelman lost control of Marvel and Toy Biz eventually ended up taking over the company. Arad and Perlmutter decided to divide Marvel into three divisions: comic book publishing, entertainment and licensing, and toys. The duo also changed the name of the company to Marvel Enterprises to represent its development as a company with more diverse offerings.
After the transition, Arad became the creative head of the company and helped direct Marvel in becoming the powerhouse they are today. He was named the Chief Creative Officer and helped Marvel break into the movie business in the late-1990s. In 2000, he co-produced "X-Men," a film that ended up earning almost $300 million around the world. In 2002, he produced "Spider-Man," which broke many box office records, earning even more than "X-Men." Over the next years, he oversaw the productions of films like "Spider-Man 2," "The Hulk," "Daredevil," "The Punisher," "Man-Thing," "Blade 3: Trinity," Fantastic Four," "Ghost Rider," and "Elektra."
(Photo by Rodin Eckenroth/Getty Images)
Many people have credited Arad with Marvel's prolific rise, especially in the film industry. He has given a number of interviews in which he states that his childhood love of comics and toys remains and has been the main reason why he has been able to be so successful in his professional career.
On May 31, 2006, Arad resigned from his various Marvel positions in order to form his own production company, Arad Productions. The company is also known as Arad Animations. The company primarily has produced Marvel-licensed films that are separate from the Marvel Cinematic Universe. His first non-Marvel film was 2007's "Bratz." He also produced "Ghost in the Shell," "Maximum Ride," and adaptations of video games like "Uncharted," "Infamous," "Metal Gear Solid," and "The Legend of Zelda." Sone of his more recent films have included "Tarzan and Jane," "Super Monsters," and "Kong: King of the Apes."
In August 2010, it was announced that Arad was given a chair with the American branch of the animation studio, Production I.G., in Los Angeles.
Personal Life & Real Estate
Arad is married to his wife, Joyce. She formerly was a lawyer before later becoming an artist. The couple have three children together and raised them in Connecticut before moving to the Los Angeles area of California. They have a couple of homes in Los Angeles, including a house in Malibu that has been featured in Architectural Digest, and a 7-acre estate in the gated community of Beverly Park that on its own is likely worth $50-80 million.
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