At the Age of 92, Joan Payden Joins the Club of Richest Self-Made Women in the US

At 52, Joan Payden made a bold career move by leaving her job, draining her retirement account, and partnering with Sandra Rygel to establish a money management firm. This venture, initiated in 1983, has led Payden to become one of the wealthiest and oldest self-made women in the United States.

Now 92, Payden serves as the CEO of Payden & Rygel, a Los Angeles-based firm managing over $161 billion in assets with nearly 240 employees across several offices. As the majority owner, her net worth has surged to approximately $700 million.

Payden’s journey to the top was gradual and marked by perseverance. She studied math and physics at Trinity College in Washington and began her career as one of the few female engineers at a New Jersey company building oil refineries in the 1950s, though she was laid off after three years. Leveraging her math background, she transitioned to the financial sector, joining Merrill Lynch despite initially lacking knowledge about bonds and stocks.

Within a few years, Payden moved to a prestigious Los Angeles investment firm, where she broke new ground as the first female partner. However, by 1983, she sought greater challenges and launched her own firm. Over the years, Payden & Rygel has grown into one of the largest private money management firms in the nation.

Reflecting on her journey, Payden acknowledged the uncertainties she faced when starting her company, but client acquisition quickly proved not to be an issue. Her story exemplifies resilience and the rewards of taking calculated risks in business.

Have you read?
Countries: Women in the workforce.
Countries: Personal space.
World’s Most (And Least) Religious Countries.
Best Countries to Invest In Travel, Tourism, and Hospitality.
Most Forested Countries In The World.