Steven Udvar-Hazy: A Billionaire’s Success Story

Overview

Steven Udvar-Hazy is a Hungarian-American billionaire and aviation industry pioneer. He is the founder, former chairman, and CEO of Air Lease Corporation (ALC), a global aircraft leasing company that specializes in commercial jet airliners.

Early Life and Education

Udvar-Hazy was born on August 2, 1946, in Budapest, Hungary. He and his family fled Hungary during the 1956 revolution and settled in the United States. He attended the University of California, Los Angeles (UCLA), where he earned a degree in economics and later completed a Master of Business Administration (MBA) from the same institution.

Career and Achievements

Udvar-Hazy’s career in the aviation industry began in 1967, when he co-founded the California-based International Lease Finance Corporation (ILFC). He served as the company’s CEO from its inception until 2010. Under Udvar-Hazy’s leadership, ILFC grew to become the largest aircraft leasing company in the world, with a portfolio of over 1,000 owned and managed aircraft.

In 2010, Udvar-Hazy parted ways with ILFC and founded Air Lease Corporation, his second aircraft leasing venture. ALC went public in 2011 and has since expanded rapidly, with a fleet of over 400 aircraft and lease agreements with over 100 airline customers in 60 countries.

Udvar-Hazy’s contributions to the aviation industry extend beyond his companies’ success. He was instrumental in the development of several aircraft models, including the Airbus A320 and Boeing 777, and played a significant role in promoting air travel as a safe and efficient form of transportation. He has received numerous awards and honors for his achievements, including induction into the International Air & Space Hall of Fame in 2004 and the Hungarian Order of Merit in 2018.

Personal Life

Udvar-Hazy is married to Christine Udvar-Hazy, and they have two children. They reside in Beverly Hills, California, and are known for their philanthropic activities, particularly in the areas of education and the arts. Udvar-Hazy has donated extensively to his alma mater, UCLA, and serves on the school’s Board of Visitors. He is also an avid collector of vintage and modern aircraft, and has donated many of his planes to museums around the world.