40) Selim K. Zilkha (down arrow)

Age: 71

Residence: Bel Air

Source of Wealth: Oil

Net Worth: $625 million

Last Year’s Rank: 27

Background: Started in banking, switched to baby products and finally made a fortune in oil. Born in Baghdad, he worked for his father’s bank from 1946 to 1960 before leaving to start retail chain Mothercare plc, which sold baby products and maternity clothes in the U.S. and Europe. Sold his interest in 1982, moved to Los Angeles and bought an oil company. Now an active patron of the Los Angeles Opera and financial backer of Mayor Richard Riordan’s charter reform proposal. Other interests include a few small Californian vineyards and wind farms that produce renewable energy.

Money Track: With a partner, Zilkha acquired a 42 percent stake in Ohio-based Towner Petroleum in 1983. Rescued the company from bankruptcy and renamed it Zilkha Energy Co., becoming sole director and chief executive from 1984 to 1998. During the late ’80s, he purchased 1.5 million acres in Gulf of Mexico lease holdings at rock-bottom prices (oil prices were depressed and companies were pulling out of the area). Then sold Zilkha Energy, which he owned together with his son Michael, to Birmingham, Ala.-based Sonat Inc. for over $1 billion in stock, plus the assumption of debt. He now has a 12.8 percent stake in Sonat.

Buzz: Together with friend Mary Hayley, he has been active hosting gala events at the L.A. Opera. Still a member of Sonat’s board, as is son Michael. With world oil prices slumping, Sonat shares fell 18 percent over the past 12 months, taking a $100 million bite out of Zilkha’s net worth. In March, Sonat announced its intention to merge with El Paso Energy Corp. in a one-for-one stock swap.