The skinny on the fat wallets of L.A.’s 50 wealthiest.

Andrew & Peggy Cherng

NET WORTH: $1.95 billion

LAST YEAR: Not on list

RESIDENCE: South Pasadena

SOURCE OF WEALTH: Restaurants

THE MONEY: Fast-growing Panda Restaurant Group hit $1.4 billion in sales last year, making it No. 3 quick-service restaurant chain in United States. Cherngs built one of nation’s largest privately held restaurant chains by serving Asian fare at food courts and strip malls. Conservative wealth estimate lands couple on Business Journal’s list for first time.

BUZZ: Cherngs launched more than 75 Panda Express outlets this year, expanding empire to about 1,350 locations – nearly all owned by company. Planned openings in Mexico next year would be first major international expansion for eatery. Also eyeing expansion into China. Panda Express success driven by diners shifting to affordable restaurant alternatives due to economy. Cherngs looking for investment outside of Panda brand. This year planning to franchise 150 Tide Dry Cleaners that cost $800,000 a pop to build. Couple active in philanthropic and political circles. Pledged $2.5 million to Cal Poly Pomona’s Collins College of Hospitality Management to support construction of $10 million building for new master’s program. Longstanding ties to Collins College, serving as guest lecturers. Donated more than $150,000 to congressional and state election campaigns of both parties, but generally big Republican backers. Andrew Cherng started Panda in 1973, opening sit-down Panda Inn restaurant in Pasadena with help of his chef-father, Ming Tsai Cherng. Peggy, a computer engineer, joined Panda in 1982. Cherngs share chairman and chief executive titles. Live in large South Pasadena home.