Net Worth: $1.67 billion, down 6.7 percent

LAST YEAR: $1.79 billion

AGE: 55

RESIDENCE: Malibu

SOURCE OF WEALTH: Inheritance, real estate

THE MONEY: Second-largest shareholder in self-storage giant Public Storage Co. behind sister Tamara Gustavson. Share price rose 40 percent over past year, but number of shares considered liquid fell sharply as 21 percent of shares in his name pledged as security to institutional lender. Retail real estate portfolio he founded has steadily grown. Value of 20,000-acre ranch in Central California hit nine figures.

THE BUZZ: Transfer of shares in Public Storage from 82-year-old father completed few years ago, giving Hughes just over one-third number of shares as sister. Spent early career in executive positions at Public Storage. In 2005, formed real estate investment vehicle American Commercial Equities Management with sibling. Deeply committed to conservative and evangelical Christian causes. Has given more than $3 million to Karl Rove’s American Crossroads. Started Urban Ministry Institute in 2011 after meeting with former Richard Nixon aide and Watergate conspirator Charles Colson. In 2014, founded nonprofit Serving California, which facilitates healing for military families, crime victims and inmates; uses his 20,000-acre Sky Rose Ranch near San Miguel to help veterans recover from wounds and trauma. Vocal backer of Proposition 47 ballot measure in November 2014 to soften “three strikes” sentencing law; biggest contributor, with $1.3 million given to measure. His Cantinas Entertainment poured $100 million into faith-based film “Hillsong – Let Hope Rise.” Film initially set for release last year, but bankruptcy of distributor Relativity Media delayed rollout until September.