Net Worth: $7.9 billion

LAST YEAR: $6.9 billion
CHANGE: 15%
AGE: 65
RESIDENCE: Brentwood
SOURCE OF WEALTH: Retail real estate development

Caruso, chief executive of Caruso, is best known as the developer of high-end retail properties in Southern California, including The Grove, The Americana at Brand and Palisades Village. In addition to retail, his firm also develops residential, office and hotel properties. Caruso started off as a lawyer before launching Caruso Affiliated Holdings in 1987. In 2018, he was elected chair of USC’s Board of Trustees and was honored with the Navy Seal Foundation Patriot Award. In 2019, he donated $50 million to the Pepperdine School of Law. The school has been renamed the Rick J. Caruso School of Law.

Politics: Caruso ran for Los Angeles mayor in 2022.

Hospitality: The newest addition to Caruso’s portfolio is Rosewood Miramar Beach, a 153-suite and bungalow resort in Montecito.

Charitable Giving: Caruso continues to expand educational access for children at or below the poverty line through his philanthropic efforts. He was invited to the Vatican by Pope Francis to discuss the Caruso Family Foundation’s work with Para Los Niños and Operational Progress.