12) David Lee (up arrow)

Age: 49

Residence: Pasadena

Source of Wealth: Investments, telecommunications

Net Worth: $1.4 billion

Last Year’s Rank: Not on list

Background: After earning a doctorate in physics and economics from Caltech, Lee worked as an accountant at Arthur Andersen. In the ’80s he was group vice president of finance and acquisitions for TRW Information Systems Group. Became a managing director of Pacific Capital Group, the investment firm that made the initial investment in Global Crossing Ltd. Director of Global Crossing since 1997. Went to AT & T; in search of investment opportunities and came back with a proposal for laying undersea telecommunications cables. Deal has made Lee and other directors billionaires in less than a year.

Money Track: After investing in a variety of deals, ranging from retail furniture outlets to the Playa Vista development, Lee and his partners at Pacific Capital struck it big in telecommunications. His 5.25 percent stake in Global Crossing is now worth over $1 billion. With the firm in the midst of two major mergers that could boost its market capitalization from around $20 billion to as much as $70 billion, Lee’s net worth should continue to climb.

Buzz: Described by his boss Gary Winnick as brilliant and cerebral. A native of Taiwan, now a U.S. citizen. Spends most of his time these days on airplanes and in boardrooms. Says he’s too busy to spend much time thinking about his new-found fortune, but adds that he’s “not a Ferrari type of guy.” The one thing he plans to do with his money is build a telecommunications research center at Caltech.