THE MONEY: Second-largest shareholder in self-storage giant Public Storage Co. behind sister Tamara Gustavson. Hughes has seen net worth balloon as father, B. Wayne Hughes, has transferred shares. Portfolio of outside real estate has steadily grown.
BUZZ: Transfer of shares in Public Storage from 80-year-old father mostly complete; has one-third shares that sister has. Spent early career in executive positions at Public Storage. In 2005, formed real estate investment vehicle American Commercial Equities Management; has accumulated more than 80 retail and mixed-use properties in Southern and Central California, and Honolulu. Owns half of ACEM with sibling. Deeply committed to conservative and evangelical Christian causes. Has given more than $3 million to Karl Rove’s American Crossroads. Board member of American Action Network, which gave $100,000 to committee in support of recent failed California ballot measure to restrict political fundraising by unions. Started Urban Ministry Institute in 2011 after meeting with former Nixon aide and Watergate conspirator Charles Colson. Last year founded Serving California, non-profit that facilitates healing for military families, crime victims and inmates. Set up Cantinas Ranch Foundation to promote arts and education in Christian context; plans for foundation to open Christian youth camp this year in San Luis Obispo County have hit bureaucratic delays.
$1.5 billion s2.7%
LAST YEAR: $1.46 billion
SOURCE OF WEALTH: Inheritance, real estate
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