Net Worth: $5.7 Billion
LAST YEAR: $4.8 Billion
SOURCE OF WEALTH: Retail development
THE MONEY: Caruso has enjoyed a banner year. The developer of high-end retail spaces, including the Grove and the Americana at Brand, opened two new properties: the 125,000-square-foot Palisades Village in Pacific Palisades and his first resort project, the Rosewood Miramar Beach in Montecito. The luxury hotel features 161 rooms and seven bars and restaurants. Caruso also celebrated the 20th anniversary of one of his early developments, the Commons at Calabasas. His company has grown nearly 20% annually since it was founded, and his portfolio carries only a small amount of debt.
THE BUZZ: Caruso was elected chair of the Board of Trustees at USC and was honored with the Navy Seal Foundation’s Patriot Award. He serves as chair at Loyola High School; is a member of the board of advisors at Pepperdine School of Law; and is a board member for the Irvine Co., St. John’s Hospital and the Ronald Reagan Presidential Library Foundation. His philanthropic work includes Operation Progress, which has 110 scholars, and Caruso Scholars, a college scholarship program.
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