Peter Morton

Age: 47

Net Worth: $500 million

Source of Wealth: Restaurants

Resident of: Beverly Hills

In 1971, Peter Morton was a young expatriate living in London when he hit upon an unusual new idea: a restaurant that would sell classic American malt-shop cuisine in an atmosphere full of music and rock ‘n’ roll memorabilia. With his partner Isaac Tigrett, he opened the first Hard Rock Cafe in London’s Mayfair district and the restaurant world has never been the same.

The formula proved to be a raging success, with the chain growing to 57 restaurants worldwide inspiring scores of other entrepreneurs to launch “eatertainment” projects of their own.

Morton sold most of the restaurants to a British leisure and gaming concern last June, for $410 million in cash. He still owns Morton’s restaurant in West Hollywood, one of the most popular and exclusive eateries among Tinsel Town stars and executives.

With the approximately $300 million he pocketed in the deal, Morton has been turning his attention to his lucrative Hard Rock Hotel and Casino. With the property operating at full occupancy and grossing $150 million in annual revenues, Morton plans to expand further into the gaming business.

The scion of the a restaurant family best known for Morton’s of Chicago, Morton is as serious about philanthropy as he is about business, concerns reflected in Hard Rock’s fund-raising efforts and campaigns warning about the world’s dwindling rain forests.

Larry Kanter