Net Worth: $6.5 B

LAST YEAR: $5.9 B
CHANGE: 10%
AGE: 63
RESIDENCE: Brentwood
SOURCE OF WEALTH: Retail real estate development

THE MONEY: Caruso is best known as the developer of high-end retail properties in Southern California, including the Grove, the Americana at Brand and the Palisades Village. The portfolio carries only a small amount of debt. Caruso is the founder and former chief executive of Caruso. The company has grown nearly 20% annually since it was founded. The company’s properties’ sales are three times higher than the industry average, according to Green Street Advisors. The newest addition to the portfolio is the Rosewood Miramar Beach, a Montecito resort with 161 rooms and seven restaurants and bars.

THE BUZZ: Currently running for mayor of Los Angeles, Caruso has spent at least $37 million on his campaign — 12 times more than his rival, Karen Bass. 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. Among the many nonprofit organizations that he supports, Caruso is actively involved with Operation Progress, Para Los Niños, St. Lawrence of Brindisi School and Verbum Dei High School, all focused on the historically underserved area of Watts.