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Sunday, Sep 24, 2023

32. Nicolas Berggruen

Net Worth: $2.8 B

CHANGE: 7.7%
AGE: 61
RESIDENCE: Holmby Hills
SOURCE OF WEALTH: Private equity

THE MONEY: Berggruen, a German-American dual citizen who grew up in Paris, is an investor, philanthropist and art collector who manages his fortune through Berggruen Holdings Inc. Berggruen built his wealth using a small family trust. Over the years, he has specialized in buying, reviving and selling small, debt-ridden companies. Berggruen Holdings is focused on private equity and real estate investments. Nationally, its portfolio company NBP Capital finances and develops properties in Portland, Oregon; Los Angeles and Seattle, and claims a market value of $1 billion. Berggruen has collected work from 12 prominent artists with a promise to donate the collection to the Los Angeles County Museum of Art, where Berggruen serves as a trustee.

THE BUZZ: Berggruen owns several properties in Los Angeles, including a 1930s Holmby Hills mansion he bought in 2017 for $41 million; he also purchased a 2.2-acre neighboring property for $22.5 million. Last September he bought the Hearst Estate for $63 million and two of its neighboring properties for $12.3 million and $14.8 million, respectively. He also plans to build his Berggruen Institute think tank atop the Santa Monica Mountains.

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