Net Worth: $2 B

LAST YEAR: $2.2 B
CHANGE: -9%
AGE: 87
RESIDENCE: Bel Air
SOURCE OF WEALTH: Initially, petroleum; currently, investments

THE MONEY: Irani works out of a Westwood family office. Under the Cedar Tree Investments banner, his holdings include hedge funds, medical office buildings, public storage companies and private equity investments. Over the past year, Irani’s portfolio suffered some losses, especially in growth companies. He also increased his philanthropic activity and wealth transfers to family members, which contributed to the drop in net worth. Irani served as chief executive at Occidental Petroleum Corp. from 1990 to 2011 but has since divested almost entirely from Occidental.

THE BUZZ: Born in Lebanon, Irani came to Los Angeles at age 18 with $75 in his pocket to study chemistry at USC. During his tenure at Occidental, Irani stabilized the oil giant’s finances and used his overseas connections to expand the company’s reach. Under Irani, Occidental’s market capitalization increased to more than $80 billion, and Irani was rewarded with hefty compensation packages. He’s a member of the USC board of trustees and has donated heavily to the school, including $20 million toward a residential college at USC Village. He was also part of the USC chemistry faculty for a few years.