Net Worth: $6.9 B

LAST YEAR: 6.5

CHANGE: 6%

AGE: 64

RESIDENCE: Brentwood

SOURCE OF WEALTH: Retail real estate development



THE MONEY: Aside from his unsuccessful campaign for mayor of Los Angeles last year, Caruso is best known as the developer of high-end retail properties in Southern California, including The Grove, the Americana at Brand and Palisades Village. The portfolio carries only a small amount of debt. Caruso is the founder and chief executive of his eponymous company. This year, customer traffic across the portfolio increased by approximately 20%, with dwell time increasing by 6%.



THE BUZZ: 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. Caruso continues to expand educational access for children at or below the poverty line through his philanthropy. He was invited to the Vatican by Pope Francis to discuss the Caruso Family Foundation’s work with Para Los Niños and Operational Progress.