Net Worth: $2.4 B

LAST YEAR: 2

CHANGE: 20%

AGE: 88

RESIDENCE: Bel Air

SOURCE OF WEALTH: Initially petroleum; currently investments



THE MONEY: Irani made his initial fortune as longtime chief executive and major shareholder of oil giant Occidental Petroleum Corp. Since leaving Occidental in 2011, he set up a family office in Westwood and, under the Cedar Tree Capital banner, has worked to grow his portfolio. His holdings include hedge funds, medical office buildings, apartment buildings, public storage companies and private equity investments in a wide range of companies, including cybersecurity firms; however, he has almost completely divested from Occidental. Over the past year, Irani’s portfolio has seen robust gains, more than offsetting declines during the market downturn of the previous year. 



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 21-year tenure as chief executive 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 15-fold to more than $80 billion.