Net Worth: $1.5 B

LAST YEAR: 1.5
CHANGE: 3.4%
AGE: 82
RESIDENCE: Chatsworth
SOURCE OF WEALTH: Sale of glass products company and separate sale of land underneath company’s facilities

THE MONEY: Friese owned glass products company CR Laurence Co. Inc. until 2015, when he sold the company to Irish building supplier Oldcastle Building Envelope for $1.3 billion. Friese’s take was about $885 million after taxes. He also sold off the land underneath CR Laurence facilities around the globe, worth an estimated $350 million. With proceeds, he created investment portfolio comprised of equities, bonds and private equity investments in several individual businesses. He also launched a portfolio of real estate investments. Both portfolios saw gains over past year.

THE BUZZ: The Friese Family Tower at Providence Cedars-Sinai Medical Center in Tarzana opened in September. Friese and his wife, Andrea, donated $50 million in 2021 to the foundation that supports the medical center. Raised an orphan in Pennsylvania, Friese came to L.A. with $125 in his pocket. He joined CR Laurence in 1961 as a warehouse worker before rising through the ranks, becoming the sole owner and expanding the company’s reach globally.