Net Worth: $1.6 billion

LAST YEAR: $1.5 billion
CHANGE: 10%
AGE: 84
RESIDENCE: Chatsworth
SOURCE OF WEALTH: Sale of glass products company and land underneath company facilities.

Raised an orphan in Pennsylvania, Friese came to L.A. with just $125 in his pocket. He joined glass company CR Laurence in 1961 as a warehouse worker before rising through the ranks, becoming its sole owner in 1997. He grew the company into the largest glazing industry supplier in the U.S., with 40 locations and $570 million in annual sales. In 2015, he sold the company to Irish building supplier Oldcastle Building Envelope for $1.3 billion. Friese distributed $86 million of the sale proceeds to CR Laurence employees. With his remaining proceeds, he created an investment and real estate portfolio. He also established a foundation. He added roughly $350 million to his net worth in 2018 with the sale of the land underneath the CR Laurence facilities.

Charitable Giving: In 2021, the Friese Family Foundation gave $50 million for a new hospital tower at Providence Cedars-Sinai Medical Center in Tarzana.

Second Home: In 2017, Friese bought a $16 million home in Malibu as a vacation home.