11. Rick Caruso

NET WORTH: $5.8 billion
AGE: 61
RESIDENCE: Brentwood
SOURCE OF WEALTH: Retail real estate development LAST YEAR: $5.7 billion
CHANGE: +2%

THE MONEY: Caruso is best known as the developer of high-end retail properties including the Grove, the Americana at Brand and the more recently opened Palisades Village. Caruso’s portfolio carries only a small amount of debt. Despite Covid-19’s negative impact on many retail properties, Caruso’s wealth managed slight growth this year, although far less than the 19% jump he posted between 2018 and 2019.

THE BUZZ: Caruso expanded beyond high-end retail properties with last year’s opening of the pricey Rosewood Miramar Beach hotel. His first resort project, the completely renovated complex in Montecito features 161 rooms and seven restaurants and bars. In 2018, Caruso was elected chair of USC’s Board of Trustees and was honored with the Navy Seal Foundation Patriot Award. He serves as chairman at Loyola High School, is a member of Pepperdine School of Law’s Board of Councilors, and is on the boards of Irvine Co., St. John’s Hospital and the Ronald Reagan Presidential Library Foundation. In 2019, he donated $50 million to the Pepperdine School of Law. Earlier this year, Gov. Gavin Newsom appointed Caruso to California’s Task Force on Business and Jobs Recovery.

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