Rick Caruso Net Worth

Rick Caruso has an estimated net worth of $7.1 billion, according to Forbes Real-Time Billionaires, Rick Caruso profile (figures as of October 20, 2026). That is up from $4 billion in 2019.

Rick Caruso is a Los Angeles real estate developer and the founder of Caruso. He built his name through large retail properties, including The Grove, The Americana, and Palisades Village. Forbes says 3 of those centers rank among the 15 largest in the country in sales per square foot. He also served in public roles in Los Angeles, including president of the Police Commission and commissioner for the Department of Water and Power.

His business started with Caruso in 1987, after work as a real-estate lawyer in corporate finance. He later moved into development full time and opened a retail center in 1992. Over time, the company expanded beyond shopping centers into residential, office, and hospitality projects. Caruso also became more widely known in 2022 when he ran for mayor of Los Angeles and reached the runoff election.

How Rick Caruso built his fortune

Caruso made his money in real estate. Forbes describes him as a Los Angeles developer who built some of the country's most successful shopping centers. His company develops, owns, and manages properties, with major projects that include The Grove at Farmers Market, the Americana at Brand, and Palisades Village. Those retail centers helped define his business, and Forbes notes that 3 of them are among the nation's top performers by sales per square foot.

His work did not stay limited to retail. Forbes says he opened a retail center in 1992 and later expanded into residential, office, and hospitality. Wikipedia's background facts also list projects such as Waterside Marina del Rey and the Rosewood Miramar Beach. Before real estate became his full-time path, he worked as a lawyer in corporate finance. Earlier still, he washed cars at an airport rental center tied to his father's business.

Forbes net worth timeline

Forbes has tracked Caruso's wealth as his property business grew. On the Forbes World's Billionaires List, his fortune was estimated at $4 billion in 2019. It then moved to $5.3 billion in 2023 and $5.9 billion in 2026. Forbes connects his wealth to real estate, especially high-performing retail centers, and to the broader reach of his company into residential, office, and hospitality properties.

The current Forbes number is higher than those annual list estimates. Forbes' real-time billionaires tracker put him at $7.1 billion as of October 20, 2026. Outside of business, he has stayed active in civic work and public projects. In 2020, he served on White House and state task forces on reopening the economy after Covid-19. In 2025, he also helped launch Steadfast LA to support rebuilding after the Los Angeles wildfires.