Pacific Palisades Has 3 Connections to Forbes 400

Three billionaires on the latest Forbes 400 list of the wealthiest people in America have a direct connection to Pacific Palisades.

At 206 is filmmaker Steven Spielberg, 70, who has lived in the Palisades Riviera neighborhood for decades. Forbes calculated that he has a net worth of $3.6 billion, down a billion from a year ago.

Evan Spiegel, 27, who grew up in the Palisades and co-founded the popular social media app Snapchat, is the youngest member on the list with a net worth of $3.1 billion. He is tied at 248 with President Donald Trump.

Rick Caruso
Photo: Bart Bartholomew

Developer Rick Caruso is ranked 179 with $3.9 billion. He lives in Brentwood, but will add to his fortune when his Palisades Village project opens in the Palisades in 2018.

In order to make the Forbes magazine list, released on Oct. 17, one had to be worth $2 billion, up from $1.7 billion in 2016.

The five wealthiest people remained in the same order as a year ago : 1.) Bill Gates $89 billion (up $8 billion); 2.) Jeff Bezos $81.5 billion (up $14.5 billion); 3.) Warren Buffet $78 billion (up $12.5 billion); 4.) Mark Zuckerberg $71 billion (up $15.5 billion); and 5.) Larry Ellison $59 billion (up $9.7 billion).

Four of these men built their wealth in the technology industry: Gates with Microsoft, Bezos with Amazon, Zuckerberg with Facebook and Ellison with Oracle. The “outsider” is Buffett, a wily investor who runs Berkshire Hathaway, which owns more than 60 businesses.

Thirty-eight Southern California residents made the list, led by Tesla Motors founder Elon Musk, 46, who is number 21 with $20.8 billion. He is followed by real estate developer Donald Bren, ranked 28 with $16.3 billion.

President Trump’s fortune fell by $600 million this past year, largely due to “a weakening in the New York retail and office real estate market,” Forbes reported.

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