Rick Joseph Caruso (born January 7, 1959, in Los Angeles, California) is an American billionaire businessman, philanthropist, and civic leader. The son of Italian immigrants, he earned a BA in political science (1980) and a JD (1983) from the University of Southern California. After briefly practicing law, he founded Caruso Affiliated (later Caruso) in 1987, a prominent real estate development company specializing in upscale retail and mixed-use properties such as The Grove in Los Angeles and The Americana at Brand in Glendale. He served as CEO until 2022, building a portfolio of luxury shopping centers, residential communities, and office spaces across Southern California, contributing to an estimated net worth over $5 billion. Caruso also served as President of the Los Angeles Police Commission (2001–2006) and on the Board of Water and Power Commissioners (appointed 2017). A longtime USC trustee, he has chaired the board since 2018. Politically active, he was a Republican donor who has supported Democratic candidates, but he re-registered as a Democrat in January 2022 prior to his mayoral run. He ran for mayor of Los Angeles in 2022, advancing to the general election but losing to Karen Bass. His philanthropic work is channeled through the Caruso Family Foundation, focusing on education, healthcare, and the arts. He has faced criticism over gentrification, labor practices, and political positioning. Caruso was married to Karla (deceased 2018) and has four children. He resides in the Los Angeles area. Additional notable developments include the Palisades Village in Pacific Palisades and the planned Miramar Beach Resort in Montecito. He previously served as Chairman of the USC Board of Trustees from 2018 to 2023.