Born in Istanbul to a Russian-Jewish family, Riklis grew up in Tel Aviv, and attended the Herzliya Hebrew Gymnasium high school; before coming to the United States in 1947 with his first wife, Judith Stern, with whom he had three children.

Tracing the history of Rapid American Corporation[2] and its renamed form Glen Alden Corporation, one can find the succession of acquisitions Riklis used to create his financial empire, including; McCrory Stores, Leeds Travelware,[3] Gruen Watch Company, Elizabeth Arden cosmetics, Aunt Nellie's Farm Kitchens, Bargain Time, Beatrice Foods, Canadian retailer Dylex, Culligan International, Fabergé Cosmetics, J. J. Newberry stores, Lerner Shops, Lawry's Meat Specialties, Martha White Foods, Odd Lot Trading, International Playtex, the Riviera hotel and casino in Las Vegas, RKO-Stanley Warner Theatres, Samsonite, and Schenley Industries, the one-time American distributor of Dewar's whisky.

"[5] At the height of his financial success, he claimed in an interview with the Los Angeles Times to have had a reported net worth of a "billion dollars.

[9] In the early 1980s, he hired Jeffrey Silver and then Boston accountant, Arthur Waltzman, to take over as CEO of his then struggling Vegas landmark Riviera Hotel and Casino and rescue it from Chapter 11 bankruptcy.

[citation needed] He also brought on board 25-year Playboy Enterprises executive, Sam Distefano to head the resort's entertainment department and personally hire its celebrity headliners for over ten years.

[11] In March 2013, Riklis filed for bankruptcy protection for Rapid-American Corp because of asbestos related personal injury claims brought against Rapid American through their subsidiary Philip Carey Manufacturing.