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The area burned by Southern California wildfires has increased in recent decades, with implications for human health, infrastructure, and ecosystem management. Meteorology and fuel structure are universally recognized controllers of wildfire, but their relative importance, and hence the efficacy of abatement and suppression efforts, remains controversial. Southern California’s wildfires can be partitioned by meteorology: fires typically occur either during Santa Ana winds (SA fires) in October through April, or warm and dry periods in June through September (non-SA fires). Previous work has not quantitatively distinguished between these fire regimes when assessing economic impacts or climate change influence. Here we separate five decades of fire perimeters into those coinciding with and without SA winds. The two fire types contributed almost equally to burned area, yet SA fires were responsible for 80% of cumulative 1990–2009 economic losses ($3.1 Billion). The damage disparity was driven by fire characteristics: SA fires spread three times faster, occurred closer to urban areas, and burned into areas with greater housing values. Non-SA fires were comparatively more sensitive to age-dependent fuels, often occurred in higher elevation forests, lasted for extended periods, and accounted for 70% of total suppression costs. An improved distinction of fire type has implications for future projections and management. The area burned in non-SA fires is projected to increase 77% (±43%) by the mid-21st century with warmer and drier summers, and the SA area burned is projected to increase 64% (±76%), underscoring the need to evaluate the allocation and effectiveness of suppression investments.