There are billionaires in 42 of the 50 states of the United States. The combined wealth of each country’s richest people is $1.4 trillion.
There’s a good probability that a millionaire lives nearby if you’re in the US. 748 members of the three-comma club were located in America, spread out among 42 of the 50 states, according to Forbes’ annual list of the world’s billionaires.
These billionaires made their money in a variety of industries, including video gaming and agriculture. Although they are spread out throughout states like Arizona and Wyoming, the majority of them dwell in one of just four states: California (which has 186 billionaires as citizens), New York (135), Florida (78), and Texas (67).
Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia are the only eight states without a single billionaire resident. Only one billionaire lives in the remaining eight. Needless to say, Idaho, Iowa,Louisiana, Kentucky, Rhode Island, Maine, South Carolina, and South Dakota had little competition to make this list.
The wealthiest billionaire in each U.S. state is listed below:
Arizona | Ernest Garcia II
Garcia’s fortune is derived from Carvana, a used-car and auto loan marketplace launched online by his son, fellow billionaire Ernest Garcia III, of Arizona, in 2012. They went public with the business in 2017, and it currently has a market value of over $20 billion.
Arkansas | Jim Walton
Walmart is a wealth creator.
He serves as the chairman of Arvest Bank, which the Walton family owns for $27 billion in assets. Sam Walton founded Walmart. With an estimated net worth of $65 billion, his brother Rob, a former chairman of Walmart, is right behind him as the second-richest person in the state.
California | Larry Page
CITY: PALO ALTO
NET WORTH: $111 BILLION
SOURCE OF WEALTH: TECHNOLOGY
The Google cofounder replaced Meta founder Mark Zuckerberg as California’s richest person, passing the distinction from one tech billionaire to another. Page is still a board member and the controlling shareholder of Alphabet, despite having resigned as CEO in 2019.
Colorado | Philip Anschutz
NET WORTH: $10.9 BILLION
Through decades of investments in the oil, railroad, telecom, real estate, and entertainment industries, Anschutz amassed a substantial fortune. He no longer controls the Los Angeles Kings of the NHL or all of the Los Angeles Galaxy soccer team, but he did sell his minority share in the Los Angeles Lakers in July 2021.
Connecticut | Ray Dalio
NET WORTH: $22 BILLION
SOURCE: FINANCE & INVESTMENTS
From modest origins on Long Island in New York, Dalio went on to found Bridgewater Associates, the largest hedge fund company in the world, which today oversees around $154 billion in assets. In 2017, Dalio resigned as co-CEO of the Connecticut-based company, but he continues to serve as co-chairman and co-chief investment officer.
Florida | Thomas Peterffy
CITY: PALM BEACH
NET WORTH: $20.1 BILLION
SOURCE: DISCOUNT BROKERAGE
Peterffy founded and now serves as chairman of Interactive Brokers, a niche trading platform he founded in 1993. The self-made billionaire owns nearly 500,000 acres of land around the Sunshine State, making him not just Florida’s richest inhabitant but also its largest landowner.
Georgia | Bernard Marcus
NET WORTH: $8.7 BILLION
SOURCE: HOME DEPOT
One of three billionaires who have made a fortune from the home improvement company is Marcus, who cofounded Home Depot in 1978. This year, he surpassed Jim Kenndy, the heir to Cox Enterprises, as the richest Georgian.
Hawaii | Larry Ellison
NET WORTH: $106 BILLION
The 90,000-acre island of Lanai, which the co-founder, chairman, and chief technology officer of Oracle purchased for $300 million in 2012, will be the location of his official relocation in 2020. Now, the software magnate only has to contend with one other well-known billionaire from Hawaii: Pierre Omidyar, the inventor of eBay, whose wealth is only roughly one-tenth that of Ellison.
Idaho | Frank VanderSloot
CITY: IDAHO FALLS
NET WORTH: $2.9 BILLION
SOURCE OF WEALTH: NUTRITION, WELLNESS PRODUCTS
Melaleuca is a self-branded “wellness company” that sells more than 450 items, from eco-friendly household cleansers to dietary supplements, and was founded and is controlled by VanderSloot. Every July 4th, he is reputed to put on a big fireworks display in his hometown of Idaho Falls.
Illinois | Ken Griffin
NET WORTH: $27.2 BILLION
SOURCE OF WEALTH: HEDGE FUNDS
Griffin established the market maker Citadel Securities, which is in charge of one out of every five stock deals in the United States, and the Chicago-based hedge fund Citadel. He made a combined offer in March 2022 with the Chicago Cubs’ owners, the Ricketts family, to buy the Chelsea Football Club stock held by the troubled Roman Abramovich.
Indiana | Carl Cook
NET WORTH: $11.1 BILLION
SOURCE OF WEALTH: MEDICAL DEVICES
Cook is the CEO of Cook Group, a medical equipment company that his parents founded in 1963 in an apartment in Bloomington. The company sold catheters, dilators, stents, and other medical devices in 2021, bringing in close to $2.5 billion in revenue.
Iowa | Harry Stine
NET WORTH: $6.9 BILLION
SOURCE OF WEALTH: AGRICULTURE
Stine, an Iowa farmer’s son, was enamoured with seeds from a young age. Later, he channelled that ambition into Stine Seed, where he amassed wealth by selling maize and soybean genetics to large corporations.
Kansas | Charles Koch
NET WORTH: $60 BILLION
SOURCE OF WEALTH: KOCH INDUSTRIES
The Kansas native has been in charge of Koch Industries, the second-largest private firm in the United States (by revenue), for many years. The manufacturer of Dixie cups and other home goods has faced criticism for its decision to keep operating in Russia despite the conflict with Ukraine.
Kentucky | Tamara Gustavson
NET WORTH: $8.5 BILLION
SOURCE OF WEALTH: SELF STORAGE
Gustavson owns an 11% share in Public Storage, which her father, B. Wayne Hughes, who passed away in August 2021, cofounded in 1972. She is the owner of Lexington, Kentucky’s finest thoroughbred breeding facility, Spendthrift Farm.
Louisiana | Gayle Benson
CITY: NEW ORLEANS
NET WORTH: $3.8 BILLION
SOURCE OF WEALTH: PRO SPORTS TEAM
Benson, one of the most influential women in professional sports, is the primary owner of the NBA’s New Orleans Pelicans and the NFL’s New Orleans Saints. After her husband Tom Benson passed away in 2018, she took over management of the teams, which led to a long-running argument that has finally been settled among Tom’s family.
Maine | Susan Alfond
NET WORTH: $2.8 BILLION
SOURCE OF WEALTH: SHOES
Alfond and her three siblings received the benefits of the shoe business their late father started. In 1993, Harold Alfond gave Warren Buffet $420 million worth of then-valuable Berkshire Hathaway stock in exchange for the sale of the Dexter Shoe Company.
Maryland | Stephen Bisciotti
NET WORTH: $5.9 BILLION
SOURCE OF WEALTH: STAFFING, BALTIMORE RAVENS
The owner of the Baltimore Ravens has reclaimed his position as Maryland’s richest person after being surpassed by Danaher Chairman Mitchell Rales last year. The majority of the United States’ largest staffing company, Allegis Group, which Bisciotti founded with his millionaire cousin Jim Davis in a basement in 1983, is where Bisciotti derives his wealth.
Massachusetts | Abigail Johnson
NET WORTH: $21.2 BILLION
SOURCE OF WEALTH: MONEY MANAGEMENT
Since 2014, Johnson has led Fidelity Investments, one of the biggest asset managers in the world. She reportedly owns 24.5% of the massive mutual fund company that her grandpa Edward Johnson II founded in 1946.
Michigan | Daniel Gilbert
NET WORTH: $22 BILLION
SOURCE OF WEALTH: QUICKEN LOANS
Gilbert, a seasoned businessman, cofounded Rocket Companies, the biggest mortgage lender in the United States, in 1985 when he was just 22 years old. Rocket Companies has a market capitalization of $22 billion. More recently, he participated in the $3.8 billion online sneaker sale platform StockX’s launch.
Minnesota | Glen Taylor
NET WORTH: $2.5 BILLION
SOURCE OF WEALTH: PRINTING
For $2 million, Taylor acquired a wedding planning company in 1975, transforming it into Taylor Corp., one of the biggest private businesses in the country. Aside from the Timberwolves of the NBA, the Lynx of the WNBA, and Minnesota United FC of soccer, the billionaire from Minnesota also has ownership interests in these organisations.
Mississippi | James Duff and Thomas Duff
NET WORTH: $2 BILLION EACH
SOURCE OF WEALTH: TIRES, DIVERSIFIED
The Duff brothers transformed their father’s failing tyre company into a $3.5 billion (in sales) empire. At least 18 businesses, including the construction company T.L. Wallace Construction and the trucking company KLLM, are now owned and operated by them under the Duff Capital Investors brand.