By Meredith
July 18, 2024

Here’s How Many Billionaires You Have in Your State

Have You Heard of These Billionaires?

The United States has more billion-dollar babies than any other country in the world. Are you shocked? Yeah, we’re here perfecting our frugal skills while reading about them. It is what it is. In fact, our record is quite impressive: 813 billionaires throughout the 50 states and Washington D.C.

As some states don’t have any billionaires, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia have more than 100. Here’s how many billionaires there are in your state, and where you can meet them. I’m joking, you probably wouldn’t want to meet them anyway. Also, if you find yourself on this list, make sure you let us know!

Arizona

Arizona has quite an impressive number of billionaires: 11. According to a couple of Redditors, Paradise Valley is the Beverly Hills of Arizona. As a matter of fact, there seems to be a concentrated wealth in that area. Maybe that’s one of the reasons why the state is home to 11 different billionaires, or maybe it just has something to do with the lower taxes.

Arkansas

Arkansas has 6 billionaires for now. And if you wonder why would billionaires exist in Arkansas, we totally get you. But in reality, it’s not that confusing when you remember that that’s the place where the Walton family lives, which are basically the folks who invented Walmart. Jim Walton, Walmart founder Sam Walton’s youngest son, is the richest man in the state.

California

Well, surprise surprise, there are 186 billionaires in California. I know, I know, no one’s shocked to hear that. I mean, California has, by far, the biggest number of billionaires of any other state. It’s the home of a progressive tax system, so if you ever want to become a billionaire, that’s the place to be. I guess more people know that than we’d like to accept.

Colorado

For now, Colorado has 12 billionaires. And if you combine all 12 rich baby’s net worths, the sum will come out to about $50 billion and more, especially since 75% of the state’s billionaires are worth more now than they were years ago.

Connecticut

For now, Connecticut has 13 billionaires. Fifteen of them made it into Forbes’ list of the 400 wealthiest Americans, which I think says quite a lot. The richest of them all is, naturally, the hedge fund manager Steve Cohen, who famously bought the New York Mets back in 2020.

Florida

There are currently 78 billionaires in Florida, which is not such a shameful number, in all honesty. Of course, the weather down there is all nice and cozy, and there are plenty of attractive lifestyles available in the Sunshine State.

However, we are pretty sure the absence of capital gains tax, estate tax, and income tax might have something to do with the surplus of billionaires. After all, the richest of Florida’s billionaires don’t need any introduction unless you’ve lived in a cave and you’ve never heard of Jeff Bezos.

Georgia

There are 18 billionaires in Georgia. The Cathy family rules the roost of the rich in Georgia. If you don’t know anything about the billionaire bursting family by name, you’ve probably heard about that one thing that they founded and it made them so rich, which is Chick-fil-A.

Hawaii

To everyone’s surprise, there are only two billionaires in Hawaii. In all honesty, we are quite baffled that only two decided to make a home out of Hawaii. I mean, if we were to fall on a pile of money, we would be quite tempted to buy an island home, no doubt.

Dissecting even further, the fact that higher earners pay some of the most colossal marginal income tax rates in the entire country explains somehow why Hawaii has become such a billionaire deterrent.

Idaho

There’s only one billionaire in Idaho, and we can’t help but wonder if he feels lonely. His name is Frank Vandersloot, and he managed to make a fortune as a businessman (he is the executive chairman of the online wellness company Melaleuca). He also made the headlines for breaking a world record. In fact, on his 75th birthday, Vandersloot managed to break the world record for indoor rowing using a Concept 2 machine.

Illinois

Illinois has two dozen billionaires and 2 of them even made it into Forbes’ list of the richest people in the world. We are talking about Lukas Walton and Patrick Ryan. Walton is also Walmart’s founder’s grandson, and Ryan is the founder and CEO of a wholesale brokerage and specialty insurance firm in Chicago.

Indiana

There are only 3 billionaires in Indiana, one of them being James Isray, who owns the Indianapolis Colts and lives in Carmel, Indiana, which happens to be one of the wealthiest areas in the United States and the most popular suburb in Indiana.

Iowa

There’s only one billionaire currently living in Iowa. How fitting that Iowa’s only billionaire has farming roots, ain’t that right? Harry Stine, the owner of Stine Seed, is the number one reason why Iowa can say it has a billionaire.

Kansas

There are currently two billionaires in Kansas. In all fairness, if I were a billionaire in Kansas, I would be quite tempted to make my mansion look like Oz. It’s just a thought.

Kentucky

There’s currently one billionaire in Kentucky, Tamara Gustavson. As it turns out, this is the state where it feels right to have a billionaire tied to horses (unless you’ve never heard of the Kentucky Derby). The horse breeder also has a net worth of $7.9 billion.

Louisiana

There’s only one billionaire in Louisiana. As it turns out, it pays to be the founder of a fast food joint, and quite literally so. Raising Cane’s founder and CEO, Todd Graves, is the richest person in Louisiana, as the Bayou State’s only billionaire.

Maine

There’s only one billionaire in Maine, which has quite the reputation of an expensive place to live. Well, as it turns out, billionaires aren’t lining up to live there, obviously. And come to think about it, lobster dinners are a dime a dozen when you’re that filthy reach.

Maryland

Maryland seems to be a bit crowded when it comes to billionaires, or at least compared to the last three states we just mentioned. Its top billionaire is the one and only 93-year-old heir of Lerner Enterprise, which is one of the biggest real estate owners in the D.C. area, Annette Lerner.

Her husband (who unfortunately passed away in 2023) borrowed $250 from her all the way back in 1952, so he can start a company that’s now responsible for her billionaire status.

Massachusetts

It’s quite crowded in Massachusetts as well, since there are no less than 22 billionaires down there. The Boston Billionaires Club also includes bigwigs such as Fidelity Investments CEO Abigail Johnson and the CEO of the New England Patriots, Robert Kraft.

Michigan

As for Michigan, there are currently 11 billionaires living there. They also include folks who founded ginormous companies like Meijer, Quicken Loans, and the Little Caesars.

Minnesota

Minnesota’s tax system is by far one of the most equitable in the United States, but that doesn’t seem to be enough to draw billionaires in troves.

Mississippi

There are only two billionaires in Mississippi, even if they record the highest poverty rates in the United States. The state managed to squeak two very rich people anyway, isn’t that sweet? Thomas Duff, known as the richest man in the poorest state, might even run for governor soon.

Missouri

In Missouri, there are currently 7 billionaires. Some of the most noteworthy also include Johnny Morris, who’s the founder of Bass Pro Shops, and Jack Dorsey, the co-founder of Twitter. Moreover, Dorsey’s friend and co-founder of Square, Jim McKelvey, made it on this list.

Montana

Montana has no more and no less than 4 billionaires, which is not too shabby. But considering the consistent “Yellowstone” boom, we wouldn’t be shocked to find out that the number will increase in the upcoming years.

Nebraska

There are only three billionaires in Nebraska, and you might have heard of the biggest one of them all: Warren Buffett. He has a net worth of almost $138 billion. The Oracle of Omaha is also the seventh-wealthiest in the entire world.

Nevada

There are 17 billionaires in Nevada, so we can’t deny the fact that there’s a certain air of wealth in Las Vegas, that’s quite palpable. Of course, the lack of income tax in the Silver State definitely attracted the billionaires who live there.

New Jersey

There are 5 billionaires in New Jersey, and we honestly expected to see more. Most, if not all of them, live there but commute to New York for work. But when you think about it, it makes a lot of sense, especially since tax laws are friendlier with them in New Jersey.

New York

Now, let’s be honest, we all expected this. Yes, New York has no less than 135 billionaires, but to no one’s surprise, really. In fact, let’s put it this way: one in every 24 New York City residents is a millionaire (although I still have my doubts). Michael Bloomberg is the Big Apple billionaire at the top with a net worth of $104.7 billion.

North Carolina

As for North Carolina, there are only 6 billionaires there. However, the industries responsible for bringing these rich people include tech, gaming, and of course, banking. Among some of the state’s billionaires, there’s Epic Games co-founder and CEO Tim Sweeney. Epic Games is also the name behind the world’s most famous video game Fortnite, which basically explains the fortune.

Ohio

There are 7 billionaires in Ohio, the most notorious of which is Les Wexner. He founded L Brands, which is the company that made Victoria’s Secret and Bath & Body Works.

Oklahoma

There are 8 billionaires in Oklahoma, and if you’re picturing them as cowboys, we’re here to destroy your fantasy. The billion-dollar Okie club is completely exclusive to businessman big wigs such as David Green, the founder and CEO of Hobby Lobby.

Oregon

There are only three billionaires in Oregon, and we’re just as disappointed as you are. Even if there aren’t plenty, those three have quite a household name, including Nike’s Phil Knight and Columbia Sportswear’s Timothy Boyle.

Pennsylvania

Well, Pennsylvania has something to brag about when it comes to billionaires, no doubt. Sports merchandising and team ownership are behind the names of billionaires’ fortunes here. If you’ve ever wondered where the famous Mars family (you know, the people behind those big-name candies like M&Ms and Skittles, and also pet foods like Pedigree) resides, you’ve got your answer.

Rhode Island

Rhode Island has only one billionaire, the one and only founder of Providence Equity Partners, Jonathan Milton Nelson.

South Carolina

South Carolina stands in solidarity with Rhode Island, and that’s why businessman Robert Faith is the only billionaire living there, with a net worth of $5.8 billion.

South Dakota

Well, well, if it isn’t the lonely trio! South Dakota has only one billionaire as well, the founder of First Premier Bank, Thomas Denny Sanford, with a net worth of $2.1 billion.

Tennessee

Tennessee has no less than 11 billionaires. Some of the most famous names include the founding family of Hospital Corp. of America, the owner of the Tennessee Titans, and Frederick W. Smith, the founder of FedEx.

Texas

Now, isn’t it a bit crowded in Texas? I guess it’s fair to say that everything is bigger in Texas, including the number of billionaires, since there are 73! The Lonestar State doesn’t have an income tax, which makes it quite an attractive destination for the rich.

Houston, Dallas, and Austin all make the top 10 for the U.S. cities with the most millionaires. Also, the richest in Texas is none other than the infamous Elon Musk, who happens to be the richest person in the world.

Utah

Utah has only 6 billionaires, one of them being Larry H. Miller’s widow, Gail Miller. Miller formerly owned the Utah Jazz along with her husband, and they managed to gather most of their fortune through their movie theaters and car dealerships.

Virginia

There are currently 7 billionaires in Virginia. SC Johnson, Mars, and AOL are only some of the big-time company names behind Virginia’s richest people.

Washington, D.C.

Well, Washington D.C. is a bit crowded when it comes to rich people since there are 11 of them. It’s also worth mentioning that this number is separate from nearby Virginia and Maryland. Of course, one might assume that none of D.C.’s billionaires are politicians, but instead, they have a bunch of endeavors like owning the Washington Commanders.

Washington

There are currently 13 billionaires in Washington. And since Jeff Bezos’ move to Florida left Bill Gates in the spotlight as the richest billionaire there, we couldn’t help but wonder how much he’s actually worth. Are you curious? Well, let’s say he’s “only” worth $131.7 billion.

Wisconsin

As for Wisconsin, there are only 7 billionaires there, and we truly love how Midwestern the stats are here: the richest person is the one and only John Menard Jr., who is also the founder and owner of home improvement chain Menards.