In recent decades, income inequality in the United States has taken a sharp turn for the worse. According to the Institute for Policy Studies, the net worth of the 20 wealthiest living Americans is equal to that of more than 50% of the U.S. population.

In some states, the net worth of the wealthiest resident is greater than half of the state’s entire GDP. In many cases, the fortune of a state’s wealthiest resident, whether self-made or inherited, was generated in an industry specific to the state. In most states, the wealthy have an outsized influence on the area in which they live, either through philanthropy, political campaign contributions, or other local business endeavors.

A state’s leading billionaire is often representative of a state’s key industry. In California, for example, Silicon Valley tech billionaires dominate the list of the state’s wealthiest residents, with Facebook founder Mark Zuckerberg leading the pack.

Jim Justice II, the leading billionaire of West Virginia — the second largest coal producer in the country — owes his fortune in the state’s coal industry. Sheldon Adelson, the wealthiest resident in Nevada, made his fortune in the casino and resort industry; and the wealthiest residents of New Mexico and Oklahoma — two of the top five oil producers in the United States — made their fortunes in oil.

A large number of America’s wealthy elite inherited their fortunes. According to a study by market research company Wealth X in collaboration with The Wall Street Journal, approximately 20% of American billionaires achieved their wealth through inheritance and have done nothing to increase it. Another 18% of billionaires inherited some of their fortune and took actions to successfully increase their wealth, with the remaining 62% of qualifying as fully self-made billionaires.

24/7 Wall St. reviewed the Forbes 400 list of the wealthiest living Americans and other sources to determine the richest person every state.

Editor’s note: In an earlier version of this article, Omaha was incorrectly referred to as the capital of Nebraska. The capital of Nebraska is Lincoln.

Click here to see the full list of the richest person in every state.
Click here to see our detailed findings and methodology.

1. Alabama
> Richest person: Jimmy Rane
> Est. net worth: $700 million
> Resides: Abbeville

Lumber magnate Jimmy Rane, who advertises his company Great Southern Wood Preserving by posing as his alter ego Yella Fella, recently took over as Alabama’s wealthiest person. Rane, whose net worth is estimated at $700 million, continues to live in his small hometown of Abbeville and has made it a personal mission to revitalize the town.

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2. Alaska
> Richest person: Jonathan Rubini and Leonard Hyde
> Est. net worth: $340 million
> Resides: Anchorage

Jonathan Rubini and Leonard Hyde are two of Alaska’s biggest names in real estate. The men share ownership of their company, JL Properties, which owns many properties in Anchorage, including the state’s tallest, the ConocoPhillips Tower.

3. Arizona
> Richest person: Mark Shoen
> Est. net worth: $3.2 billion
> Resides: Phoenix

Mark Shoen, one of the heirs of the U-Haul empire, is the richest person in Arizona, surpassing Discount Tire founder Bruce Halle, who passed away in early January. Shoen is one of five heirs to U-Haul’s parent company, Amerco, and he owns 22% of the company.

4. Arkansas
> Richest person: Jim Walton
> Est. net worth: $48.8 billion
> Resides: Bentonville

Jim Walton — the youngest son of Sam Walton, founder of Walmart — is one of the many heirs to the retail giant’s fortune. He also has a slightly larger stake in the company than the other heirs, making him the richest person in the state. Sam lives in Bentonville, the Arkansas home of the largest company in the world by revenue.

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5. California
> Richest person: Mark Zuckerberg
> Est. net worth: $77.7 billion
> Resides: Palo Alto

California, which is home to many of the country’s tech empires, is also home to a number of hyper-rich residents, including Oracle’s Larry Ellison, Google’s Larry Page and Sergey Brin, and Tesla’s Elon Musk. However, each of their net worths is at least $20 billion short of the largest estate in the state — the one belonging to Facebook founder and CEO, 33-year-old Mark Zuckerberg.

6. Colorado
> Richest person: Charles Ergen
> Est. net worth: $14.5 billion
> Resides: Denver

Dish co-founder and CEO Charles Ergen is the wealthiest person in Colorado. While Dish’s satellite subscription rates are down, the company’s wireless spectrum licences operations has shown promise, which could improve Ergen’s net worth in the long-term.

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7. Connecticut
> Richest person: Ray Dalio
> Est. net worth: $17 billion
> Resides: Greenwich

Ray Dalio is the founder of Connecticut’s Bridgewater Associates, the largest hedge fund in the world based on assets managed. Many of Connecticut’s other wealthy residents owe their wealth to hedge funds, including SAC Capital head Steve Cohen, who was hit with a two-year ban from managing money after an insider trading allegation.

8. Delaware
> Richest person: Robert Gore & Elizabeth Snyder
> Est. net worth: $720 million
> Resides: Newark & Wilmington

One of the country’s least populous states, Delaware is not home to any billionaires, and brother and sister Elizabeth Snyder and Robert Gore tie as the state’s wealthiest person. The two share in the Gore-Tex fortune founded by their parents. Robert, working as a chemical engineer, invented the waterproof material used in Gore-Tex apparel.

9. Florida
> Richest person: Thomas Peterffy
> Est. net worth: $20.9 billion
> Resides: Palm Beach

Florida’s wealthiest resident is Thomas Peterffy, the chairman of Interactive Brokers. Peterffy is best known for his hand in popularizing digital high-speed trading. Peterffy lives in Palm Beach, where he recently helped open a high-end, members-only medical center, one of the first of its kind. Peterffy invested $5 million in the project, a drop in the bucket of his estimated $20.9 billion net worth.

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10. Georgia
> Richest person: Jim Kennedy
> Est. net worth: $13.1 billion
> Resides: Atlanta

Georgia is home to Atlanta Billionaire Jim Kennedy, who inherited the Cox Enterprises empire. The company, which his grandfather founded in 1898, includes cable television company Cox Communications, as well as a number of other properties spanning television, newspaper, and the internet.

11. Hawaii
> Richest person: Pierre Omidyar
> Est. net worth: $11 billion
> Resides: Honolulu

The founder of auction website eBay, Pierre Omidyar, first became a billionaire in 1998 at the age of 31 when the company went public. Twenty years later, Omidyar has an estimated net worth of $11 billion. Omidyar spent several years as a youth in Hawaii, and he moved back to Honolulu in 2006. The multi-billionaire has invested millions in various business and philanthropic projects throughout the islands, focusing in areas such as local food production, renewable energy, and waste reduction.

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12. Idaho
> Richest person: Frank VanderSloot
> Est. net worth: $2.7 billion
> Resides: Idaho Falls

Idaho’s richest person is Frank VanderSloot, the founder and long-time head of pharmaceutical company Melaleuca. VanderSloot has helmed the company since he started it in 1985. Melaleuca now reports annual revenue of over $2 billion, which is about the same as VanderSloot’s estimated net worth.

13. Illinois
> Richest person: Ken Griffin
> Est. net worth: $8.8 billion
> Resides: Chicago

Ken Griffin founded global investment fund Citadel in 1990. With an estimated net worth of $8.8 billion, Griffin is the richest person in Illinois and one of the 100 wealthiest people in the United States. Last November, the multi-billionaire also made the most expensive home purchase in Chicago’s history, buying the top four floors of the No. 9 Walton building in the city’s Gold Coast neighborhood for $58.5 million.

14. Indiana
> Richest person: Carl Cook
> Est. net worth: $8.7 billion
> Resides: Bloomington

Bloomington’s Carl Cook is the CEO of Cook Group, a long-time maker of medical equipment. The company specializes in devices used in minimally-invasive surgery such as stents and filters. Carl inherited control of Cook Group from his parents, William and Gayle Cook, who founded the company. With a net worth of $8.7 billion, Cook is the wealthiest person in the state by a wide margin. The next wealthiest, real estate magnate Herbert Simon, has a net worth of $2.8 billion.

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15. Iowa
> Richest person: Harry Stine
> Est. net worth: $4.1 billion
> Resides: Adel

With an estimated net worth of $4.1 billion, Harry Stine is the wealthiest person in Iowa. Stine made his fortune in the state’s substantial corn and soybean industries. The Stine Seed Company — originally founded in the 1950s by Stine’s father as Stine Seed Farm — today owns hundreds of patents in soybean and corn genetics and does over $1 billion in sales annually. Stine still resides with his family in Adel, where his grandparents first moved in the late 1800s.

16. Kansas
> Richest person: Charles Koch
> Est. net worth: $50.9 billion
> Resides: Wichita

Kansas’ Charles Koch, one of the two Koch brothers, made his fortune building and running Koch Industries, which operates in everything from paper products to chemical manufacturing to oil pipelines. The Koch brothers are known for their avid participation in the American political system and for their financial support of conservative candidates.

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17. Kentucky
> Richest person: B. Wayne Hughes
> Est. net worth: $2.6 billion
> Resides: Lexington

B. Wayne Hughes founded Public Storage in 1972, and is today he is the wealthiest person in Kentucky with an estimated net worth of $2.6 billion. Public Storage now has more than 2,300 locations throughout the United States and is the largest self-storage brand in the country. Hughes purchased Spendthrift Farm in Lexington in 2004. The farm has raised nine Kentucky Derby champions. Hughes is also one of the top conservative political donors in the state.

18. Louisiana
> Richest person: Tom Benson
> Est. net worth: $2.8 billion
> Resides: New Orleans

Tom Benson made his fortune in auto dealerships in the New Orleans area. The 90-year-old has been the long-time owner of the NFL’s New Orleans Saints, which he purchased in 1985, and of the NBA’s New Orleans Pelicans, which he bought in 2012.

19. Maine
> Richest person: Susan Alfond
> Est. net worth: $1.4 billion
> Resides: Scarborough

Susan Alfond is the heiress to the Alfond family fortune. Alfond’s father founded the Dexter Shoe Company, which he sold to Warren Buffett for $433 million in Berkshire Hathaway stock in 1993. While the deal turned sour for Buffett when the company was besieged by cheap imports and foreign competition, the Alfonds have since made billions in appreciating Berkshire Hathaway stock. Susan Alfond shares the family fortune with her three brothers and co-inheritors, Ted, Peter, and Bill.

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20. Maryland
> Richest person: Ted Lerner
> Est. net worth: $5 billion
> Resides: Chevy Chase

Maryland’s Ted Lerner has been one of the biggest names in real estate for decades, getting his start in in 1952 selling homes, and eventually moving into large-scale development. The Chevy Chase resident now has a net worth estimated at $5 billion. In 2006, Lerner won the bid to acquire the MLB’s Washington Nationals.

21. Massachusetts
> Richest person: Abigail Johnson
> Est. net worth: $19.3 billion
> Resides: Milton

With an estimated net worth of $19.3 billion, Abigail Johnson is the wealthiest person in Massachusetts and the fourth wealthiest woman in America. Johnson is current owner of mutual fund group Fidelity Investments. In 2014, Johnson took over as CEO of the firm — which today manages some $2.3 trillion in assets. Johnson’s siblings and co-heirs to the family fortune, Elizabeth Johnson and Edward Johnson IV, are also billionaires.

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22. Michigan
> Richest person: Hank & Doug Meijer
> Est. net worth: $9.5 billion
> Resides: Grand Rapids

The heirs and co-chairmen of Michigan-based grocery chain Meijer, Hank and Doug Meijer, are the wealthiest people in the state. Meijer, which was founded in 1934 by the Meijers’ grandfather Hendrik Meijer, has over 200 locations throughout the Midwest. With an estimated net worth of $9.5 billion each, the Meijer brothers beat out other wealthy Michiganians such as Quicken Loans founder Daniel Gilbert and Little Caesars co-founder Marian Ilitch for the title of wealthiest person in the state.

23. Minnesota
> Richest person: Whitney MacMillan
> Est. net worth: $6.4 billion
> Resides: Minneapolis

With an estimated net worth of $6.4 billion, Whitney MacMillan is the wealthiest person in Minnesota. MacMillan is the former CEO of Cargill and the great-grandson of William W. Cargill, who founded the company in 1865 as a small grain storage operation. Today, Cargill is the largest private company in the United States, with $109.7 billion in revenue. Other billionaire Minnesota residents include printing magnate Glen Taylor and broadcasting mogul Stanley Hubbard.

24. Mississippi
> Richest person: Leslie Lampton
> Est. net worth: $760 million
> Resides: Jackson

Leslie Lampton is the founder and owner of oil refining company Ergon, Inc. The company, based in Jackson, began as a petroleum retailer with just two employees, has since expanded into a number of petroleum-related enterprises with a workforce of more than 2,300.

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25. Missouri
> Richest person: Stanley Kroenke
> Est. net worth: $8.1 billion
> Resides: Columbia

As a real estate developer and the husband of Walmart heiress Ann Walton Kroenke, Stan Kroenke has been able to amass a large fortune from developing the plazas near surrounding many Walmart stores. Kroenke also owns a number of professional sports teams, including the Los Angeles Rams, the Denver Nuggets, and Arsenal Football Club. With an estimated net worth of $8.1 billion, Kroenke beats out other wealthy Missourians such as Cargill heiress Pauline MacMillan Keinath and Bass Pro Shops founder John Morris as the state’s richest resident.

26. Montana
> Richest person: Dennis Washington
> Est. net worth: $6.1 billion
> Resides: Missoula

With an estimated net worth of $6.1 billion, Dennis Washington is the wealthiest person in Montana. Through Washington Companies, a company and owned by Washington, he owns a diversified group of businesses that span several industries such as shipping, rail transport, and diamond mining. Despite living in landlocked Montana, Washington owns four boats and once spent an estimated $250 million on renovations for his yacht Attessa IV.

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27. Nebraska
> Richest person: Warren Buffett
> Est. net worth: $92.1 billion
> Resides: Omaha

One of the most successful investors in history, Warren Buffett is worth an estimated $92.1 billion. The Oracle of Omaha is not only the wealthiest person in Nebraska, but also the richest person in America. Buffett is the chairman and CEO of Berkshire Hathaway, a conglomerate that wholly owns more than 60 companies, including Geico, Duracell, and Kraft Heinz. Berkshire Hathaway’s holdings include significant minority stakes in major companies such as American Express, The Coca-Cola Company, Wells Fargo, and IBM. Buffett was born in Omaha in 1930 and has lived there with his family continuously since 1956. He continues to be a boon to the area’s economy and cultural relevance.

28. Nevada
> Richest person: Sheldon Adelson
> Est. net worth: $41.5 billion
> Resides: Las Vegas

With an estimated net worth of $41.5 billion, Sheldon Adelson is the wealthiest person in Nevada and one of the 20 wealthiest people in America. Adelson is the founder, chairman, and CEO of Las Vegas Sands, one of the largest casino and resort companies in the world. Adelson is a major political donor — he has contributed more than $80 million to Republican and conservative politicians — more than any other U.S. citizen.

29. New Hampshire
> Richest person: Andrea Reimann-Ciardelli
> Est. net worth: $1.1 billion
> Resides: Hanover

Andrea Reimann-Ciardelli is a descendant of Ludwig Reimann, who in 1828 joined Johann Adam Benckiser as a partner in his chemical company. Now known as JAB Holding Company, the family business has since expanded into consumer goods and today owns such major brands as Coty, Keurig, and Panera Bread. Two decades after inheriting an 11.1% stake in the company, Reimann-Ciardelli sold her JAB stake for approximately $1 billion in 2003.

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30. New Jersey
> Richest person: Donald Newhouse
> Est. net worth: $13.1 billion
> Resides: Somerset County

Donald Newhouse is owner and president of media company Advanced Publications. The company’s properties include The New Yorker, Vanity Fair, and Reddit. Newhouse inherited Advanced Publications from his late father, who founded the company in 1922 — one of his first purchases was of a controlling interest in the Staten Island Advance. With an estimated net worth of $13.1 billion, Newhouse beats out other Garden State billionaires such as investors John Overdeck, Peter Kellogg, and Leon Cooperman for the title of wealthiest person in New Jersey.

31. New Mexico
> Richest person: Mack C. Chase
> Est. net worth: $700 million
> Resides: Artesia

Mack C. Chase is an oil and gas tycoon based in Artesia, New Mexico. Chase began working in the oil industry at age 14 in 1945, and started his own oil drilling business in 1968. While the Mack Energy Corporation has since expanded its operations to Texas and other parts of New Mexico, the company’s headquarters remain in Artesia, where Chase grew up. Through the Chase Foundation, Chase has donated millions to Artesia’s schools, students, athletic fields, health care facilities, and downtown area. Chase’s contributions to the town are memorialized in a bronze statue of the multi-millionaire at the intersection of 6th and W Main St. in downtown Artesia.

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32. New York
> Richest person: Michael Bloomberg
> Est. net worth: $52.7 billion
> Resides: New York

New York is home to dozens of billionaires, including eight with at least $10 billion in net worth, and at the top of this group is investor, media mogul, and former New York mayor Michael Bloomberg. In 1981, Bloomberg started his investing media company, which also provides trading terminals to businesses and investors. Bloomberg was able to leverage his fame and wealth in the New York area to win a bid for city mayor in 2002, and he served for three terms.

33. North Carolina
> Richest person: James Goodnight
> Est. net worth: $10.7 billion
> Resides: Cary

With an estimated net worth of $10.7 billion, James Goodnight is the wealthiest person in North Carolina and the 48th wealthiest person in America. Like many in the Research Triangle area, Goodnight made his fortune in the software industry. Goodnight founded analytics software firm SAS with a fellow NC State University faculty member in 1976. The company has since grown from $138,000 in annual revenue to $3.2 billion. SAS has more than 14,000 employees worldwide, and is currently the largest employer in Cary, accounting for 6% of the town’s total workforce.

34. North Dakota
> Richest person: Gary Tharaldson
> Est. net worth: $900 million
> Resides: Fargo

North Dakota is home to no billionaires, but Gary Tharaldson, the Fargo-based builder and operator of hundreds of hotels across the country through Tharaldson Companies, is the closest to a 10-figure net worth of anyone in the state. Tharaldsen, now 72, continues to work at his company’s offices in Fargo, building at a rate of 20 hotels every 15 months.

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35. Ohio
> Richest person: Les Wexner
> Est. net worth: $6.1 billion
> Resides: New Albany

Les Wexner is the founder and CEO of L Brands, a fashion retailer whose flagship brands include Victoria’s Secret and Bath & Body Works. Wexner opened his first clothing store in the Kingsdale Shopping Center in Upper Arlington in 1963, making $473 in sales on opening day. Today L Brands sells $12.6 billion in retail goods across 3,074 stores around the world a year. As a major philanthropist, Wexner has donated millions to Ohio State University, the area’s Jewish community through the Wexner Foundation, and various other Ohio non-profits. Other Ohio billionaires include San Francisco 49ers owner Denise York and pet food magnate Clayton Mathile.

36. Oklahoma
> Richest person: Harold Hamm
> Est. net worth: $16.2 billion
> Resides: Oklahoma City

LIke a majority of billionaires in Oklahoma, Harold Hamm made his fortune in the oil and gas industry. After going to work in the oil fields as a young man, Hamm founded Continental Resources at the age of 21. Recently, Hamm and his company spearheaded the development of the Bakken oil formation, leading to the North Dakota oil boom and the creation of millions of energy jobs. While Hamm’s wealth fluctuates wildly with the price of oil, his current net worth is estimated at $16.2 billion, the most of any person in Oklahoma and the 31st highest net worth of any living American.

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37. Oregon
> Richest person: Phil Knight
> Est. net worth: $30.1 billion
> Resides: Hillsboro

Oregon’s Phil Knight is the state’s wealthiest resident, and has left a permanent mark on his home state. Knight, who ran track at the University of Oregon, eventually founded, with his former coach, the company that would become footwear behemoth Nike. Today Nike is one of the largest employers in Oregon. Knight is also one of the state’s biggest philanthropists, having given more than $1.5 billion to the University of Oregon and Oregon Health & Science University. Knight’s net worth is estimated at just over $30 billion, about 14 times the net worth of the state’s next wealthiest resident, Columbia Sportswear CEO Timothy Boyle.

38. Pennsylvania
> Richest person: Mary Alice Dorrance Malone
> Est. net worth: $3.4 billion
> Resides: Coatesville

Mary Alice Dorrance Malone is the granddaughter of John T. Dorrance and the heiress of the Campbell Soup Company fortune. John T. Dorrance transformed Campbell’s when he invented its famous condensed soup formula in 1897; he took over the company as owner and president roughly two decades later. Dorrance Malone currently sits on the board of Campbell’s. As the largest shareholder of the Campbell Soup Company — a 17% stake worth over $3 billion — Dorrance Malone is wealthier than fellow Pennsylvanian billionaires such as tobacco magnate John Middleton and e-commerce giant Michael Rubin.

39. Rhode Island
> Richest person: Jonathan Nelson
> Est. net worth: $2 billion
> Resides: Providence

Providence, Rhode Island resident Jonathan Nelson is the founder and CEO of Providence Equity. The company owns stakes in over 160 companies, including part of the Spanish-language channel Univision.

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40. South Carolina
> Richest person: Anita Zucker
> Est. net worth: $3.9 billion
> Resides: Charleston

Anita Zucker is CEO and chairwoman of the Charleston-based InterTech Group, a family-owned chemical manufacturing company. Zucker took over the position after her husband Jerry Zucker, who founded InterTech Group, passed away in 2008. In addition to her work, Zucker is also a noted philanthropist, giving millions of dollars to various educational causes throughout her home state of South Carolina.

41. South Dakota
> Richest person: T. Denny Sanford
> Est. net worth: $2.2 billion
> Resides: Sioux Falls

T. Denny Sanford made much of his fortune with First Premier Bank, which offers credit cards to customers who may be too high of a risk for other banks. The bank was later acquired by United National Corporation and Sanford is its CEO. Sanford has committed much of his immense wealth to improving the lives of children in and around South Dakota. He has donated hundreds of millions of dollars to children’s hospitals and medical schools in the Midwest. It is estimated that Sanford has donated more than $1.6 billion.

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42. Tennessee
> Richest person: Thomas Frist, Jr.
> Est. net worth: $9.9 billion
> Resides: Nashville

Thomas Frist, Jr. founded Hospital Corporation of America with his father, Thomas Frist, Sr. in 1968. Today, the company owns dozens of hospitals in the United States and the UK. HCA has paid out hundreds of millions of dollars in lawsuit settlements in the past few years. The company paid shareholders $215 million in 2011 because it failed to disclose before going public in 2011 that its hospitals performed unnecessary surgery. It will also pay a Kansas City foundation $188 million for breach of contract.

43. Texas
> Richest person: Alice Walton
> Est. net worth: $48.5 billion
> Resides: Fort Worth

The daughter of the late Sam Walton, the founder of Walmart and Sam’s Club, Alice Walton is the wealthiest person in Texas and the 13th wealthiest person in America. Unlike her brothers Rob and Jim, who reside in Arkansas near the company’s headquarters, Alice Walton has not served on Walmart’s board or executive team. Walton opened the Crystal Bridges Museum of American Art in her hometown of Bentonville, Arkansas in 2011, and the value of her personal art collection is estimated at hundreds of millions of dollars.

44. Utah
> Richest person: Gail Miller
> Est. net worth: $1.2 billion
> Resides: Salt Lake City

Gail Miller is the head of the Larry H. Miller Group, which she started with her late husband, Larry. The group owns a wide variety of companies, including car dealerships and theater complexes. Also, Miller is the long-time owner of the state’s only big sports franchise, the NBA’s Utah Jazz. Miller recently placed ownership of the Jazz in the hands of a trust, to make sure the team remains in-state for the foreseeable future, but she and her family will continue to oversee operations.

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45. Vermont
> Richest person: John Abele
> Est. net worth: $625 million
> Resides: Shelburne

Though John Abele is retired, he still has a small stake in Boston Scientific, a medical device company he co-founded in 1979. Abele was once a billionaire, but he donated much of his wealth, leaving him with $625 million. Abele and his family have provided more than $100 million worth of grants to nonprofit organizations.

46. Virginia
> Richest person: Jacqueline Mars
> Est. net worth: $28.2 billion
> Resides: The Plains

Jacqueline Mars, heiress to the candy company Mars, Inc. fortune, is not just the richest person in Virginia, but also one of the wealthiest people in the world. Mars, her brother John, and the heirs of her late brother Forrest Jr. own one-third of Mars, Inc. each, which the Mars family the third-richest in the country. While none of the siblings are involved with the company today, Virginia was involved in its operations until 2016.

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47. Washington
> Richest person: Jeff Bezos
> Est. net worth: $118.7 billion
> Resides: Seattle

Jeff Bezos, founder and CEO of e-commerce juggernaut Amazon, passed Bill Gates late last year as the wealthiest man in the world. Bezos’ empire continues to expand into new businesses — just last August Amazon bought supermarket chain Whole Foods for $13.7 billion. With a current net worth of nearly $120 billion, which came relatively quickly for the self-made billionaire, some are estimating Bezos could become the world’s first trillionaire.

48. West Virginia
> Richest person: Jim Justice II
> Est. net worth: $1.6 billion
> Resides: Lewisburg

West Virginia is the largest producer of coal east of the Mississippi River and the second largest in the country. Not surprisingly, the state’s wealthiest resident, Jim Justice II, owes his fortune to coal. He inherited a coal business from his father. In 2016, Justice was elected state governor.

49. Wisconsin
> Richest person: John Menard, Jr.
> Est. net worth: $12.5 billion
> Resides: Eau Claire

John Menard, Jr. derives his fortune from the Midwestern home improvement store bearing his name, Menard’s. Menard turned down a job from IBM in 1963 to strike out on his own. The next year, he opened his first store. Menard’s business has been packed with controversy, including assault accusations from the wife of a longtime business associate. His former legal counsel also won a $1.7 million judgement for unpaid past wages.

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50. Wyoming
> Richest person: John Mars
> Est. net worth: $28.2 billion
> Resides: Jackson

John Mars and his two siblings inherited their vast fortune in 1999, when their father Forrest Mars Sr. died. Mars, Inc. makes some of the world’s most recognizable candies, including M&Ms, Snickers, and Twix. The company was founded by Frank Mars, who started selling candy out of his kitchen in 1911.

Detailed Findings & Methodology

 

Examples of heirs and heiresses who are the wealthiest residents of their respective states include Walmart heiress Alice Walton of Texas, and Carl Cook of Indiana. Examples of some of the top self-made billionaires include Jeff Bezos of Amazon, Warren Buffett of Nebraska, and Harold Hamm of Oklahoma.

A majority of America’s wealthy live in just a few states. More than 60% of the Forbes 400 wealthiest living Americans reside in just five states — 95 in California, 68 in New York, 38 in Florida, 34 in Texas, and 13 in Illinois. These five states are also the five largest states by GDP and account for 40% of the country’s economic output.

The wealth of a state’s richest resident often reflects the size of the state’s economy. The seven states in which the wealthiest resident is not a billionaire, for example, are all among the smaller states by GDP.

There are obvious exceptions, however. While Nebraska has the 16th smallest economy of any state, it is the home of Warren Buffett — the third wealthiest living American. Wyoming, which has the second smallest economy by GDP, is the home of John Mars, whose $28.2 billion candy fortune makes him the 17th wealthiest living American.

Many wealthy Americans make their presence known in a given state through philanthropy, ownership of a sports team, or other local business endeavors. Many may also make an impact through donations to their state’s politicians. B. Wayne Hughes, the wealthiest resident of Kentucky, is also the state’s top political donor. Michael Bloomberg, the richest New Yorker, was able to leverage his wealth and fame into a successful bid for New York City mayor in 2001, serving three consecutive terms.

To determine the richest person in every state, 24/7 Wall St. reviewed the Forbes 400 list of the wealthiest living Americans and other sources. Real-time Forbes 400 data was accessed on the week of January 29, 2018. For states in which no resident was listed among the Forbes 400, data from Forbes’ June 2017 “Meet the Richest Person in Every State 2017” story was used. For Idaho, data from the October 2017 published version of the Forbes 400 was used to determine the state’s wealthiest resident. In cases where Forbes ascribes one net worth to multiple siblings or business partners, multiple people were listed for one state. Data on the residence of each individual came from Forbes and refers to an individual’s current residence, not their birthplace or where their business is headquartered.

 

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