Income inequality in the U.S. has been creeping upwards for decades. Over the 40 years between 1980 and 2019, income inequality – a measure of the uneven dispersion of wealth across a population – climbed by nearly 18% in the United States. While the number of Americans living below the poverty line has fluctuated in recent decades, the number of billionaires in the United States has been climbing steadily.
Today, the U.S. is home to over 750 billionaires, up from just 66 as recently as 1990. Additionally, over a third of the wealthiest people in the world reside in the United States. Some of the wealthiest Americans, including Amazon founder Jeff Bezos and Oracle cofounder Larry Ellison, are worth more than the entire gross domestic product of over a dozen states, including Idaho, Maine, New Mexico, and Rhode Island. SpaceX and Tesla founder Elon Musk, the wealthiest person in the United States and the world, has a higher net worth than the entire annual economic output of 20 states. (Here is a look at the 25 richest Americans of all time.)
Through a number of channels, including real estate holdings, investments, and business ownership, the combined wealth of the top 1% in America increased by over 33% during the pandemic, according to a report from the Federal Reserve. Now, with the exception of Alaska, Delaware, and West Virginia, every state in the country is home to at least one billionaire.
Using a 2023 report published by Forbes, 24/7 Wall St. identified the richest person in every state. The age and net worth of the individuals is current as of June 12, 2023.
Depending on the state, the estimated net worth of the wealthiest resident ranges from $400 million to $230 billion. Most individuals and families on this list have either started, or inherited, a successful business. The companies that have made them wealthy include retail, manufacturing, agriculture, media, and tech.
While there are a number of American billionaires, including Bill Gates and Mark Zuckerberg, who amassed a fortune after dropping out of college, their stories are an exception to the rule. Most of the billionaires on this list have an undergraduate degree and several also have advanced degrees. The schools they attended include large public universities as well as many prestigious private institutions, like Columbia, Harvard, Princeton, and Yale. (This is where America’s 25 richest billionaires went to college.)
Click here to see the richest person in every state.
Alabama: Jimmy Rane
> Est. net worth: $1.2 billion
> Residence: Abbeville, AL
> Age: 76
> Source of wealth: Lumber products company Great Southern Wood Preserving
> Education: Undergraduate at Auburn University
[in-text-ad]
Alaska: Jonathan Rubini & Leonard Hyde
> Est. net worth: $400 million
> Residence: Anchorage, AK
> Age: 68 & 66
> Source of wealth: Real estate development and investment firm JL Properties
> Education: Undergraduate at Brown University and JD from U.C. Berkeley Boalt Hall School of Law (Jonathan Rubini); Undergraduate at Vanderbilt University (Leonard Hyde)
24/7 Wall St.
Arizona: Arturo Moreno
> Est. net worth: $4.8 billion
> Residence: Phoenix, AZ
> Age: 76
> Source of wealth: Outdoor Systems billboard advertising company, owner of Los Angeles Angels MLB team
> Education: Undergraduate at University of Arizona
Arkansas: Jim Walton
> Est. net worth: $64.4 billion
> Residence: Bentonville, AR
> Age: 75
> Source of wealth: Walmart
> Education: Undergraduate at University of Arkansas
[in-text-ad-2]
California: Larry Page
> Est. net worth: $105.0 billion
> Residence: Palo Alto, CA
> Age: 50
> Source of wealth: Google
> Education: Undergraduate at University of Michigan and MS from Stanford University
Colorado: Philip Anschutz
> Est. net worth: $10.8 billion
> Residence: Denver, CO
> Age: 83
> Source of wealth: Anschutz Entertainment Group, majority owner of Los Angeles Kings NHL team, renewable energy production
> Education: Undergraduate at University of Kansas
[in-text-ad]
Connecticut: Ray Dalio
> Est. net worth: $19.1 billion
> Residence: Greenwich, CT
> Age: 73
> Source of wealth: Bridgewater Associates hedge fund firm
> Education: Undergraduate at Long Island University and MBA from Harvard Business School
24/7 Wall St.
Delaware: Elizabeth Snyder
> Est. net worth: $900 million
> Residence: Wilmington, DE
> Age: 76
> Source of wealth: Gore-Tex
> Education: N/A
Florida: Ken Griffin
> Est. net worth: $32.7 billion
> Residence: Miami, FL
> Age: 54
> Source of wealth: Citadel hedge fund firm
> Education: Undergraduate at Harvard University
[in-text-ad-2]
Georgia: Dan Cathy, Bubba Cathy & Trudy Cathy White
> Est. net worth: $11.0 billion
> Residence: Atlanta, GA
> Age: 70, 69 & 67
> Source of wealth: Chick-fil-A
> Education: Undergraduate at Georgia Southern University (Dan Cathy); Undergraduate at Samford University (Bubba Cathy & Trudy Cathy White)
Hawaii: Larry Ellison
> Est. net worth: $146.0 billion
> Residence: Lanai, HI
> Age: 78
> Source of wealth: Oracle
> Education: Dropped out of the University of Chicago and the University of Illinois, Urbana-Champaign
[in-text-ad]
Idaho: Frank VanderSloot
> Est. net worth: $3.2 billion
> Residence: Idaho Falls, ID
> Age: 74
> Source of wealth: Melaleuca, a nutrition wellness products company
> Education: Undergraduate at Brigham Young University
Illinois: Lukas Walton
> Est. net worth: $22.9 billion
> Residence: Chicago, IL
> Age: 36
> Source of wealth: Walmart
> Education: Undergraduate at Colorado College
Indiana: Carl Cook
> Est. net worth: $10.3 billion
> Residence: Bloomington, IN
> Age: 60
> Source of wealth: Cook Group, a medical devices manufacturer
> Education: Undergraduate at Purdue University and MBA from Tippie School of Management
[in-text-ad-2]
Iowa: Harry Stine
> Est. net worth: $6.9 billion
> Residence: Adel, IA
> Age: 81
> Source of wealth: Stine Seed, an agriculture company
> Education: N/A
Kansas: Charles Koch
> Est. net worth: $56.9 billion
> Residence: Wichita, KS
> Age: 87
> Source of wealth: Koch Industries
> Education: Undergraduate degree and MS from Massachusetts Institute of Technology
[in-text-ad]
Kentucky: Tamara Gustavson
> Est. net worth: $7.3 billion
> Residence: Lexington, KY
> Age: 61
> Source of wealth: Public Storage, a self-storage company
> Education: Undergraduate at University of Southern California
Louisiana: Gayle Benson
> Est. net worth: $4.7 billion
> Residence: New Orleans, LA
> Age: 76
> Source of wealth: Owner of the New Orleans Saints NFL team and New Orleans Pelicans NHL team
> Education: N/A
Maine: Susan Alfond
> Est. net worth: $2.7 billion
> Residence: Scarborough, ME
> Age: 77
> Source of wealth: Dexter Shoe Company
> Education: N/A
[in-text-ad-2]
Maryland: Annette Lerner & family
> Est. net worth: $6.3 billion
> Residence: Chevy Chase, MD
> Age: 93
> Source of wealth: Lerner Enterprises real estate company
> Education: N/A
Massachusetts: Abigail Johnson
> Est. net worth: $21.0 billion
> Residence: Milton, MA
> Age: 61
> Source of wealth: Fidelity
> Education: Undergraduate at Hobart and William Smith and MBA from Harvard Business School
[in-text-ad]
Michigan: Daniel Gilbert
> Est. net worth: $19.5 billion
> Residence: Franklin, MI
> Age: 61
> Source of wealth: Quicken Loans
> Education: Undergraduate at Michigan State University and JD from Wayne State University
24/7 Wall St.
Minnesota: Glen Taylor
> Est. net worth: $2.6 billion
> Residence: Mankato, MN
> Age: 82
> Source of wealth: Taylor Corp. printing firm
> Education: Undergraduate at Minnesota State University
Mississippi: Thomas Duff & James Duff
> Est. net worth: $2.3 billion
> Residence: Hattiesburg, MS
> Age: 66 & 62
> Source of wealth: Duff Capital Investors and Southern Tire Mart
> Education: Undergraduate at University of Southern Mississippi (Thomas Duff)
[in-text-ad-2]
Missouri: John Morris
> Est. net worth: $8.3 billion
> Residence: Springfield, MO
> Age: 75
> Source of wealth: Bass Pro Shops sporting goods retailer
> Education: Undergraduate at Drury University
Montana: Dennis Washington
> Est. net worth: $6.4 billion
> Residence: Missoula, MT
> Age: 88
> Source of wealth: Washington Companies mining business and Washington Construction
> Education: N/A
[in-text-ad]
Nebraska: Warren Buffett
> Est. net worth: $117.0 billion
> Residence: Omaha, NE
> Age: 92
> Source of wealth: Berkshire Hathaway
> Education: Undergraduate at University of Nebraska Lincoln and MS from Columbia University
Nevada: Miriam Adelson & family
> Est. net worth: $36.2 billion
> Residence: Las Vegas, NV
> Age: 77
> Source of wealth: Las Vegas Sands casino
> Education: Undergraduate at Hebrew University Jerusalem
New Hampshire: Rick Cohen & family
> Est. net worth: $18.8 billion
> Residence: Keene, NH
> Age: 70
> Source of wealth: Symbotic warehouse automation firm and C&S Wholesale Grocers
> Education: N/A
[in-text-ad-2]
New Jersey: Rocco Commisso
> Est. net worth: $8.0 billion
> Residence: Saddle River, NJ
> Age: 73
> Source of wealth: Mediacom cable company
> Education: Undergraduate at Columbia University and MBA from Columbia University
New Mexico: Ron Corio
> Est. net worth: $1.7 billion
> Residence: Albuquerque, NM
> Age: 61
> Source of wealth: Solar tracking system manufacturer Array Technologies
> Education: N/A
[in-text-ad]
New York: Michael Bloomberg
> Est. net worth: $94.5 billion
> Residence: New York, NY
> Age: 81
> Source of wealth: Bloomberg LP
> Education: Undergraduate at Johns Hopkins University and MBA from Harvard Business School
North Carolina: James Goodnight
> Est. net worth: $9.3 billion
> Residence: Cary, NC
> Age: 80
> Source of wealth: Software analytics firm SAS
> Education: Undergraduate degree, MS, and doctorate from North Carolina State University
North Dakota: Gary Tharaldson
> Est. net worth: $1.2 billion
> Residence: Fargo, ND
> Age: 77
> Source of wealth: Super 8 motels
> Education: N/A
[in-text-ad-2]
Ohio: Les Wexner & family
> Est. net worth: $6.0 billion
> Residence: New Albany, OH
> Age: 85
> Source of wealth: L Brands retailers
> Education: Undergraduate at Ohio State University
Oklahoma: Harold Hamm & family
> Est. net worth: $18.5 billion
> Residence: Oklahoma City, OK
> Age: 77
> Source of wealth: Continental Resources oil company
> Education: N/A
[in-text-ad]
Oregon: Phil Knight & family
> Est. net worth: $41.8 billion
> Residence: Hillsboro, OR
> Age: 85
> Source of wealth: Nike
> Education: Undergraduate at University of Oregon and MBA from Stanford Graduate School of Business
24/7 Wall St.
Pennsylvania: Jeff Yass
> Est. net worth: $28.5 billion
> Residence: Haverford, PA
> Age: 64
> Source of wealth: Susquehanna International Group trading firm
> Education: Undergraduate at SUNY Binghamton
Rhode Island: Jonathan Nelson
> Est. net worth: $3.1 billion
> Residence: Providence, RI
> Age: 67
> Source of wealth: Private equity firm Providence Equity Partners
> Education: Undergraduate at Brown University and MBA from Harvard University
[in-text-ad-2]
South Carolina: Robert Faith
> Est. net worth: $5.2 billion
> Residence: Charleston, SC
> Age: 59
> Source of wealth: Greystar real estate management company
> Education: Undergraduate at University of Oklahoma and MBA from Harvard Business School
South Dakota: T. Denny Sanford
> Est. net worth: $2.0 billion
> Residence: Sioux Falls, SD
> Age: 87
> Source of wealth: First Premier Bank
> Education: Undergraduate at University of Minnesota
[in-text-ad]
Tennessee: Thomas Frist Jr & family
> Est. net worth: $22.3 billion
> Residence: Nashville, TN
> Age: 84
> Source of wealth: Hospital Corp. of America
> Education: Undergraduate at Vanderbilt University and MD from Washington University
Texas: Elon Musk
> Est. net worth: $230.0 billion
> Residence: Austin, TX
> Age: 51
> Source of wealth: Tesla, SpaceX
> Education: Undergraduate at University of Pennsylvania
Utah: Gail Miller
> Est. net worth: $4.2 billion
> Residence: Salt Lake City, UT
> Age: 79
> Source of wealth: Car dealerships
> Education: Dropped out of the University of Utah
[in-text-ad-2]
Vermont: John Abele
> Est. net worth: $1.9 billion
> Residence: Shelburne, VT
> Age: 86
> Source of wealth: Medical device developer Boston Scientific
> Education: Undergraduate at Amherst College
Virginia: Jacqueline Mars
> Est. net worth: $39.4 billion
> Residence: The Plains, VA
> Age: 83
> Source of wealth: The Mars candy and pet food company
> Education: Undergraduate at Bryn Mawr College
[in-text-ad]
Washington: Jeff Bezos
> Est. net worth: $149.0 billion
> Residence: Medina, WA
> Age: 59
> Source of wealth: Amazon
> Education: Undergraduate at Princeton University
West Virginia: Brad Smith
> Est. net worth: $700 million
> Residence: Huntington, WV
> Age: 59
> Source of wealth: Intuit
> Education: N/A
Wisconsin: John Menard Jr
> Est. net worth: $18.1 billion
> Residence: Eau Claire, WI
> Age: 83
> Source of wealth: Home improvement retailer Menards
> Education: Undergraduate at University of Wisconsin, Eau Claire
[in-text-ad-2]
Wyoming: John Mars
> Est. net worth: $39.4 billion
> Residence: Jackson, WY
> Age: 87
> Source of wealth: The Mars candy and pet food company
> Education: Undergraduate degree at Yale University
The Average American Is Losing Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.
Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.
But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
