California remains the top state on The Forbes 400 list, with 83 of the 400 wealthiest people in the U.S. calling it home. However, Florida is quickly catching up, tying with New York for the second spot with 54 list members each. The Sunshine State’s rise is attributed to people moving there from higher-tax states, like former residents Jeff Bezos and Ken Griffin. The combined fortune of the top four states, including Texas with 43 list members, totals $3.3 trillion, showcasing the concentration of wealth in these populous states.
Several states have only one Forbes 400 member, including Maine, Oregon, and Kentucky, while ten states have no representation at all on the list. The cutoff to make the Forbes 400 this year was a record-high $3.3 billion, making it harder than ever to make the list. Even Mississippi’s richest residents barely missed the cut with net worths of roughly $3.25 billion each. The stark contrast between the wealth of the Forbes 400 members and the average American family’s net worth highlights the vast wealth gap in the country.
The top 10 states with the most Forbes 400 members include Arizona, Massachusetts, Georgia, Nevada, Pennsylvania, Illinois, Texas, Florida, New York, and California. Texas saw a decline in its number of members, but remains home to Elon Musk, the richest person in the U.S. for the third consecutive year. Florida’s attraction for the wealthy is evident with residents like Jeff Bezos and Ken Griffin, making the state a competitor to California’s dominance on the list. New York, with financial hub New York City, still boasts a significant number of finance billionaires.
California’s wealth is dominated by tech moguls like Mark Zuckerberg, Larry Page, and Sergey Brin, while also being home to entertainment and real estate moguls. The state’s rich history in Hollywood and Silicon Valley has propelled many individuals to great wealth. However, with the rise of other states like Florida, California’s position at the top of the Forbes 400 list may be challenged in the coming years. The concentration of wealth in a few states emphasizes the inequality in wealth distribution across the country, with many states having no representation on the list at all.
