Forbes recently released their annual list of the richest resident in every state, revealing that billionaires are becoming more common across the country. With 47 states now home to at least one billionaire, the total wealth of these individuals has reached a staggering $1.6 trillion, up $100 billion from the previous year. This year, some states saw a new face take the title of richest resident, marking a shift in the rankings.
One such example is in Louisiana, where Todd Graves, the founder and CEO of Raising Cane’s fast-food chain, saw his estimated fortune of $9.1 billion land him the top spot. Graves replaced Gayle Benson, who previously held the title thanks to her ownership of the NFL New Orleans Saints and NBA New Orleans Pelicans. This shake-up in the rankings demonstrates the dynamic nature of wealth distribution among the state’s residents.
Several other states also saw changes in their richest residents, as some of the wealthiest Americans decided to move their primary residence. Amazon founder Jeff Bezos announced his move back to Florida, citing a desire to be closer to family and take advantage of the state’s lower taxes. With Bezos now residing in Florida, Bill Gates has assumed the position of Washington’s richest resident, even as his global wealth ranking has recently fallen.
In California, Mark Zuckerberg has taken the top spot as the state’s richest resident, thanks to a surge in his fortune driven by the success of his company Meta. This has propelled him past previous titleholder Larry Page, as Meta’s valuation surpassed that of Alphabet. Similarly, other billionaires like Pierre Omidyar in Hawaii and Ernest Garcia II in Arizona have risen to the top of their respective states’ wealth rankings.
Despite the widespread presence of billionaires across the country, three states – Alaska, Delaware, and West Virginia – still do not have a resident billionaire. However, individuals like retired Intuit CEO Brad Smith in West Virginia are rapidly approaching the billion-dollar mark, thanks to significant increases in their respective companies’ stock value. Overall, the distribution of wealth among the richest residents in each state highlights the diverse backgrounds and industries that contribute to their immense fortunes.
With states like California boasting a significant number of billionaires, the landscape of wealth distribution in the United States continues to evolve. The Forbes list offers a glimpse into the lives of these ultra-wealthy individuals, showcasing their achievements and the industries that have propelled them to the top of the wealth rankings. As the country’s richest residents continue to amass wealth and influence, the annual Forbes list serves as a reminder of the dynamic nature of the economy and the individuals who shape it.
