How Many Billionaires Are in Each State?
This article examines the presence and distribution of billionaires across U.S. states, revealing concentrations of extreme wealth.
The concentration of extreme wealth in the United States sparks public interest. Understanding the distribution of individuals with a net worth of one billion dollars or more provides insight into economic landscapes and wealth creation. This geographic spread reflects diverse industry strengths and regional economic dynamics.
How Billionaire Counts Are Determined
Financial publications regularly compile lists of the world’s wealthiest individuals, including billionaires. These estimates are based on an individual’s net worth, which represents their total assets minus their liabilities. Assets considered for these valuations include stakes in publicly traded companies, private business holdings, real estate, and other valuable possessions like art or luxury goods.
Valuing private assets presents a particular challenge, as their market value is not always readily apparent. Publications often rely on revenue or profit estimates, applying ratios from comparable public companies and sometimes a liquidity discount to account for the difficulty in quickly converting private holdings to cash. Net worth figures constantly fluctuate with market changes, requiring regular updates to reflect stock prices and economic news. Researchers also conduct extensive investigative work, reviewing public documents and interviewing various sources, to arrive at these estimates.
Top States by Billionaire Population
The United States leads the world in its billionaire population, with a significant majority residing in just a few key states. As of recent data, California consistently ranks first, boasting nearly 200 billionaires. This concentration is largely attributed to the state’s robust technology sector, particularly in Silicon Valley, and its prominent entertainment industry in Los Angeles. New York follows with over 130 billionaires, primarily due to its status as a global financial capital and a hub for various industries.
Florida has experienced substantial growth in billionaire residents, now hosting over 100 individuals. Its appeal stems from its warm climate, attractive real estate, and absence of a state income tax. Texas also features prominently among top states, with over 80 billionaires. Its wealth is rooted in energy, manufacturing, and a growing technology presence, drawing entrepreneurs and investors. These four states collectively account for a significant portion of U.S. billionaires, reflecting strong economic engines and diverse opportunities for wealth accumulation.
Billionaire Presence Across Other States
While a few states dominate in billionaire populations, wealth is distributed across nearly all U.S. states, albeit in smaller numbers. Many states host a single-digit number of billionaires, or just one. This distribution often sees concentrations in major metropolitan areas or states with specific industry strengths, such as manufacturing or specialized services.
Certain states have historically reported no billionaire residents. Recent reports consistently note Alaska, Delaware, and West Virginia as states without billionaires. Other states like New Hampshire, New Mexico, North Dakota, and Vermont have also had very few or no billionaires. The presence of billionaires aligns with areas offering economic opportunities, access to capital, and a supportive environment for large-scale enterprise development.