California and New York are the top two U.S. states with the most billionaires, each claiming more than 100 billionaire residents. All told, there are 614 U.S. citizens on Forbes’ 2020 World’s Billionaires list; sorted by residency — including two dozen non-U.S. citizens — altogether 623 list members live in the U.S. Source: Forbes
The top ten states with the largest number of billionaire residents are relatively spread out geographically: three are in the Northeast, three are in the South, three are in the West, and one—Illinois—is in the Midwest. Seven states don’t have any billionaires: Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota and Vermont.
Large states are naturally dominant; six of the ten most populous states are also top-10 billionaire locales. But Wyoming, with six billionaires and a national-low of 579,000 residents, sports the most billionaires per capita. One in every 96,460 Wyomingites is a billionaire.
Here are the states with the most billionaires; net worths are as of March 18, 2020.
CALIFORNIA | 165 BILLIONAIRES
COMBINED NET WORTH: $723.7 BILLION
RICHEST PERSON: LARRY ELLISON
The nation’s most populous state is also its most billionaire-heavy. It’s home to three of the nation’s five most popular metropolitan areas for list members: San Francisco, Los Angeles and San Jose.
NEW YORK | 118 BILLIONAIRES
COMBINED NET WORTH: $521.5 BILLION
RICHEST PERSON: MICHAEL BLOOMBERG
Almost half of New York’s billionaires come from the finance & investment sector, unsurprising for the state that houses the world’s two biggest stock exchanges. It’s also home to new billionaire Jay-Z, who celebrated New York City in 2009’s “Empire State of Mind.”
FLORIDA | 58 BILLIONAIRES
COMBINED NET WORTH: $183.2 BILLION
RICHEST PERSON: THOMAS PETERFFY
Donald Trump, while officially a Washington, D.C. resident, changed his non-White House address to Florida last fall, which should save him money on taxes. So did financier Carl Icahn.
TEXAS | 56 BILLIONAIRES
COMBINED NET WORTH: $238.9 BILLION
RICHEST PERSON: ALICE WALTON
There’s a reason it’s called Texas tea: 20 of the Lone Star State’s billionaires have fortunes rooted in oil, gas or pipelines. Richard Kinder, who chairs the nation’s largest pipeline company, is the state’s richest energy mogul.
(TIED) CONNECTICUT | 17 BILLIONAIRES
COMBINED NET WORTH: $66.3 BILLION
RICHEST PERSON: RAY DALIO
Similar to its westward neighbor, Connecticut is a hot-spot for finance & investment billionaires, with 10. Dalio’s Bridgewater Associates, based in Westport, is the world’s biggest hedge fund.
(TIED) ILLINOIS | 17 BILLIONAIRES
COMBINED NET WORTH: $52.5 BILLION
RICHEST PERSON: KEN GRIFFIN
Illinois is one of two states with a billionaire governor. Hyatt hotels heir J.B. Pritzker beat an incumbent in 2018 to become the nation’s richest politician, wealthier than President Trump and West Virginia governor Jim Justice.
(TIED) MASSACHUSETTS | 17 BILLIONAIRES
COMBINED NET WORTH: $51.5 BILLION
RICHEST PERSON: ABIGAIL JOHNSON
Following Fidelity chairwoman Johnson as richest in Massachusetts is Robert Kraft, owner of the state’s highly successful NFL team, the New England Patriots. Kraft bought the franchise for $172 million in 1994; it’s now worth $4.1 billion.
(TIED) WASHINGTON | 12 BILLIONAIRES
COMBINED NET WORTH: $321.4 BILLION
RICHEST PERSON: JEFF BEZOS
Thanks largely to residents Bezos and Bill Gates, the Evergreen State leads the pack in net worth per billionaire. The planet’s two richest people pull up the average fortune for its three comma club members to $26.8 billion
(TIED) GEORGIA | 12 BILLIONAIRES
COMBINED NET WORTH: $41.6 BILLION
RICHEST PERSON: JIM KENNEDY
Fast food chain Chick-fil-A, based in Atlanta, has minted two billionaires, Bubba and Dan Cathy. Home Depot, also based in Atlanta, has similarly forged 10-digit fortunes for its cofounders, Bernie Marcus and Arthur Blank. All four still live in the Peach State.
NEVADA | 11 BILLIONAIRES
COMBINED NET WORTH: $56.5 BILLION
RICHEST PERSON: SHELDON ADELSON
Adelson is one of Nevada’s three gambling billionaires, along with former spouses Steve Wynn and Elaine Wynn. A happier marriage: Reno residents Eren and Fatih Ozmen, who cofounded aerospace concern Sierra Nevada Corp.