The United States has the highest income inequality in the world, and as per the Federal Reserve, those within the top 1% earn more than the country’s entire middle class, with states like New York being at the top of the divide. This wealth gap has been creeping upward for decades and the net worth of the wealthiest person in each state illustrates this gap even further. Per the Congressional Budget Office, over the 40 years between 1979 and 2019, income inequality – a measure of the uneven dispersion of wealth across a population – climbed by 25% in America.
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. The upper class has seen an income growth of 64%, compared to the middle class with a 49% increase, and those in the lower income with a 43% growth.
Currently, the U.S. is home to over 750 billionaires, which is a marked increase from 1990 when there were just 66, and 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.)
According to a report from the Federal Reserve, the combined wealth of the top 1% in America increased by over 33% during the pandemic, using several avenues, some of which are real estate holdings, investments, and business ownership. With the exception of Alaska, Delaware, and West Virginia, every state in the country today is home to at least one billionaire.
24/7 Wall St. identified the wealthiest person in each state by using a 2023 report published by Forbes. 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.
Several American billionaires listed amassed a fortune after dropping out of college, including Bill Gates and Mark Zuckerberg, although 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 included 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.)
Here is the wealthiest person in each state.
Alabama: Jimmy Rane
Source: Courtesy of Jimmy Rane Foundation via Facebook
- 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
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)
Arizona: Arturo Moreno
Source: Stephen Dunn / Getty Images
- 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 the University of Arizona
Arkansas: Jim Walton
- Est. net worth: $64.4 billion
- Residence: Bentonville, AR
- Age: 75
- Source of wealth: Walmart
- Education: Undergraduate at the University of Arkansas
California: Larry Page
Source: Chris Hondros / Getty Images
- Est. net worth: $105.0 billion
- Residence: Palo Alto, CA
- Age: 50
- Source of wealth: Google
- Education: Undergraduate at the University of Michigan and MS from Stanford University
Colorado: Philip Anschutz
Source: Bruce Bennett / Getty Images
- 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 the University of Kansas
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
Delaware: Elizabeth Snyder
Source: Public Domain / Wikimedia Commons
- Est. net worth: $900 million
- Residence: Wilmington, DE
- Age: 76
- Source of wealth: Gore-Tex
- Education: N/A
Florida: Ken Griffin
Source: Larry Busacca / Getty Images
- Est. net worth: $32.7 billion
- Residence: Miami, FL
- Age: 54
- Source of wealth: Citadel hedge fund firm
- Education: Undergraduate at Harvard University
Georgia: Dan Cathy, Bubba Cathy & Trudy Cathy White
Source: Wolterk / iStock EditWorial via Getty Images
- 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
Source: Kimberly White / Getty Images News via Getty Images
- 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
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
Source: Joshua Lott / Getty Images
- Est. net worth: $22.9 billion
- Residence: Chicago, IL
- Age: 36
- Source of wealth: Walmart
- Education: Undergraduate at Colorado College
Indiana: Carl Cook
Source: Public Domain / Wikimedia Commons
- 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
Iowa: Harry Stine
Source: Courtesy of Stine Seed Company via Facebook
- 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
Kentucky: Tamara Gustavson
Source: Public Domain / Wikimedia Commons
- Est. net worth: $7.3 billion
- Residence: Lexington, KY
- Age: 61
- Source of wealth: Public Storage, a self-storage company
- Education: Undergraduate at the University of Southern California
Louisiana: Gayle Benson
Source: Jonathan Bachman / Getty Images
- 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
Source: Courtesy of Getty Images
- Est. net worth: $2.7 billion
- Residence: Scarborough, ME
- Age: 77
- Source of wealth: Dexter Shoe Company
- Education: N/A
Maryland: Annette Lerner & family
Source: Coast-to-Coast / iStock via Getty Images
- 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
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
Minnesota: Glen Taylor
Source: Elsa / Getty Images
- 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
Source: Courtesy of Southern Tire Mart via Facebook
- 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 the University of Southern Mississippi (Thomas Duff)
Missouri: John Morris
Source: Public Domain / Wikimedia Commons
- 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
Nebraska: Warren Buffett
Source: Dimitrios Kambouris / Getty Images Entertainment via Getty Images
- 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
Source: Public Domain / Wikimedia Commons
- 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
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
Source: hrui / iStock via Getty Images
- Est. net worth: $1.7 billion
- Residence: Albuquerque, NM
- Age: 61
- Source of wealth: Solar tracking system manufacturer Array Technologies
- Education: N/A
New York: Michael Bloomberg
Source: Andrew Burton / Getty Images News via Getty Images
- 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
Source: Brad Barket / Getty Images Entertainment via Getty Images
- 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
Ohio: Les Wexner & family
Source: Public Domain / Wikimedia Commons
- 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
Oregon: Phil Knight & family
Source: Courtesy of Phil Knight via Facebook
- Est. net worth: $41.8 billion
- Residence: Hillsboro, OR
- Age: 85
- Source of wealth: Nike
- Education: Undergraduate at the University of Oregon and MBA from Stanford Graduate School of Business
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
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 the University of Oklahoma and MBA from Harvard Business School
South Dakota: T. Denny Sanford
Source: Courtesy of T. Denny Sanford via Facebook
- Est. net worth: $2.0 billion
- Residence: Sioux Falls, SD
- Age: 87
- Source of wealth: First Premier Bank
- Education: Undergraduate at the University of Minnesota
Tennessee: Thomas Frist Jr & family
Source: Courtesy of Thomas Frist Foundation via Facebook
- 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
Source: Pascal Le Segretain / Getty Images Entertainment via Getty Images
- Est. net worth: $230.0 billion
- Residence: Austin, TX
- Age: 51
- Source of wealth: Tesla, SpaceX
- Education: Undergraduate at the University of Pennsylvania
Utah: Gail Miller
Source: Chris Gardner / Getty Images
- 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
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
Source: Pool / Getty Images News via Getty Images
- 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
Washington: Jeff Bezos
Source: Alex Wong / Getty Images News via Getty Images
- 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
Source: Tom Pennington / Getty Images
- Est. net worth: $18.1 billion
- Residence: Eau Claire, WI
- Age: 83
- Source of wealth: Home improvement retailer Menards
- Education: Undergraduate at the University of Wisconsin, Eau Claire
Wyoming: John Mars
Source: Public Domain / Wikimedia Commons
- 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
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