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Alaska, Delaware and West Virginia are the only states still without a single billionaire, according to a new report. report Written by Forbes.
The outlet released its latest rankings of each state’s wealthiest residents on Thursday. Many of the findings were not surprising. The title was claimed by Elon Musk in Texas, Mark Zuckerberg in California, and Michael Bloomberg in New York.
Nearly 800 billionaires lived in the United States as of December, according to a report by investment migration consultancy Henry & Partners.
However, no billionaires list any of the three states as their primary residence.
But Intuit CEO Brad Smith (no, not the Microsoft president of the same name) isn’t far away. Forbes estimated that the West Virginia resident, who is also the president of Marshall University, was worth about $900 million as of March.
And Elizabeth Snyder’s family manufacturing company in Delaware, which developed and patented Gore-Tex, is worth about $800 million, according to Forbes.
But Alaska is still far from home to a millionaire.
Forbes estimates that the state’s two richest people, Jonathan Roubini and his family and Leonard Hyde and his family, are each worth about $400 million. Roubini and Hyde co-founded his JL Properties, a commercial real estate development company.
To be clear, Alaska, Delaware, and West Virginia are among the least populated states in the United States.according to Census Bureau estimates As of 2023, Alaska was the fourth smallest state or district in the United States by population, Delaware was the seventh smallest, and West Virginia was the 13th smallest.
According to Forbes rankings, the state with the most billionaires is California, followed by New York and Florida, making it three of the four most populous states. According to March data from Forbes magazine, there are 197 billionaires in California.
But many factors influence how many millionaires a state has, not just population. California is home to many multibillion-dollar high-tech companies. New York is home to Wall Street and top law firms. And Florida is gaining a reputation not only as a hub for financial services companies, but also as a playground for the ultra-wealthy.
And the places where the wealthy live are also changing. The pandemic has contributed to what Henley & Partners calls the “millionaire remix,” with more wealthy people living in cities such as Texas capital Austin, Scottsdale, Arizona, and West Palm Beach, Florida.