America's most billionaire-dense states
- Wyoming tops the nation with 11.91 billionaires per million residents, making it the state with the highest concentration of ultra-wealthy individuals in America
- New York and California lead in total billionaire count with 140 and 193 billionaires respectively
- Three states (Alaska, Delaware, and West Virginia) have zero billionaires residing within their borders
Vermont Business Magazine A new study by Hennessey Digital has identified Wyoming as the U.S. state with the highest concentration of billionaires relative to its population, with nearly 12 billionaires per million residents. Vermont is credited with having one billionaire. John Abele, 88, co-founder of Boston Scientific, lives in Shelburne with a net worth of $2 billion, according to Forbes. He is ranked by Forbes as number 1,763 on this year's worldwide list.
The analysis examined the geographic distribution of America's billionaires across all 50 states, revealing striking patterns in where the ultra-wealthy choose to live and highlighting significant regional disparities in billionaire density.
Top States for Billionaire Concentration
Wyoming ranks first nationwide with an impressive 11.91 billionaires per million residents. Despite having only 7 billionaires in total, the state's small population of less than 600,000 people creates the highest concentration of ultra-wealthy individuals in America.
New York follows in second place with 7.05 billionaires per million residents. The Empire State is home to 140 billionaires in total, making it second only to California in absolute numbers. The high concentration of financial services and corporate headquarters in New York City contributes significantly to this figure.
Nevada ranks third with 5.81 billionaires per million residents. The Silver State hosts 19 billionaires among its population of approximately 3.3 million. Nevada's favorable tax laws and proximity to California may explain its popularity among the ultra-wealthy.
Montana, with its stunning landscapes and low population density, ranks fourth with 5.28 billionaires per million residents. The state has attracted 6 billionaires to its population of just over 1.1 million.
Florida rounds out the top five with 5.01 billionaires per million residents. The Sunshine State has become increasingly popular among the wealthy, hosting 117 billionaires in total – the third highest absolute number nationwide.
|
Rank |
State |
Population |
Total Billionaires |
Billionaires Per 1M Residents |
|
1 |
Wyoming |
587,618 |
7 |
11.91 |
|
2 |
New York |
19,867,248 |
140 |
7.05 |
|
3 |
Nevada |
3,267,467 |
19 |
5.81 |
|
4 |
Montana |
1,137,233 |
6 |
5.28 |
|
5 |
Florida |
23,372,215 |
117 |
5.01 |
States with Lowest Billionaire Presence
At the other end of the spectrum, several states have minimal billionaire presence relative to their population.
Kentucky ranks as the fifth-lowest state for billionaire density with just 0.22 billionaires per million residents. The Bluegrass State has only 1 billionaire among its population of over 4.5 million people.
Alabama shows an even lower concentration with 0.19 billionaires per million residents, hosting just 1 billionaire among more than 5.1 million residents.
Three states tie for last place with zero billionaires: Alaska, Delaware, and West Virginia. Despite their diverse economies and geographic locations, none of these states currently hosts a single billionaire resident.
|
Rank |
State |
Population |
Total Billionaires |
Billionaires Per 1M Residents |
|
1 |
Alabama |
5,157,699 |
1 |
0.19 |
|
2 |
Kentucky |
4,588,372 |
1 |
0.22 |
|
3 |
Indiana |
6,924,275 |
2 |
0.29 |
|
4 |
Iowa |
3,241,488 |
1 |
0.31 |
|
5 |
New Mexico |
2,130,256 |
1 |
0.47 |
Notable Regional Patterns
The data reveals interesting regional patterns in billionaire distribution. The West Coast and Northeast generally show higher concentrations of billionaires, with California (193), New York (140), and Florida (117) accounting for nearly half of all U.S. billionaires.
Texas ranks fourth in total billionaires with 84 ultra-wealthy residents but falls to ninth place in per-capita terms with 2.68 billionaires per million. Similarly, Illinois ranks fifth in total count with 29 billionaires but tenth in per-capita ranking.
Smaller states with attractive tax policies and natural amenities appear to draw disproportionate numbers of billionaires relative to their size. Six of the top ten states for billionaire concentration have populations under 6 million.
Jason Hennessey, CEO of Hennessey Digital, commented on the findings:
"These results show clear patterns in where America's billionaires choose to establish residence. States with favorable tax structures and high quality of life factors often attract disproportionate numbers of ultra-wealthy individuals."
"What's particularly striking is how small states like Wyoming and Montana have become havens for the ultra-wealthy, offering both natural beauty and financial advantages. The concentration of wealth in these less-populated areas can have significant impacts on local economies and politics," Hennessey said.
"The complete absence of billionaires in several states also raises questions about economic opportunity and wealth creation across different regions of the country."
Complete Rankings: Billionaires Per Million Residents By State
|
Rank |
State |
Population |
Billionaires |
Billionaires Per 1M |
|
1 |
Wyoming |
587,618 |
7 |
11.91 |
|
2 |
New York |
19,867,248 |
140 |
7.05 |
|
3 |
Nevada |
3,267,467 |
19 |
5.81 |
|
4 |
Montana |
1,137,233 |
6 |
5.28 |
|
5 |
Florida |
23,372,215 |
117 |
5.01 |
|
6 |
California |
39,431,263 |
193 |
4.89 |
|
7 |
Connecticut |
3,675,069 |
15 |
4.08 |
|
8 |
Massachusetts |
7,136,171 |
25 |
3.50 |
|
9 |
Texas |
31,290,831 |
84 |
2.68 |
|
10 |
Illinois |
12,710,158 |
29 |
2.28 |
|
11 |
Colorado |
5,957,493 |
13 |
2.18 |
|
12 |
Hawaii |
1,446,146 |
3 |
2.07 |
|
13 |
Washington |
7,958,180 |
16 |
2.01 |
|
14 |
Utah |
3,503,613 |
7 |
2.00 |
|
15 |
Nebraska |
2,005,465 |
4 |
1.99 |
|
16 |
Arizona |
7,582,384 |
15 |
1.98 |
|
17 |
Arkansas |
3,088,354 |
6 |
1.94 |
|
18 |
Pennsylvania |
13,078,751 |
25 |
1.91 |
|
19 |
Georgia |
11,180,878 |
21 |
1.88 |
|
20 |
Tennessee |
7,227,750 |
13 |
1.80 |
|
21 |
Maryland |
6,263,220 |
11 |
1.76 |
|
22 |
Vermont |
648,493 |
1 |
1.54 |
|
23 |
New Hampshire |
1,409,032 |
2 |
1.42 |
|
24 |
Missouri |
6,245,466 |
8 |
1.28 |
|
25 |
North Dakota |
796,568 |
1 |
1.26 |
|
26 |
Virginia |
8,811,195 |
11 |
1.25 |
|
27 |
Oklahoma |
4,095,393 |
5 |
1.22 |
|
28 |
Wisconsin |
5,960,975 |
7 |
1.17 |
|
29 |
South Dakota |
924,669 |
1 |
1.08 |
|
30 |
Kansas |
2,970,606 |
3 |
1.01 |
|
31 |
Rhode Island |
1,112,308 |
1 |
0.90 |
|
32 |
Michigan |
10,140,459 |
9 |
0.89 |
|
33 |
Louisiana |
4,597,740 |
4 |
0.87 |
|
34 |
Minnesota |
5,793,151 |
5 |
0.86 |
|
35 |
North Carolina |
11,046,024 |
9 |
0.81 |
|
36 |
Ohio |
11,883,304 |
9 |
0.76 |
|
37 |
New Jersey |
9,500,851 |
7 |
0.74 |
|
38 |
South Carolina |
5,478,831 |
4 |
0.73 |
|
39 |
Maine |
1,405,012 |
1 |
0.71 |
|
40 |
Oregon |
4,272,371 |
3 |
0.70 |
|
41 |
Mississippi |
2,943,045 |
2 |
0.68 |
|
42 |
Idaho |
2,001,619 |
1 |
0.50 |
|
43 |
New Mexico |
2,130,256 |
1 |
0.47 |
|
44 |
Iowa |
3,241,488 |
1 |
0.31 |
|
45 |
Indiana |
6,924,275 |
2 |
0.29 |
|
46 |
Kentucky |
4,588,372 |
1 |
0.22 |
|
47 |
Alabama |
5,157,699 |
1 |
0.19 |
|
48 |
Alaska |
740,133 |
0 |
0.00 |
|
48 |
Delaware |
1,051,917 |
0 |
0.00 |
|
48 |
West Virginia |
1,769,979 |
0 |
0.00 |
Methodology
The states with the most billionaires were calculated and ranked. Forbes was scraped for billionaires living in the US (https://www.forbes.com/billionaires/). Per billionaire, the state which they live was gathered. Per state, the number of billionaires and the number of billionaires per million state population were calculated and both were ranked from highest to lowest.
Credit: https://hennessey.com