A recent report from Forbes reveals that California remains the state with the highest number of residents on The Forbes 400 list for the 34th consecutive year. Despite a slight decrease in the number of billionaires compared to the previous year, California is still home to 83 of the wealthiest individuals in the U.S. This group of Californians has seen their collective wealth triple over the past decade, now totaling $3.3 trillion. Following behind California are New York and Florida, each with 54 list members, and Texas with 43 billionaires. These four states, with a combined population of a third of all Americans, hold nearly 60% of the country’s wealthiest individuals.
Florida has shown significant progress in terms of the number of Forbes 400 members, with a notable increase in billionaires this year. The state now ties with New York for second place, thanks in part to high-profile individuals like Jeff Bezos and Ken Griffin who have relocated to Florida from higher-tax states. Additionally, notable billionaire and former president Donald Trump has returned to the list following the public debut of his social media company. On the other hand, New York has seen a decrease in the number of 400 members, with eight individuals dropping off the list due to changes in the state’s economic landscape.
While some states like California, New York, and Florida dominate the list with multiple billionaires, others have only one or none at all. States like Maine, Oregon, and Kentucky have just a single member on the Forbes 400 list, while ten states are not represented at all. The high threshold for making the list, set at $3.3 billion this year, has made it increasingly difficult for individuals to qualify. As a result, even some of the wealthiest residents of certain states like Mississippi have narrowly missed making the cut.
The report also highlights the top 10 states with the most Forbes 400 members. Pennsylvania, Illinois, and Texas are among the states with significant representation on the list, featuring billionaires with diverse backgrounds and sources of wealth. Texas, in particular, stands out for being the home of Elon Musk, the richest person in the U.S. for the third consecutive year, who recently announced plans to move his companies SpaceX and X to the state. Additionally, Florida has seen a surge in wealthy residents, including Jeff Bezos, who has made headlines for his lavish purchases in Miami Beach.
Overall, the distribution of wealth among the states reflects the diverse industries and economic landscapes across the country. While California continues to lead in terms of the number of billionaires, Florida’s rapid rise and the influx of wealthy individuals from other states indicate a shifting trend in wealth distribution. As the Forbes 400 list evolves each year, it serves as a barometer of the financial success and economic influence of individuals in various states across the U.S.
