Forbes 2025 Billionaire List Reveals $2 Trillion Wealth Across 47 U.S. States
Forbes' 2025 list of the richest person in each U.S. state reveals a combined net worth of $2 trillion across 47 states, highlighting the influence of technology, retail, agriculture, and oil industries. California leads with four of the seven richest Americans, including Mark Zuckerberg. Texas' Elon Musk is the wealthiest with $388 billion. Notable billionaires are found in unexpected places like Hattiesburg, Mississippi. Alaska, Delaware, and West Virginia have no billionaire residents. The list underscores the geographic diversity of American wealth, with billionaires thriving beyond traditional financial centers.
Tech Dominance: Silicon Valley and Beyond
Technology remains the most lucrative industry for American billionaires, with several of the nation’s wealthiest individuals deriving their fortunes from software, social media, and e-commerce. California’s Mark Zuckerberg, cofounder and CEO of Meta, tops the state’s list with a net worth of $189 billion. He is joined in the Golden State by other tech titans, including Larry Page and Sergey Brin, though they are not the richest in their respective states.
Texas is home to the richest person in the country: Elon Musk, with a staggering $388 billion. Musk’s wealth stems from his leadership roles in Tesla, SpaceX, and xAI, as well as his ownership of social media platform X. Washington’s Steve Ballmer, former Microsoft CEO, also makes the list with $118 billion, reflecting the enduring power of software empires.
Other tech billionaires include North Carolina’s James Goodnight ($9.8 billion), cofounder of analytics software firm SAS, and New Hampshire’s Rick Cohen ($11.5 billion), whose warehouse automation company Symbotic has partnered with Walmart.
Retail Fortunes: From Walmart to Chick-fil-A
Retail continues to be a major source of wealth, particularly for heirs of legacy businesses. Arkansas’ Rob Walton, son of Walmart founder Sam Walton, holds a net worth of $113 billion. His nephew, Lukas Walton of Illinois, is worth $39 billion, while Jacqueline Mars of Virginia and John Mars of Wyoming—heirs to the Mars candy and pet food empire—each claim $39 billion.
In Georgia, the Cathy family—Bubba, Dan, and Trudy—collectively hold $10.7 billion from their stake in Chick-fil-A, the fast-food chain founded by their father. Ohio’s Les Wexner, who built a retail empire including Victoria’s Secret and Bath & Body Works, is worth $7.8 billion.
Wisconsin’s Diane Hendricks, cofounder of ABC Supply, the largest roofing wholesaler in the U.S., has amassed $21.9 billion, making her one of the wealthiest self-made women in the country.
Oil and Energy: Old Money, New Fortunes
The oil and energy sector continues to mint billionaires, particularly in the central and southern U.S. Oklahoma’s Harold Hamm, founder of Continental Resources, is worth $18.5 billion. His pioneering use of hydraulic fracturing helped unlock vast oil reserves in North Dakota’s Bakken region.
Colorado’s Philip Anschutz ($16.9 billion) began his fortune in oil before expanding into entertainment and sports. Kansas’ Charles Koch, co-owner of Koch Industries, is worth $67.5 billion, with the conglomerate spanning oil, chemicals, and paper products.
Nevada’s Miriam Adelson and family, with $28.6 billion, derive their wealth from Las Vegas Sands, a casino and resort empire originally built by her late husband, Sheldon Adelson.
Agriculture and Manufacturing: Quiet Giants
Agriculture has produced some of the most quietly powerful billionaires. Iowa’s Harry Stine, founder of Stine Seed, is worth $10.2 billion. His company holds hundreds of patents in corn and soybean genetics, making it one of the largest private seed companies globally.
Indiana’s Carl Cook ($9.9 billion) leads Cook Group, a medical device manufacturer founded by his parents. In Idaho, Frank VanderSloot ($3.2 billion) built his fortune through Melaleuca, a wellness product company with over a million monthly customers.
In Mississippi, brothers Thomas and James Duff ($3 billion) rebuilt their family’s tire business into a diversified holding company, Duff Capital Investors, with $5 billion in annual revenue.
Real Estate, Finance, and Other Industries
Real estate and finance also feature prominently. New York’s Michael Bloomberg, founder of Bloomberg LP, is worth $105 billion. Connecticut’s Steve Cohen ($21.3 billion) made his fortune in hedge funds and owns the New York Mets.
Massachusetts’ Abigail Johnson ($31.5 billion) leads Fidelity Investments, while Pennsylvania’s Jeff Yass ($59 billion) co-founded Susquehanna International Group, a trading firm with a major stake in ByteDance, TikTok’s parent company.
In South Carolina, Robert Faith ($5 billion) built Greystar into a global real estate powerhouse. Maryland’s Annette Lerner and family ($5.5 billion) made their fortune in real estate and sports ownership.
Notable Outliers and Firsts
Some states feature unique stories. New Mexico’s Ron Corio ($1.7 billion) became the state’s first billionaire through solar tracking systems. In Louisiana, Todd Graves ($17.2 billion) built Raising Cane’s into a fast-food empire with nearly 900 locations.
Utah’s Gail Miller ($4.4 billion) sold her car dealership empire for $3.2 billion and previously owned the Utah Jazz. In Vermont, John Abele ($2 billion) co-founded Boston Scientific, a medical device firm.
Montana’s Dennis Washington ($7.4 billion) built a diversified empire in mining, transportation, and construction. In South Dakota, T. Denny Sanford ($2.1 billion) made his fortune in banking, while North Dakota’s Gary Tharaldson ($1.2 billion) built a hotel empire.
States Without Billionaires
Only three states—Alaska, Delaware, and West Virginia—lack a billionaire resident. Alaska’s wealthiest individuals, Jonathan Rubini and Leonard Hyde, each hold $400 million from their real estate ventures. Delaware’s Elizabeth Snyder, with $800 million, owns a stake in Gore-Tex manufacturer WL Gore & Associates. West Virginia’s Brad Smith, former CEO of Intuit, is worth $900 million.
A $2 Trillion Club
The combined net worth of the richest individuals in each state totals $2 trillion, a $400 billion increase from 2024. This surge reflects the continued dominance of tech, the resilience of retail empires, and the enduring profitability of oil and agriculture. While the coasts remain strongholds of wealth, the 2025 list underscores that billionaires are not confined to Silicon Valley or Wall Street—they’re thriving in small towns, farmland, and industrial hubs across America.
