California remains the top state for the wealthiest individuals in the U.S., with 83 members of The Forbes 400 list calling the Golden State home. This is despite a slight decrease in the number of Californians on the list compared to previous years. However, California’s billionaires have seen their combined wealth triple over the past decade, totaling around $3.3 trillion. Following California are New York and Florida, with 54 members each, and Texas with 43 members. These four states, which are also the most populous in the country, hold nearly 60% of the richest Americans.
Florida is on the rise as a hub for the wealthy, with the Sunshine State seeing an increase in its Forbes 400 members this year. Some of these gains can be attributed to individuals moving from high-tax states to Florida, attracted by its lower tax rates. Notable new residents of Florida include Jeff Bezos and Ken Griffin. Meanwhile, New York has seen a decrease in its number of Forbes 400 members, with some of the state’s richest individuals dropping off the list. Donald Trump, however, has returned to the list thanks to his social media company.
There are several states with only one Forbes 400 member, such as Maine, Oregon, and Kentucky, while ten states are not represented at all on the list. Making it onto the Forbes 400 list this year was more challenging than ever, with a record-high cutoff of $3.3 billion. This increase in the cutoff meant that even some of the richest residents of states like Mississippi missed the cut by a narrow margin. The median net worth of the average American family is significantly lower than the cutoff for the Forbes 400 list.
The top 10 states with the most members of The Forbes 400 list include Arizona, Massachusetts, Georgia, Nevada, Pennsylvania, Illinois, Texas, Florida, New York, and California. Each of these states is home to a significant number of billionaires, with individuals from various industries contributing to their wealth. Notable residents of these states include Elon Musk in Texas, Jeff Bezos in Florida, and Michael Bloomberg in New York. Overall, the distribution of wealth among the top states in the U.S. highlights the concentration of wealth in certain regions.
California’s dominance as the top state for wealthy individuals may be challenged as Florida continues to attract more billionaires. With both states now tied for the number of Forbes 400 members, it will be interesting to see if Florida can surpass California in the future. The shifting dynamics of wealth distribution among states in the U.S. reflect changes in tax policies, economic opportunities, and individual preferences. As the wealthiest individuals in the country continue to accumulate massive fortunes, the landscape of wealth distribution across states is likely to evolve in the coming years.
