Some of the richest people on Earth live in the United States. In fact, the US has the largest share of the world’s billionaires, home to nearly one-third of them.
But the bar for reaching the upper echelons of American wealth is higher than ever. On Tuesday, Forbes released its annual list of America’s 400 richest billionaires, and a record $4.4 billion net worth was required to make the cut. Still, 34 people made the list for the first time this year.
To see where America’s wealthiest 1% are concentrated, Business Insider compiled a list of states where most of the Forbes 400 billionaires live, and found 249 live across just five states.
About a third of them reside in California, a state home to the booming tech and AI industries. Meta CEO Mark Zuckerberg, for example, has a sprawling $37 million compound in Palo Alto, near San Francisco.
Florida, the third-most-popular state for the Forbes 400, has its own collection of extravagant estates. Jeff Bezos owns a nearly $250 million compound on Miami’s Indian Creek Island, nicknamed “Billionaire Bunker.” President Donald Trump, meanwhile, famously has his Mar-a-Lago estate in Palm Beach.
In total, Forbes 400 members live across 38 states and the District of Columbia, with some states home to just one. Oregon’s lone member, Nike founder Phil Knight, lives in a rural, tree-covered area outside Hillsboro, near the company’s world headquarters. Nebraska’s sole billionaire, Warren Buffett, still lives in the Omaha home he bought in 1958.
Here are the five states with the biggest concentrations of Forbes 400 billionaires.
5. Illinois
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Eighteen billionaires live in Illinois.
Lukas Walton, the grandson of Walmart founder Sam Walton, is the state’s richest person, with a net worth of $44.4 billion. The Forbes data shows the Walton family has a combined net worth of $475.6 billion.
The drop-off in net worth is steep following Walton: Charlie Mills, chair and former CEO of Medline Industries, a medical-surgical products provider, is the state’s second-wealthiest person, with a net worth of $11 billion.
The state is also home to Eric Lefkofsky, Groupon’s cofounder, who has a net worth of $6.5 billion, and Ty Warner, the creator of Beanie Babies, the plush toy company, who has a net worth of $8.2 billion.
The most common industries among Illinois’ wealthy include investments, private equity, and the medical device and technology sector.
4. Texas
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Forty-three billionaires live in the Lone Star state. Many of the state’s wealthiest have derived their fortunes from oil, gas, and pipelines, with 15 billionaires having made their net worths through one of the three industries.
It’s also a rapidly expanding state for tech, data center, and energy industries. Elon Musk — the world’s richest person with a net worth of $908 billion — usually resides in a $50,000 tiny home near his SpaceX headquarters in Starbase, Texas, but he recently said he is living in an Airstream trailer outside Memphis while overseeing a data center build.
Michael Dell, the founder of Dell Technologies, with a net worth of $263 billion, and Mark Cuban, the entrepreneur and “Shark Tank” investor with a $6.8 billion net worth, also live in Texas.
3. Florida
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Forty-nine billionaires live in Florida, a state known for its low taxes on the wealthy.
Jeff Bezos, founder of Amazon, leads the way: the world’s second richest man and the richest in Florida has a net worth of $378 billion. Larry Ellison, founder of the technology company Oracle, trails Bezos with a net worth of $204 billion.
The Sunshine State is also home to Michael Jordan, the former NBA basketball player and minority owner of the Charlotte Hornets, with a $4.7 billion net worth.
Trump is the 26th-richest Floridian, with his primary residence, Mar-a-Lago, and a net worth of $7 billion.
Some of the most common industries among Florida’s wealthy include hedge funds, real estate, and investment banking.
2. New York
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Fifty-four billionaires live in New York state.
The richest person in the state, former New York City mayor and founder of Bloomberg L.P., the financial data, software, and media company, Michael Bloomberg, has a $94.9 billion net worth.
Rupert Murdoch, who built a media empire including Fox News, the Times of London, and The Wall Street Journal, is the sixth-wealthiest person there, with a net worth of $25 billion.
Fashion designer Ralph Lauren, with a net worth of $14.8 billion, and Academy-Award winning director Steven Spielberg, who has a $7.9 billion net worth, also live in New York.
New York’s wealthy found their fortunes across various industries, including investment banking, private equity, and hedge funds.
1. California
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Eighty-five billionaires live in the Golden State.
Many of them are tech giants, from the likes of Google’s original founders Larry Page and Sergey Brin, to semiconductor company founders Jensen Huang and Henry Samueli.
Page is California’s wealthiest person, with a net worth of $278 billion. Combined, Google’s two cofounders and former Google CEO Eric Schmidt have a net worth of $571.8 billion.
California is also home to several social media and app founders, including Zuckerberg, who has a net worth of $212 billion; WhatsApp’s Jan Koum, who has a net worth of $18.5 billion; and Airbnb’s Brian Chesky and Nathan Blecharczyk, who combined have a net worth of $24.5 billion.
George Lucas, the mastermind behind Star Wars, also lives in California. Lucas has a net worth of $5.3 billion.
