Billionaire Hotspots Revealed: Charting the States Producing the Wealthiest Elites

Published 2 hours ago3 minute read
Precious Eseaye
Precious Eseaye
Billionaire Hotspots Revealed: Charting the States Producing the Wealthiest Elites

Globally, there are 3,428 billionaires, with a significant portion1,647residing in the United States. While many billionaires call the U.S. home, an intriguing aspect of wealth distribution lies in their birth states. Visual Capitalist, using data from Forbes, has mapped out these origins, revealing unexpected concentrations and highlighting which states have produced the most "homegrown" billionaires.

New York firmly holds the top position for producing the most billionaires, with 90 individuals listing it as their birth state. A substantial part of this number is attributable to New York City, which itself has generated more billionaires than any other city worldwide. New York's count surpasses the combined total of the second and third-ranked states. California follows with 51 homegrown billionaires, a figure perhaps unsurprising given its status as a hub for tech giants. Texas comes in third with 32 billionaires, often linked to its robust oil and energy sectors.

Beyond sheer numbers, a per capita analysis reveals a different perspective. While New York leads in total homegrown billionaires, it also features prominently when considering billionaires per million people. Interestingly, Massachusetts and Missouri join New York in the top three for billionaires per capita, showcasing a more concentrated presence of the ultra-wealthy. Missouri, for instance, has produced 16 billionaires, translating to 2.6 billionaires per million residents. This is largely due to the influence of one of the nation's richest families: several heirs of the Walton family, founders of Walmart, were born in the "Show Me State." Sam Walton himself attended high school and college in Columbia, Missouri.

Massachusetts boasts an even higher per capita rate, with 3.2 billionaires for every 1 million people. The state's significant presence is boosted by the prominent Johnson family. Edward Johnson II established Fidelity Investments in Massachusetts, and three of his heirs, including the current Fidelity CEO Abigail Johnson, are among the state's four richest billionaires.

Conversely, not every U.S. state has produced a billionaire. Based on Visual Capitalist's data, six states currently cannot claim a homegrown billionaire: Delaware, Idaho, Maine, New Hampshire, South Dakota, and Vermont.

Several well-known billionaires born in the United States also feature on Forbes' top 10 list. Larry Page, co-founder of Google, is one of 17 billionaires born in Michigan. Amazon founder Jeff Bezos hails from New Mexico, one of only four billionaires from that state. Mark Zuckerberg, the founder of Facebook, was born in White Plains, New York, adding to New York's considerable tally. Oracle founder Larry Ellison also originated from New York City. Furthermore, Michael Dell of Dell Computers was born in Houston, Texas, contributing to the state's count.

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