California has 199 resident U.S. billionaires – more than any other state and more than the combined total of every state ranked 13th and below. New York (136) and Florida (117) round out the top three. At the other end, Alaska, Delaware, and West Virginia have no resident billionaires at all.
The data comes from the Forbes Real-Time Billionaires list, with state assignments based on each billionaire’s primary place of residence. The list was accessed July 24, 2025.
Billionaires by State: Full Rankings (2025)
There are approximately 898 U.S. billionaires in total: 872 with a primary residence in a U.S. state or territory, and 26 whose primary residence is abroad.
| Rank | State | Billionaires |
|---|---|---|
| 1 | California | 199 |
| 2 | New York | 136 |
| 3 | Florida | 117 |
| 4 | Texas | 83 |
| 5 | Illinois | 30 |
| 6 | Massachusetts | 23 |
| 7 | Pennsylvania | 23 |
| 8 | Georgia | 21 |
| 9 | Nevada | 19 |
| 10 | Connecticut | 17 |
| 11 | Washington | 17 |
| 12 | Arizona | 15 |
| 13 | Colorado | 13 |
| 14 | Tennessee | 12 |
| 15 | Virginia | 11 |
| 16 | Maryland | 10 |
| 17 | North Carolina | 10 |
| 18 | Ohio | 10 |
| 19 | Michigan | 9 |
| 20 | Missouri | 8 |
| 21 | New Jersey | 7 |
| 22 | Utah | 7 |
| 23 | Wisconsin | 7 |
| 24 | Wyoming | 7 |
| 25 | Arkansas | 6 |
| 26 | Montana | 6 |
| 27 | Minnesota | 5 |
| 28 | Louisiana | 4 |
| 29 | Nebraska | 4 |
| 30 | Oklahoma | 4 |
| 31 | South Carolina | 4 |
| 32 | Hawaii | 3 |
| 33 | Kansas | 3 |
| 34 | Oregon | 3 |
| 35 | Washington, D.C. | 2 |
| 36 | Indiana | 2 |
| 37 | Mississippi | 2 |
| 38 | New Hampshire | 2 |
| 39 | Alabama | 1 |
| 40 | Idaho | 1 |
| 41 | Iowa | 1 |
| 42 | Kentucky | 1 |
| 43 | Maine | 1 |
| 44 | New Mexico | 1 |
| 45 | North Dakota | 1 |
| 46 | Puerto Rico | 1 |
| 47 | Rhode Island | 1 |
| 48 | South Dakota | 1 |
| 49 | U.S. Virgin Islands | 1 |
| 50 | Vermont | 1 |
| 51 | Alaska | 0 |
| 52 | Delaware | 0 |
| 53 | West Virginia | 0 |
| N/A | Living abroad | 26 |
California’s Dominance
California’s 199 billionaires represent a level of wealth concentration that is difficult to overstate. The state alone accounts for roughly 22% of all U.S. billionaires with a domestic address. For context:
- California’s 199 billionaires exceed the combined total of every state ranked 13th (Colorado, 13) and below – those 41 remaining states and territories together account for just 172 billionaires.
- California ranks fourth in the world for billionaire concentration, behind only the United States as a whole, China, and India – meaning it would rank as a major billionaire hub if it were its own country.
The primary driver is the technology industry. Silicon Valley and the San Francisco Bay Area are home to the founders, early investors, and executives of Apple, Alphabet, Meta, Nvidia, and dozens of other companies whose valuations have created enormous wealth. The entertainment industry (Los Angeles) and venture capital ecosystem add further depth.
The Top Four States
The top four states – California, New York, Florida, and Texas – together account for 535 of the 872 state-based billionaires, or about 61% of the total.
| State | Billionaires | Share of U.S. Total | Primary Wealth Drivers |
|---|---|---|---|
| California | 199 | 22.8% | Technology, venture capital, entertainment |
| New York | 136 | 15.6% | Finance, private equity, hedge funds, media |
| Florida | 117 | 13.4% | Finance, real estate, tax migration from high-tax states |
| Texas | 83 | 9.5% | Energy, technology (Austin), real estate |
Florida’s position at third is notable given that the state has no income tax. A number of billionaires have relocated from New York and California to Florida in recent years, a trend that has accelerated since 2020. Texas similarly benefits from no state income tax and has seen significant wealth migration, particularly to Austin and the Dallas area.
Small States With Disproportionate Billionaire Counts
A handful of smaller states have billionaire populations that outpace their overall size.
Wyoming is the clearest example. With a population under 600,000 – one of the smallest in the country – Wyoming still has 7 resident billionaires. The state has no income tax, no corporate tax, strong asset protection laws, and among the most favorable trust laws in the United States. These features make Wyoming a popular state of residency for wealthy individuals who may spend time there but maintain properties elsewhere.
Nevada (19 billionaires) and Montana (6) follow a similar pattern – low or no income tax, western landscapes appealing to wealthy retirees and entrepreneurs, and legal environments that are favorable to wealth preservation.
Arkansas (6 billionaires) is notable because several members of the Walton family – heirs to the Walmart fortune – are based in the state, illustrating how a single concentrated founding family can significantly affect a state’s ranking.
States With No Billionaires
Only three states have no resident U.S. billionaires as of July 2025:
| State | Why It May Lack Billionaires |
|---|---|
| Alaska | Remote geography, small population (~740K), limited major industry clusters |
| Delaware | Very small population (~1M); note that many corporations are incorporated in Delaware, but executives live elsewhere |
| West Virginia | Small population (~1.7M), economy concentrated in legacy industries with limited high-growth sectors |
Delaware’s absence is a common point of confusion. While Delaware is famously the legal home of over 60% of Fortune 500 companies due to its corporate law, corporate incorporation does not require executives or founders to reside there – most live in New York, California, or other states.
How Billionaire Counts Relate to Millionaire Concentrations
Billionaire rankings do not always mirror millionaire-per-capita rankings. New Jersey, Maryland, and Connecticut lead the country in millionaire household concentration – but none appear in the top 10 for billionaires.
This divergence reflects two different types of wealth:
- High millionaire concentration tends to reflect broad upper-middle-class prosperity: high incomes in finance, law, medicine, and government, often in proximity to major metro areas.
- High billionaire concentration reflects the creation of extreme wealth at scale, typically through founding or early equity in technology companies, energy businesses, or financial firms.
A state can have a high density of $2M–$10M households without producing many billionaires, and vice versa. Wyoming has very few millionaire households relative to its size, but its small population and favorable tax laws attract ultra-wealthy residents.
For state-by-state millionaire data, see Millionaires by State.
Key Takeaways
- California leads decisively: 199 billionaires, driven by technology and venture capital.
- Florida is rising: Third place, with continued migration of wealthy individuals from high-tax states.
- Small states can punch above their weight: Wyoming and Montana attract billionaire residents through favorable tax and legal environments.
- Three states have none: Alaska, Delaware, and West Virginia have no resident U.S. billionaires.
- 26 U.S. billionaires live abroad: These individuals hold U.S. citizenship but do not have a primary U.S. residence.
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