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The Richest Person in Every U.S. State in 2017

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The Richest Person in Every U.S. State in 2017

The Richest Person in Every U.S. State in 2017

The massive empires of business tycoons like Bill Gates, Warren Buffett, and Jeff Bezos are continually topics of discussion throughout the world, but much less attention finds its way towards the largest personal fortunes at the state level.

That’s because while some of the wealthiest people in their respective states are household names, such as Ray Dalio (Connecticut) or Michael Bloomberg (New York), the majority of people on this list fly below the radar at both the national and international levels. Further, the dropoff from the largest to smallest fortunes on the list is also steeper than you might think.

Examining the Top 10 States

Today’s visualization, which shows the richest person in every U.S. state in 2017, comes from cost information site HowMuch.net while using the latest information from Forbes.

Here’s how the list of the top 10 states round out:

RankPersonStateFortuneSource
#1Bill GatesWashington$88.9BSelf-made
#2Warren BuffettNebraska$76.2BSelf-made
#3Mark ZuckerbergCalifornia$62.4BSelf-made
#4Michael BloombergNew York$50.7BSelf-made
#5Charles KochKansas$47.5BInherited & Growing
#6Jim WaltonArkansas$38.5BInherited
#7Alice WaltonTexas$38.2BInherited
#8Sheldon AdelsonNevada$35.6BSelf-made
#9John MarsWyoming$27.6BInherited
#10Jacqueline MarsVirginia$27.6BInherited

While their fortunes don’t quite compare to the richest people in human history, the numbers above are still very impressive.

The list is topped by Bill Gates, who was briefly overtaken as richest person in the world by fellow Seattleite Jeff Bezos for a short period of time in July, but now again sits in the #1 position. Not surprisingly, Mark Zuckerberg (California) and Michael Bloomberg (New York) also sit high, outranking other high net worth individuals from those states like Larry Ellison ($62.2 billion) or George Soros ($25.2 billion).

The list is dominated by those who are self-made or growing their fortunes, but the second half has billionaire siblings that inherited their family fortunes such as Jim and Alice Walton (Walmart), or John and Jacqueline Mars (Mars).

Flying Under the Radar

In some ways, the bottom portion of the rankings for the Richest Person in Every U.S. State is just as interesting. Many of these people are lesser known, and the disparity between these fortunes and those on the Top 10 list show how hard it really is to grow a fortune to the >$20 billion range.

RankPersonStateFortuneSource
#41Andrea Reimann-CiardelliNew Hampshire$1.1BInherited
#42Gary TharaldsonNorth Dakota$900MSelf-made
#43Leslie LamptonMississippi$760MSelf-made
#44 (t)Robert GoreDelaware$720MInherited & Growing
#44 (t)Elizabeth SnyderDelaware$720MInherited & Growing
#46 (t)Mack C. ChaseNew Mexico$700MSelf-made
#46 (t)Jimmy RaneAlabama$700MSelf-made
#48John AbeleVermont$625MSelf-made
#49 (t)Leonard HydeAlaska$340MSelf-made
#49 (t)Jonathan RubiniAlaska$340MSelf-made

Just one person in the Bottom 10 is a billionaire – the rest have fortunes in the hundreds of millions.

The sources of the fortunes near the end of the list are also quite diverse. Robert Gore and Elizabeth Snyder (and their four other siblings) were the heirs to the Gore-Tex empire, each owning 7% of the company. Meanwhile, Mack C. Chase is an oil tycoon, John Abele has made his money from making medical devices, and Leonard Hyde and Jonathan Rubini are partners in a real estate firm that owns much of the Anchorage skyline.

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Markets

40 Stock Market Terms That Every Beginner Should Know

Getting a grasp on the market can be a daunting task for new investors, but this infographic is an easy first step to help in understanding stock market terms.

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40 Stock Market Terms That Every Beginner Should Know

Understanding the stock market can be a daunting task for any new investor.

Not only are there many concepts and technical terms to decipher, but nearly everybody will try to give you conflicting pieces of advice.

For example, if a stock in your portfolio falls in price, should you be accumulating additional shares at a lower price or should you be strategically cutting your losses?

Some experts will tell you one thing, while others will tell you precisely the opposite.

A Place to Start: Terminology

Before you drift into the many debates that the investing pundits are weighing in on, perhaps the most proactive step for a beginner is to simply learn to talk the same language as the pros.

Today’s infographic comes to us from StocksToTrade.com, and it covers the most important stock market terms that every new investor should know and understand. It’s enough to get any beginner on the same playing field, so they can start toying with the more nuanced or complex concepts in the investing universe.

While we don’t agree with the exact definitions of all of the terms, the list is adequate enough to get any new investor off the ground. It covers basic order terms like “bid”, “ask”, and “volume”, but it also goes into concepts like “authorized shares”, “secondary offerings”, “yield”, and a security’s “moving average”.

What’s Next?

Already got a handle on 40 of the most important stock market terms?

Visual Capitalist has a ton of other powerful visual resources for new investors, or anyone else hungry to learn about how markets work:

Crush the above resources, and you’ll be market savvy in no time!

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Money

How Americans Make and Spend Their Money

These charts break down how Americans get their income, as well as where that money goes, based on different income groups.

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How do you spend your hard-earned money?

Whether you are extremely frugal, or you’re known to indulge in the finer things in life, how you allocate your spending is partially a function of how much cash you have coming in the door.

Simply put, the more income a household generates, the higher the portion that can be spent on items other than the usual necessities (housing, food, clothing, etc), and the more that can be saved or invested for the future.

Earning and Spending, by Income Group

Today’s visuals come to us from Engaging Data, and they use Sankey diagrams to display data from the Bureau of Labor Statistics (BLS) that helps to paint a picture of how different household income groups make and spend their money.

We’ll show you three charts below for the following income groups:

  1. The Average American
  2. The Lowest Income Quintile (Bottom 20%)
  3. The Highest Income Quintile (Highest 20%)

Let’s start by taking a look at the flows of the average American household:

The Average American Household – $53,708 in spending (73% of total income)

The average U.S. household has 2.5 people (1.3 income earners, 0.6 children, and 0.4 seniors)
Average American Household Earnings and Saving

As you can see above the average household generates $73,574 of total inflows, with 84.4% of that coming from salary, and smaller portions coming from social security (11.3%), dividends and property (2.6%), and other income (1.7%).

In terms of money going out, the highest allocation goes to housing (22.1% of spending), while gas and insurance (9.0%), household (7.7%), and vehicles (7.5%) make up the next largest categories.

Interestingly, the average U.S. household also says it is saving just short of $10,000 per year.

The Bottom 20% – $25,525 in spending (100% of total income)

These contain an average of 1.6 people (0.5 income earners, 0.3 children, and 0.4 seniors)

How do the inflows and outflows of the average American household compare to the lowest income quintile?

Here, the top-level statistic tells much of the story, as the poorest income group in America must spend 100% of money coming in to make ends meet. Further, cash comes in from many different sources, showing that there are fewer dependable sources of income for families to rely on.

For expenditures, this group spends the most on housing (24.8% of spending), while other top costs of living include food at home (10.1%), gas and insurance (7.9%), health insurance (6.9%), and household costs (6.9%).

The Highest 20% – $99,639 in spending (53% of total income)

These contain an average of 3.1 people (2.1 income earners, 0.8 children, and 0.2 seniors)

The wealthiest household segment brings in $188,102 in total income on average, with salaries (92.1%) being the top source of inflows.

This group spends just over half of its income, with top expenses being housing (21.6%), vehicles (8.3%), household costs (8.2%), gas and insurance (8.2%), and entertainment (6.9%).

The highest quintile pays just short of $40,000 in federal, state, and local taxes per year, and is also able to contribute roughly $50,000 to savings each year.

Spending Over Time

For a fascinating look at how household spending has changed over time, don’t forget to check out our previous post that charts 75 years of data on how Americans spend money.

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