Infographic: The Richest Person in Every U.S. State in 2017
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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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Charted: Income Distributions in 16 Different Countries

This graphic shows income distributions in 16 different countries around the world, using data from the World Inequality Database.

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charting income distributions in select countries

Charting Income Distributions in 16 Different Countries

Throughout the 19th century, roughly 80% of the global population lived in what we’d now consider extreme poverty.

And as earnings and living conditions have improved dramatically since then, they haven’t done so evenly across the world. There are still vast income gaps, both between different countries and within them.

To highlight these global income discrepancies, this chart by Ruben Berge Mathisen shows income distributions around the world, using 2021 income data from the World Inequality Database (WID) on a per adult basis.

Global Income Distributions

This graphic shows the adult income distributions of 16 different countries in U.S. dollars, along with the world average.

On a global scale, adults making an annual income greater than $124,720 make it into the 99th percentile, meaning they make more than 99% of the worldwide population.

However, things change when you zoom in on specific countries. Here’s a look at all the countries on the list, and how much annual income is needed (at minimum) to be in the top 1%:

RegionCountryAdult income (2021, 99th percentile)
North America🇺🇸 United States$336,953.19
North America🇨🇦 Canada$193,035.55
North America🇲🇽 Mexico$130,388.19
South America🇧🇷 Brazil$115,257.86
South America🇨🇴 Colombia$97,500.37
South America🇦🇷 Argentina$94,794.89
Asia🇨🇳 China$99,095.34
Asia🇮🇳 India$65,370.51
Asia🇮🇩 Indonesia$85,176.35
Europe🇷🇺 Russia$124,805.86
Europe🇩🇪 Germany$212,106.53
Europe🇬🇧 United Kingdom$162,547.56
Africa🇳🇬 Nigeria$53,144.36
Africa🇪🇹 Ethiopia$24,295.66
Africa🇪🇬 Egypt$115,546.44
Oceania🇦🇺 Australia$164,773.40
🌎 World$124,719.60

People in America’s top 1% make at least $336,953 in annual pre-tax income. That’s more than $100,000 above the 1% of next closest countries, Germany ($212,107) and Canada ($193,036).

On the flip side, adults in Ethiopia only need to make $24,297 to fall into the country’s 99th percentile. Ethiopia is one of the poorest nations in the world—according to estimates by the World Bank, about 27% of Ethiopia’s population is thought to be currently living under the poverty line.

Income Gaps Within Countries

It is also noticeable how much income varies within each country.

One example is Colombia, which has one of the largest wealth gaps of any country on the list. The 99th percentile in Colombia is making an annual income that’s 192x higher than its 10th percentile. In contrast, an income in the 99th percentile in the United States is 83x higher than the 10th percentile.

Colombia’s high level of income inequality stems from early childhood disadvantages, such as lack of access to education, which can limit opportunities later on in life.

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Ranked: The World’s 100 Biggest Pension Funds

The world’s 100 largest pension funds are worth over $17 trillion in total. Which ones are the biggest, and where are they located?

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A preview image of some of the largest pension funds in the world. The Government Pension Investment Fund in Japan is the biggest at $1.7 trillion in assets.

Ranked: The World’s 100 Biggest Pension Funds

View the high-resolution of the infographic by clicking here.

Despite economic uncertainty, pension funds saw relatively strong growth in 2021. The world’s 100 biggest pension funds are worth over $17 trillion in total, an increase of 8.5% over the previous year.

This graphic uses data from the Thinking Ahead Institute to rank the world’s biggest pension funds, and where they are located.

What is a Pension Fund?

A pension fund is a fund that is designed to provide retirement income. This ranking covers four different types:

  • Sovereign funds: Funds controlled directly by the state. This ranking only includes sovereign funds that are established by national authorities.
  • Public sector funds: Funds that cover public sector workers, such as government employees and teachers, in provincial or state sponsored plans.
  • Private independent funds: Funds controlled by private sector organizations that are authorized to manage pension plans from different employers.
  • Corporate funds: Funds that cover workers in company sponsored pension plans.

Among the largest funds, public sector funds are the most common.

The Largest Pension Funds, Ranked

Here are the top 100 pension funds, organized from largest to smallest.

RankFundMarketTotal Assets
1Government Pension Investment Fund🇯🇵 Japan$1.7T
2Government Pension Fund🇳🇴 Norway$1.4T
3National Pension🇰🇷 South Korea$798.0B
4Federal Retirement Thrift🇺🇸 U.S.$774.2B
5ABP🇳🇱 Netherlands$630.4B
6California Public Employees🇺🇸 U.S.$496.8B
7Canada Pension🇨🇦 Canada$426.7B
8National Social Security🇨🇳 China$406.8B
9Central Provident Fund🇸🇬 Singapore$375.0B
10PFZW🇳🇱 Netherlands$315.5B
11California State Teachers🇺🇸 U.S.$313.9B
12New York State Common🇺🇸 U.S.$267.8B
13New York City Retirement🇺🇸 U.S.$266.7B
14Local Government Officials🇯🇵 Japan$248.6B
15Employees Provident Fund🇲🇾 Malaysia$242.6B
16Florida State Board🇺🇸 U.S.$213.8B
17Texas Teachers🇺🇸 U.S.$196.7B
18Ontario Teachers🇨🇦 Canada$191.1B
19National Wealth Fund🇷🇺 Russia$180.7B
20AustralianSuper🇦🇺 Australia$169.1B
21Labor Pension Fund🇹🇼 Taiwan$168.9B
22Washington State Board🇺🇸 U.S.$161.5B
23Public Institute for Social Security🇰🇼 Kuwait$160.0B
24ATP🇩🇰 Denmark$155.4B
25Wisconsin Investment Board🇺🇸 U.S.$147.9B
26Future Fund🇦🇺 Australia$147.9B
27Boeing🇺🇸 U.S.$147.2B
28Employees' Provident🇮🇳 India$145.0B
29New York State Teachers🇺🇸 U.S.$144.4B
30North Carolina🇺🇸 U.S.$137.1B
31Alecta🇸🇪 Sweden$136.7B
32GEPF🇿🇦 South Africa$129.1B
33California University🇺🇸 U.S.$125.3B
34Bayerische Versorgungskammer🇩🇪 Germany$122.0B
35Ohio Public Employees🇺🇸 U.S.$121.6B
36AT&T🇺🇸 U.S.$119.5B
37Public Service Pension Plan🇨🇦 Canada$117.9B
38National Federation of Mutual Aid🇯🇵 Japan$117.1B
39Metaal/tech. Bedrijven🇳🇱 Netherlands$115.8B
40IBM🇺🇸 U.S.$115.4B
41Universities Superannuation🇬🇧 UK$111.2B
42Virginia Retirement🇺🇸 U.S.$110.0B
43Pension Fund Association🇯🇵 Japan$109.8B
44Raytheon Technologies🇺🇸 U.S.$108.9B
45Michigan Retirement🇺🇸 U.S.$108.0B
46Aware Super🇦🇺 Australia$107.5B
47New Jersey🇺🇸 U.S.$104.5B
48Minnesota State Board🇺🇸 U.S.$102.9B
49PFA Pension🇩🇰 Denmark$102.7B
50Kaiser🇺🇸 U.S.$101.0B
51Georgia Teachers🇺🇸 U.S.$100.9B
52Oregon Public Employees🇺🇸 U.S.$100.4B
53Massachusetts PRIM🇺🇸 U.S.$98.5B
54Qsuper🇦🇺 Australia$96.5B
55General Motors🇺🇸 U.S.$96.1B
56Ontario Municipal Employees🇨🇦 Canada$95.7B
57Ohio State Teachers🇺🇸 U.S.$95.1B
58AP Fonden 7🇸🇪 Sweden$94.4B
59Healthcare of Ontario🇨🇦 Canada$90.5B
60General Electric🇺🇸 U.S.$90.5B
61Employees' Pension Fund🇮🇳 India$89.5B
62Bouwnijverheid🇳🇱 Netherlands$88.5B
63UPS🇺🇸 U.S.$86.8B
64United Nations Joint Staff🇺🇸 U.S.$86.2B
65Lockheed Martin🇺🇸 U.S.$85.7B
66Quebec Pension🇨🇦 Canada$81.4B
67National Public Service🇯🇵 Japan$79.9B
68Tennessee Consolidated🇺🇸 U.S.$79.0B
69Royal Bank of Scotland Group🇬🇧 UK$78.3B
70Bank of America🇺🇸 U.S.$76.3B
71BT Group🇬🇧 UK$74.3B
72Keva🇫🇮 Finland$73.3B
73Ford🇺🇸 U.S.$72.8B
74PME🇳🇱 Netherlands$72.7B
75Los Angeles County Employees🇺🇸 U.S.$72.7B
76Quebec Government & Public🇨🇦 Canada$72.4B
77UniSuper🇦🇺 Australia$72.1B
78Northrop Grumman🇺🇸 U.S.$72.0B
79Pennsylvania School Employees🇺🇸 U.S.$70.4B
80Lloyds Banking Group🇬🇧 UK$69.7B
81Ilmarinen🇫🇮 Finland$69.1B
82Colorado Employees🇺🇸 U.S.$68.6B
83Maryland State Retirement🇺🇸 U.S.$68.5B
84AMF Pension🇸🇪 Sweden$67.3B
85Varma🇫🇮 Finland$67.1B
86Wells Fargo🇺🇸 U.S.$66.0B
87Sunsuper🇦🇺 Australia$66.0B
88Verizon🇺🇸 U.S.$64.1B
89Illinois Teachers🇺🇸 U.S.$64.0B
90J.P. Morgan Chase🇺🇸 U.S.$62.8B
91Electricity Supply Pension🇬🇧 UK$62.5B
92FedEx🇺🇸 U.S.$60.7B
93Nevada Public Employees🇺🇸 U.S.$58.8B
94B.C. Municipal🇨🇦 Canada$58.7B
95AP Fonden 4🇸🇪 Sweden$57.7B
96Missouri Schools & Education🇺🇸 U.S.$57.0B
97AP Fonden 3🇸🇪 Sweden$55.9B
98Social Insurance Funds🇻🇳 Vietnam$55.7B
99Organization for Workers🇯🇵 Japan$55.6B
100Illinois Municipal🇺🇸 U.S.$54.9B

U.S. fund data are as of Sep. 30, 2021, and non-U.S. fund data are as of Dec. 31, 2021. There are some exceptions as noted in the graphic footnotes.

Japan’s Government Pension Investment Fund (GPIF) is the largest in the ranking for the 21st year in a row. For a time, the fund was the largest holder of domestic stocks in Japan, though the Bank of Japan has since taken that title. Given its enormous size, investors closely follow the GPIF’s actions. For instance, the fund made headlines for deciding to start investing in startups, because the move could entice other pensions to make similar investments.

America is home to 47 funds on the list, including the largest public sector fund: the Thrift Savings Plan (TSP), overseen by the Federal Retirement Thrift Investment Board. Because of its large financial influence, both political parties have been accused of using it as a political tool. Democrats have pushed to divest assets in fossil fuel companies, while Republicans have proposed blocking investment in Chinese-owned companies.

Russia’s National Wealth Fund comes in at number 19 on the list. The fund is designed to support the public pension system and help balance the budget as needed. With Russia’s economy facing difficulties amid the Russia-Ukraine conflict, the government has also used it as a rainy day fund. For instance, Russia has set aside $23 billion from the fund to replace foreign aircraft with domestic models, because Western sanctions have made it difficult to source replacement parts for foreign planes.

The Future of Pension Funds

The biggest pension funds can have a large influence in the market because of their size. Of course, they are also responsible for providing retirement income to millions of people. Pension funds face a variety of challenges in order to reach their goals:

  • Geopolitical conflict creates volatility and uncertainty
  • High inflation and low interest rates (relative to long-term averages) limit return potential
  • Aging populations mean more withdrawals and less fund contributions

Some pension funds are turning to alternative assets, such as private equity, in pursuit of more diversification and higher returns. Of course, these investments can also carry more risk.

Ontario Teachers’ Pension Plan, number 18 on the list, invested $95 million in the now-bankrupt cryptocurrency exchange FTX. The plan made the investment through its venture growth platform, to “gain small-scale exposure to an emerging area in the financial technology sector.”

In this case, the investment’s failure is expected to have a minimal impact given it only made up 0.05% of the plan’s net assets. However, it does highlight the challenges pension funds face to generate sufficient returns in a variety of macroeconomic environments.

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