Mapped: The Wealthiest Person in Every U.S. State in 2020
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Mapped: The Wealthiest Person in Every U.S. State in 2020

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The Wealthiest Person in Every U.S. State in 2020

The Wealthiest Person in Every U.S. State

There are different degrees of wealth that exist, even among the richest in America.

For example, a heavy-hitting millionaire might have the most impressive fortune in his or her home state — but venture a few miles across the state border, and suddenly they become a small fish in a much bigger pond.

Today’s map comes to us from HowMuch.net, and it shows the incredible variance in the biggest fortunes on a state-by-state basis.

The Rich List, by State

Below is the full list containing the wealthiest person in every U.S. state, based on calculations by Forbes in early March 2020.

Amazon founder Jeff Bezos tops the list with a net worth of $117.1 billion in the state of Washington — meanwhile, the smallest fortune on the list is located in Alaska at just $0.3 billion.

RankPersonStateNet Worth ($B)
#1Jeff BezosWashington$117.1
#2Warren BuffettNebraska$89.6
#3Mark ZuckerbergCalifornia$81.9
#4Michael BloombergNew York$58.4
#5Jim WaltonArkansas$51.9
#6Alice WaltonTexas$51.7
#7Charles KochKansas$42.8
#8Sheldon AdelsonNevada$41.4
#9Phil Knight and familyOregon$40.0
#10Jacqueline MarsVirginia$30.2
#11John MarsWyoming$30.2
#12Ray DalioConnecticut$18.7
#13Thomas PeterffyFlorida$17.6
#14Abigail JohnsonMassachusetts$16.0
#15Pierre OmidyarHawaii$13.2
#16Ken GriffinIllinois$13.1
#17Thomas Frist Jr and familyTennessee$13.0
#18John Menard JrWisconsin$11.7
#19Philip AnschutzColorado$11.5
#20Carl CookIndiana$10.4
#21Jim KennedyGeorgia$9.9
#22Harold Hamm & familyOklahoma$9.7
#23James GoodnightNorth Carolina$8.0
#24Victoria MarsPennsylvania$7.5
#25Pauline MacMillan KeinathMissouri$6.9
#26Dennis WashingtonMontana$6.7
#27Daniel GilbertMichigan$6.5
#28Ernest Garcia IIArizona$6.2
#29John OverdeckNew Jersey$6.1
#30Ted Lerner and familyMaryland$5.5
#31Harry StineIowa$5.4
#32Tamara GustavsonKentucky$5.0
#33Les Wexner and familyOhio$4.5
#34Frank VanderSlootIdaho$3.7
#35Gayle BensonLouisiana$3.1
#36Glen TaylorMinnesota$2.8
#37T. Denny SanfordSouth Dakota$2.4
#38Susan AlfondMaine$1.9
#39Anita ZuckerSouth Carolina$1.9
#40Jonathan NelsonRhode Island$1.8
#41Gail MillerUtah$1.6
#42Jim Justice IIWest Virginia$1.5
#43James and Thomas DuffMississippi$1.4
#44Gary TharaldsonNorth Dakota$1.0
#45Jimmy RaneAlabama$0.9
#46Elizabeth Snyder and Robert GoreDelaware$0.9
#47Andrea Reimann-CiardelliNew Hampshire$0.7
#48Mack C. ChaseNew Mexico$0.7
#49John AbeleVermont$0.6
#50Leonard Hyde, Jonathan Rubini and FamiliesAlaska$0.3

While all of the names above are considered extraordinarily wealthy in their home states, there is still a magnitude of difference involved. The low end of the list ($0.3 billion) would need to multiply their fortune by 390 times to get up to the $117.1 billion Bezos level.

To put this another way, the same degree of difference exists between the median household wealth in the U.S. (~$100,000) and a multi-millionaire with $39 million to their name.

Rising and Falling Fortunes

The above figures were obtained prior to the COVID-19 market crash, which will surely impact the size of some of the fortunes listed here.

Who will be most and least impacted by the recent stock market turmoil?

Even though Jeff Bezos has most of his wealth tied up in Amazon stock, so far it has been relatively unaffected by the volatility. With more people staying home because of social distancing, orders on online platforms such as Amazon have exploded.

Similarly to Amazon, the heirs of the Walmart fortune in the Walton family — including Jim Walton, Alice Walton, and Rob Walton — are also seeing Walmart’s stock price hold relatively steady in the face of volatility. In fact, some analysts consider Walmart to be the ultimate “recession-proof” stock, as consumers flock to discount goods in poor economic times.

Warren Buffett is also an interesting case. Though the stock market has certainly disrupted the real-time value of his fortune, that’s not the game that Warren Buffett plays. In fact, he is known for waiting for times of crisis to deploy his cash, and has a significant stockpile of money ready for just this kind of situation.

Billionaires like Sheldon Adelson in Nevada or Philip Anschutz of Colorado might be singing a different tune than some of the other above magnates. Adelson, for example, owns a good chunk of the Las Vegas Strip, as well as casinos and hotels in Singapore and Macao. Unfortunately, tourism-related businesses are some of the hardest hit in the COVID-19 crash.

Meanwhile, Anschutz owns the Coachella Music Festival and stakes in many professional sports teams (LA Lakers, LA Kings, and multiple MLS teams), which have all been impacted by the cancellation of big events and gatherings throughout the country. Like many others, Anschutz is probably itching for things to get back to normal.

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Interest Rate Hikes vs. Inflation Rate, by Country

Inflation rates are reaching multi-decade highs in some countries. How aggressive have central banks been with interest rate hikes?

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Interest Rate Hikes vs. Inflation Rate, by Country

Imagine today’s high inflation like a car speeding down a hill. In order to slow it down, you need to hit the brakes. In this case, the “brakes” are interest rate hikes intended to slow spending. However, some central banks are hitting the brakes faster than others.

This graphic uses data from central banks and government websites to show how policy interest rates and inflation rates have changed since the start of the year. It was inspired by a chart created by Macrobond.

How Do Interest Rate Hikes Combat Inflation?

To understand how interest rates influence inflation, we need to understand how inflation works. Inflation is the result of too much money chasing too few goods. Over the last several months, this has occurred amid a surge in demand and supply chain disruptions worsened by Russia’s invasion of Ukraine.

In an effort to combat inflation, central banks will raise their policy rate. This is the rate they charge commercial banks for loans or pay commercial banks for deposits. Commercial banks pass on a portion of these higher rates to their customers, which reduces the purchasing power of businesses and consumers. For example, it becomes more expensive to borrow money for a house or car.

Ultimately, interest rate hikes act to slow spending and encourage saving. This motivates companies to increase prices at a slower rate, or lower prices, to stimulate demand.

Rising Interest Rates and Inflation

With inflation rates hitting multi-decade highs in some countries, many central banks have announced interest rate hikes. Below, we show how the inflation rate and policy interest rate have changed for select countries and regions since January 2022. The jurisdictions are ordered from highest to lowest current inflation rate.

JurisdictionJan 2022 InflationMay 2022 InflationJan 2022 Policy RateJun 2022 Policy Rate
UK5.50%9.10%0.25%1.25%
U.S.7.50%8.60%0.00%-0.25%1.50%-1.75%
Euro Area5.10%8.10%0.00%0.00%
Canada5.10%7.70%0.25%1.50%
Sweden3.90%7.20%0.00%0.25%
New Zealand5.90%6.90%0.75%2.00%
Norway3.20%5.70%0.50%1.25%
Australia3.50%5.10%0.10%0.85%
Switzerland1.60%2.90%-0.75%-0.25%
Japan0.50%2.50%-0.10%-0.10%

The Euro area has 3 policy rates; the data above represents the main refinancing operations rate. Inflation data is as of May 2022 except for New Zealand and Australia, where the latest quarterly data is as of March 2022.

The U.S. Federal Reserve has been the most aggressive with its interest rate hikes. It has raised its policy rate by 1.5% since January, with half of that increase occurring at the June 2022 meeting. Jerome Powell, the Federal Reserve chair, said the committee would like to “do a little more front-end loading” to bring policy rates to normal levels. The action comes as the U.S. faces its highest inflation rate in 40 years.

On the other hand, the European Union is experiencing inflation of 8.1% but has not yet raised its policy rate. The European Central Bank has, however, provided clear forward guidance. It intends to raise rates by 0.25% in July, by a possibly larger increment in September, and with gradual but sustained increases thereafter. Clear forward guidance is intended to help people make spending and investment decisions, and avoid surprises that could disrupt markets.

Pacing Interest Rate Hikes

Raising interest rates is a fine balancing act. If central banks raise rates too quickly, it’s like slamming the brakes on that car speeding downhill: the economy could come to a standstill. This occurred in the U.S. in the 1980’s when the Federal Reserve, led by Chair Paul Volcker, raised the policy rate to 20%. The economy went into a recession, though the aggressive monetary policy did eventually tame double digit inflation.

However, if rates are raised too slowly, inflation could gather enough momentum that it becomes difficult to stop. The longer high price increases linger, the more future inflation expectations build. This can result in people buying more in anticipation of prices rising further, perpetuating high demand.

“There’s always a risk of going too far or not going far enough, and it’s going to be a very difficult judgment to make.” — Jerome Powell, U.S. Federal Reserve Chair

It’s worth noting that while central banks can influence demand through policy rates, this is only one side of the equation. Inflation is also being caused by supply chain issues, a problem that is more or less outside of the control of central banks.

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Mapping the Migration of the World’s Millionaires

This graphic maps out the migration of millionaires across the globe, showing the top 10 countries the ultra-rich are moving to and from.

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Mapping the Migration of the World’s Millionaires

Throughout 2022, a projected 88,000 millionaires will move to a new country, according to the latest Henley Global Citizens Report.

Which countries are these millionaires moving to, and where in the world are they coming from?

This graphic maps the migration of high net worth individuals (HNWIs)—people with a net worth of over US$1 million—showing where rich people are flocking, and where they’re fleeing.

Migration of Millionaires is Back

Before diving into the country-specific data, it’s worth taking a step back to look at overall millionaire migration trends, and how things are changing this year.

2020 saw a drastic drop in the number of millionaire migrants, as pandemic-induced lockdowns kept people from leaving their home countries—and at times, their homes in general.

But as restrictions ease and countries begin to open up their borders again, the migration of millionaires is beginning to gather steam once again:

Year# of HNWIs that migratedY-o-y change
2018108,00014%
2019110,0002%
202012,000-89%
202125,000108%
2022P88,000252%
2023P125,00042%

Below, we’ll dive into which countries are seeing the highest number of HNWI migrants, and which ones are losing the most HNWIs.

Which Countries Are Millionaires Leaving?

There are a plethora of reasons why the ultra-rich move countries. Escaping conflict is one of them, which is why it’s no surprise to see Russia and Ukraine are projected to see some of the biggest emigration numbers by the end of 2022.

Here are the top 10 countries by millionaire outflows:

CountryProjected net outflows of HNWIs (2022)% of HNWIs lost
🇷🇺​ Russia15,00015%
🇨🇳​ China10,0001%
🇮🇳​ India8,0002%
🇭🇰 Hong Kong3,0002%
​🇺🇦 Ukraine2,80042%
​🇧🇷​ Brazil2,5002%
🇬🇧​ UK1,5000%
🇲🇽​ Mexico8000%
🇸🇦 Saudi Arabia6001%
🇮🇩 Indonesia6001%

Figures rounded to the nearest 100.

While Russia is expected to see 15,000 millionaires leaving the country, Ukraine is projected to experience the highest loss in percentage terms—a whopping 42% of its HNWIs could leave the country by the end of 2022.

China could also see a big loss in its millionaire population, with a projected loss of 10,000.
According to Andrew Amoils, Head of Research at New World Wealth, this could be more damaging to the country than in previous years, since general wealth growth in China has declined recently.

Where Are The Ultra-Rich Moving?

The United Arab Emirates (UAE) has become a millionaire magnet, with a projected 4,000 HNWIs flowing into the country by the end of 2022. This influx of ultra-wealthy people is partly because of the country’s accommodating immigration policies that are specially tailored to attract private wealth and international talent.

Here are the top 10 countries that saw millionaire inflows:

CountryProjected net inflows of HNWIs (2022)% of HNWI Gained
​​🇦🇪​ UAE4,0004%
🇦🇺​ Australia3,5001%
🇸🇬 Singapore2,8001%
​🇮🇱 Israel2,5002%
​​🇺🇸 USA1,5000%
​🇵🇹​ Portugal1,3002%
🇬🇷​ Greece1,2003%
🇨🇦​ Canada1,0000%
🇳🇿​ New Zealand8001%

Australia continues to attract HNWIs, coming in second behind the UAE. According to New World Wealth, approximately 80,000 millionaires have moved to the Land Down Under in the last two decades.

A few things that attract migrants to Australia are the country’s low costs of healthcare, its lack of inheritance tax, and its generally prosperous economy.

Where does this data come from?

Source: Henley Global Citizens Report 2022

Data notes: As countries reopen, and the invasion of Ukraine wears on, this will have ripple effects on where people choose to live. There are two main things to keep in mind when view the information above. 1) Individuals need to remain in a country for six months in order to be updated in the database. In many cases, it’s not yet clear where people leaving certain countries choosing to relocate. 2) In the graphic above, we’ve visualized the top 10 countries for inflows and outflows.

 

Update: This article and graphic have been updated to more clearly explain what’s being shown, and list the data source in a more prominent way. We appreciate your feedback.

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