Almost every state is now home to at least one billionaire, as the collective wealth of America’s richest people has swollen to a staggering $1.6 trillion.
Analysis by Forbes has found that 47 states are home to at least one member of the ten-figure club, with three counting over 100 billionaires among their residents.
The collective fortunes of the nation’s wealthiest have risen by $100 billion since last year.
As was the case in 2023, Alaska, Delaware and West Virginia are the only states which are not home to any billionaires.
But soaring stocks and cross-country moves mean there have been some significant shake ups in the state rankings of the nation’s ultra-rich.
Forbes found that in the last year, seven states have seen their wealthiest person change.
Jeff Bezos announced in November 2023 that he was leaving Washington and moving back to Florida in order to be closer to his parents and rocket launches at his Blue Origin space company.
The departure from his longtime home in Seattle and relocation to Miami makes him the richest billionaire in the state – and also came with a major tax perk, which could help him save over $600 million in taxes over the next year.
Florida has no state income tax or capital gains tax, while Washington introduced a 7 percent capital gains tax on sales of stocks or bonds of more than $250,000 in 2022.
The Amazon founder, who is worth $194 billion, has already bought two properties on the ultra-exclusive Indian Creek island dubbed “billionaires’ bunker.”
His departure also means Bill Gates is now the richest person in Washington, despite the Microsoft co-founder falling down the global wealth ranks to number nine with a fortune of $128 billion.
Mark Zuckerberg has also overtaken former Alphabet CEO Larry Page as the wealthiest billionaire in California.
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Author: Marty Kaufmann
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