Forbes Reveals the Richest Person in Each State: Elon Musk Tops Texas and the World

In May 2025, Forbes released its latest list of the wealthiest individuals in each U.S. state, highlighting a diverse array of industries ranging from tech and retail to agriculture and oil. The combined net worth of these billionaires stands at $2 trillion, marking a significant increase of $400 billion from the previous year. This list underscores the economic influence of these individuals and their contributions to various sectors across the nation. Alabama: Jimmy Rane, with a net worth of $3.7 billion, primarily derived from his investments in real estate and private equity, is the richest person in Alabama. Rane founded Red Oak Properties and holds interests in other businesses, including healthcare and hospitality. Alaska: Jonathan Rubini and his family, along with Leonard Hyde and his family, share the top spot in Alaska. Rubini’s wealth is attributed to his investments in oil and gas, while Hyde’s fortune comes from his involvement in the same industry. Both families have a significant presence in the state’s economy. Arizona: Ernest Garcia II, with a net worth of $13.1 billion, heads Carvana, a innovative online car selling platform known for its "car vending machines." Carvana has transformed the way people buy vehicles, offering a seamless and convenient experience. Arkansas: Rob Walton and his family, heirs to the Walmart fortune, lead with a net worth of $63.6 billion. Walmart, founded by Sam Walton, continues to be one of the world's largest retailers, significantly impacting global commerce. California: Mark Zuckerberg, the co-founder and CEO of Meta Platforms, tops the list with a net worth of $134.5 billion. Meta, formerly Facebook, has evolved into a leading tech company with a vast user base and a growing focus on virtual reality. Colorado: Philip Anschutz, with a net worth of $9.9 billion, is a prominent figure in the entertainment, energy, and transportation industries. He owns the Anschutz Corporation, which includes holdings in railroads and sports teams. Connecticut: Steve Cohen, with a net worth of $17.1 billion, is a hedge fund manager and founder of Point72 Asset Management. Known for his aggressive trading strategies, Cohen has been a influential player in the financial markets. Delaware: Elizabeth Snyder, with a net worth of $6.2 billion, is the richest person in Delaware. She inherited her wealth from her father, who founded W.L. Gore & Associates, a company known for its innovations in medical devices and waterproof fabrics like Gore-Tex. Florida: Jeff Bezos, the former CEO of Amazon, boasts a net worth of $153.2 billion. Amazon, a global e-commerce giant, has revolutionized online shopping and cloud computing, making Bezos one of the most powerful individuals in the tech world. Georgia: Bubba Cathy, Dan Cathy, and Trudy Cathy White, with a combined net worth of $10.7 billion, are heirs to the Chick-fil-A fortune. Founded in the 1960s by their father, S. Truett Cathy, Chick-fil-A is renowned for its chicken sandwiches and strong brand loyalty. Dan’s son, Andrew, took over as CEO in 2021, continuing the family legacy. Hawaii: Pierre Omidyar, with a net worth of $14.5 billion, is the co-founder of eBay. His philanthropic efforts through the Omidyar Network have also significantly impacted social and economic issues globally. Idaho: Frank VanderSloot, with a net worth of $5.3 billion, is the richest person in Idaho. He co-founded Melaleuca, a direct-selling health and wellness company, and has expanded his business interests into real estate and other ventures. Illinois: Lukas Walton, with a net worth of $22.6 billion, is another heir to the Walmart fortune. He focuses on sustainable investing through his firm, Paloma Partners. Indiana: Carl Cook, with a net worth of $3.5 billion, is the chairman of Cook Group, a medical device and pharmaceutical company known for its innovative products and global reach. Iowa: Harry Stine, with a net worth of $10.5 billion, is a leading figure in the agricultural biotechnology sector. His company, Stine Seed, specializes in soybean genetic research and development. Kansas: Charles Koch, with a net worth of $45.4 billion, and his family are at the helm of Koch Industries, one of the largest privately held companies in the U.S. with diversified interests in energy, chemicals, and manufacturing. Kentucky: Tamara Gustavson and her husband Eric, with a net worth of $4.2 billion, are prominent in agriculture and real estate. They own the KHR Companies, which includes farms, residential and commercial property. Louisiana: Todd Graves, with a net worth of $5.3 billion, is the founder of Raising Cane’s Chicken Fingers, a fast-growing fast-food chain known for its focus on quality and customer service. Maine: Susan Alfond, with a net worth of $3.9 billion, is the heiress to the Dexter Shoe Company fortune. She is actively involved in various philanthropic and charitable organizations. Maryland: Annette Lerner and her family, with a net worth of $4.6 billion, are major stakeholders in the sports and entertainment sector. They own the Washington Nationals baseball team and have extensive media and real estate holdings. Massachusetts: Abigail Johnson, with a net worth of $42.8 billion, is the CEO of Fidelity Investments. Under her leadership, Fidelity has expanded its offerings in wealth management and mutual funds, maintaining its position as a leading financial services firm. Michigan: Daniel Gilbert, with a net worth of $14.1 billion, is the founder of Rocket Companies, which includes Quicken Loans, the largest online mortgage lender in the U.S. Gilbert is also known for his investment in Cleveland’s downtown revitalization. Minnesota: Glen Taylor, with a net worth of $6.8 billion, is the owner of the Minnesota Timberwolves basketball team and a diversified business portfolio that includes printing and publishing companies. Mississippi: Thomas and James Duff, with a combined net worth of $2.7 billion, are the richest in Mississippi. They operate the Duff Development Company, a real estate and construction firm, and have significant investments in various regional projects. Missouri: David Steward, with a net worth of $5.5 billion, is the founder of World Wide Technology, an IT and professional services company. Steward is also a notable philanthropist, supporting education and community development initiatives. Montana: Dennis Washington, with a net worth of $4.5 billion, is a businessman with investments in construction, mining, and transportation. He is known for his generous donations to education and healthcare causes. Nebraska: Warren Buffett, with a net worth of $122.6 billion, is the CEO of Berkshire Hathaway, a multinational conglomerate with diverse holdings ranging from insurance to consumer goods. Buffett is also one of the world's most respected investors and philanthropists. Nevada: Miriam Adelson and her family, with a net worth of $31.6 billion, are major players in the gambling and hospitality industries. They own the Las Vegas Sands Corporation, which operates casinos and hotels globally. New Hampshire: Rick Cohen and his family, with a net worth of $3.8 billion, are founders of Symbotic, a pioneering warehouse automation company. Their innovation has transformed logistics and supply chain management. New Jersey: John Overdeck, with a net worth of $9.9 billion, is the co-CEO of Two Sigma Investments, a quantitative asset management firm that uses advanced data analytics to make investment decisions. New Mexico: Ron Corio, with a net worth of $1.6 billion, is the richest person in New Mexico. He made his fortune through real estate and business investments. New York: Michael Bloomberg, with a net worth of $90.6 billion, is a former mayor of New York City and founder of Bloomberg LP. His company provides financial data, news, and technology solutions to businesses worldwide. North Carolina: James Goodnight, with a net worth of $5.7 billion, is the co-founder of SAS Institute, a leading provider of analytics software and services. Goodnight’s work in data analytics has had a profound impact on various industries. North Dakota: Gary Tharaldson, with a net worth of $3.2 billion, is the richest person in North Dakota. He built a hotel chain and is a prominent real estate developer in the state. Ohio: Les Wexner and his family, with a net worth of $7.3 billion, are heirs to the L Brands fortune. L Brands, formerly known as Limited Brands, owns Victoria’s Secret and Bath & Body Works. Oklahoma: Harold Hamm and his family, with a net worth of $14.4 billion, are key figures in the oil and gas industry. Hamm Energy Partners focuses on exploration and production, contributing to Oklahoma’s energy sector. Oregon: Phil Knight and his family, with a net worth of $56.3 billion, are the founders of Nike. Knight’s vision and marketing strategies have made Nike a globally recognized brand in athletic footwear and apparel. Pennsylvania: Jeff Yass, with a net worth of $16.7 billion, is the CEO of Susquehanna International Group, a leading financial technology and trading firm. Yass is known for his sophisticated trading algorithms and market insights. Rhode Island: Jonathan Nelson, with a net worth of $4.1 billion, is the founder of Providence Equity Partners, a private equity firm that invests in media and technology companies. Nelson’s strategic investments have reshaped the landscape of digital media. South Carolina: Robert Faith, with a net worth of $8 billion, is the CEO of Greystar Real Estate Partners, the largest multifamily landlord and property manager in the U.S. Faith’s company manages over one million units of apartment properties. South Dakota: T. Denny Sanford, with a net worth of $3.5 billion, is a philanthropist and businessman known for his contributions to healthcare and education. He founded the Denny Sanford Financial Group and has donated over $1.2 billion to various causes. Tennessee: Thomas Frist Jr. and his family, with a net worth of $3.2 billion, are descendants of the founders of Hospital Corporation of America. Frist Health continues to play a crucial role in healthcare services, particularly in the Southeast. Texas: Elon Musk, with a net worth of over $272 billion, is not only the richest person in Texas but also the world. Musk’s ventures include Tesla, SpaceX, Neuralink, and Twitter, making him a visionary leader in electric vehicles, space exploration, neuroscience, and social media. Utah: Gail Miller, with a net worth of $4.4 billion, is the matriarch of the Miller family, which has extensive holdings in automotive, real estate, and sports. She sold her car dealership business for $3.2 billion in 2021 and continues to manage her diverse portfolio. Vermont: John Abele, with a net worth of $2.7 billion, co-founded Boston Scientific, a company that produces medical devices. Abele’s innovations have improved patient outcomes and healthcare delivery. Virginia: Jacqueline Mars, with a net worth of $23.4 billion, is an heiress to the Mars candy empire. Mars, Inc. is one of the largest confectionary companies in the world, known for brands like M&M's and Snickers. Washington: Steve Ballmer, with a net worth of $102.7 billion, is the former CEO of Microsoft and current owner of the Los Angeles Clippers. His leadership at Microsoft helped solidify the company’s dominance in software and enterprise technology. West Virginia: Brad Smith, with a net worth of $1.8 billion, is a successful entrepreneur and investor. His wealth comes from various business interests, including financial services and real estate. Wisconsin: Diane Hendricks, with a net worth of $5.8 billion, co-founded ABC Supply, the largest wholesale distributor of building products in the U.S. Hendricks’s company has become a cornerstone in the construction industry. Wyoming: John Mars, with a net worth of $14.7 billion, is another heir to the Mars candy fortune. Mars, Inc. continues to be a global leader in the confectionary and pet care markets under his stewardship. Industry Insider Evaluation This Forbes list highlights the significant economic disparities within and between U.S. states, reflecting the uneven distribution of wealth and the varying impacts of different industries. Tech giants like Elon Musk, Mark Zuckerberg, and Steve Ballmer dominate the rankings, underscored by the rapid growth and profitability of companies in the tech sector. However, the list also shows the enduring importance of traditional industries such as retail, agriculture, and energy, which continue to generate substantial wealth. Companies like Walmart, Chick-fil-A, and Mars, Inc. have maintained their influence through multigenerational family ownership and strategic expansion. Meanwhile, newer entrants in the list, such as Carvana and Symbotic, demonstrate the potential for innovative business models to achieve significant financial success rapidly. The philanthropic activities of many of these billionaires, such as Warren Buffett and Pierre Omidyar, further illustrate the broader societal impact of their wealth. Overall, the list serves as a snapshot of the U.S. billionaire class, showcasing both the continuity of established wealth and the emergence of new economic powerhouses.