Cross-country moves, skyrocketing stock valuations, and new faces on the scene—the ranks of the wealthiest people across the United States are anything but static. The annual survey of the richest billionaire in every state has once again highlighted some notable changes for 2024. With new billionaires emerging and others shifting their primary residences, the list looks significantly different compared to last year.

This year, billionaires were identified in 47 states, with a combined net worth of $1.6 trillion—an increase of $100 billion from last year. In a few states, the crown has changed heads, and new billionaires have catapulted into the spotlight. Let’s take a closer look at some of the biggest changes in this year’s list.

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Louisiana’s New Fast-Food King

In Louisiana, Todd Graves, the founder and CEO of the popular fried chicken fast-food chain Raising Cane’s, is the newest addition to the billionaire club. His estimated $9.1 billion fortune has secured his place as the state’s wealthiest resident. Graves dethroned Gayle Benson, the previous titleholder known for her ownership of the NFL’s New Orleans Saints and the NBA’s New Orleans Pelicans. With his entrepreneurial success, Graves has now become a major figure in Louisiana’s financial landscape.

The Power of Moving: Jeff Bezos Returns to Miami

Six other states also saw their wealthiest resident change over the past year, largely due to a series of high-profile moves. One of the most notable relocations was that of Jeff Bezos, the Amazon founder, who moved back to his hometown of Miami, Florida. Announcing the move in a November Instagram post, Bezos explained that he wanted to be closer to his parents, and perhaps coincidentally, this also brings him to a low-tax state.

Bezos’ departure from Seattle means that Bill Gates is now the richest person in Washington state, despite Gates’ recent slip down the global wealth rankings to ninth place—his lowest in decades. Bezos, meanwhile, has been acquiring properties in Florida, spending a whopping $237 million on three homes in Miami’s exclusive “billionaire bunker,” where he will count Tom Brady, Jared Kushner, and Ivanka Trump among his neighbors.

California: Zuckerberg’s Surge to the Top

In California, the tech billionaire hierarchy has also seen some movement. Mark Zuckerberg, the co-founder and CEO of Meta Platforms, has now claimed the top spot as California’s wealthiest resident, due largely to a massive surge in his net worth. Over the past year, shares of Meta have nearly tripled in value, benefiting from strategic layoffs and ongoing investments in artificial intelligence and the metaverse.

This increase in wealth has propelled Zuckerberg past Alphabet co-founder Larry Page, last year’s richest Californian. Although Oracle’s Larry Ellison was listed as Hawaii’s wealthiest last year, voting records indicate that Ellison still maintains California as his primary residence.

Hawaii: Pierre Omidyar Regains the Title

The wealthiest title in Hawaii has now returned to Pierre Omidyar, the founder of eBay, who moved to Hawaii in 2006. Despite the fact that Jeff Bezos, Larry Ellison, and Mark Zuckerberg all own property in the Aloha State, Omidyar has regained the bragging rights as Hawaii’s richest resident.

Arizona and Connecticut: New Names at the Top

In Arizona, Ernest Garcia II, the owner of Phoenix-based DriveTime Automotive and the controlling shareholder of Carvana, has surpassed Los Angeles Angels owner Arturo Moreno as the state’s wealthiest. Garcia and Moreno recently teamed up to buy billboard firm Clear Channel Outdoor Holdings, further bolstering Garcia’s wealth and influence.

Connecticut has also seen a new leader among the wealthy. Steve Cohen, the founder of Point72 Asset Management, has overtaken Ray Dalio, founder of Bridgewater Associates—the world’s largest hedge fund—as the state’s richest individual.

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Three States Still Billionaire-Free

Despite the growing ranks of billionaires across the United States, three states remain without a billionaire: Alaska, Delaware, and West Virginia. However, West Virginia could soon see a change. Brad Smith, the retired CEO of Intuit and current president of Marshall University, is inching closer to joining the three-comma club. A more than 50% surge in Intuit’s shares has increased Smith’s net worth to an estimated $900 million, putting him just shy of billionaire status.

Billionaire Competition: States with Multiple Wealthy Contenders

Some states have multiple billionaires vying for the top spot. California, for instance, is home to 197 billionaires—the most in the country—followed by New York with 139 and Florida with 107. The competition in these states remains fierce, with new wealth being created and fortunes fluctuating year after year.

The Complete List of the Richest Billionaires in Every State

For those curious to see the full picture, below is the complete list of the richest billionaires in every state for 2024. These individuals represent a diverse array of industries and stories, each playing a significant role in the economic fabric of their respective states. The table provides a clear breakdown of each state’s wealthiest resident, offering a fascinating snapshot of America’s billionaire landscape.

Conclusion: A Dynamic Billionaire Landscape

The list of the richest individuals in each state is ever-changing, influenced by cross-country moves, booming industries, and shifting financial markets. This year, new faces like Todd Graves and Pierre Omidyar, along with headline-making moves by billionaires such as Jeff Bezos, have reshaped the landscape of American wealth. With economic shifts and personal decisions driving the fortunes of the ultra-wealthy, it will be fascinating to see how these rankings continue to evolve in the years to come.

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