Where America's Richest People Live in 2024

In 2024, California remains the epicenter of wealth in the United States, boasting 83 members on this year's Forbes 400 list. Collectively, these billionaires hold an astounding net worth of $1.3 trillion.

Key Wealth Hubs in the U.S.

Though California leads, it is not the only state home to the nation’s wealthiest individuals. Following California, New York and Florida rank as significant hubs for billionaires, with Texas rounding out the top four. Together, these four states house approximately one-third of the American population and nearly 60% of its wealthiest citizens.

Over the past decade, New York has seen a decline in its billionaire count, losing 11 members overall. Notably, five of these affluent individuals made the move to Florida, which has increasingly attracted those seeking new opportunities. Among the high-profile relocations is former President Donald Trump, who returns to the Forbes list this year, thanks to his successful ventures with the Trump Media and Technology Group.

The Five States with the Most Billionaires

Illinois

Chicago serves as home to the youngest member of the Forbes 400, Lucas Walton, who is 38 years old and one of the eight grandchildren of Walmart co-founder Sam Walton. He is one of two billionaires on the list under 40. The city also hosts several notable members of the Pritzker family, known for their affiliation with the Hyatt Hotel brand, including JB Pritzker, the billionaire governor of Illinois.

Texas

Elon Musk retains his title as the richest person in the U.S. for the third consecutive year. His bold commitment to Texas includes relocating both SpaceX and X (formerly Twitter) to the Lone Star State. Notably, around one-third of Texas's billionaires have made their fortunes in energy, with prominent figures like Randa Duncan Williams and Kelsey Warren leading the way.

Florida

Known as the Land of Sunshine, Florida continues to draw significant wealth. Jeff Bezos, the founder of Amazon, made headlines when he relocated from Washington State, acquiring three homes on Indian Creek, a gated island in Miami Beach dubbed the "Billionaire Bunker." Nearly 30% of Florida's billionaires have made their fortunes in finance and investments. Among them is Ken Griffin, a significant figure in the hedge fund industry, who moved his Citadel headquarters from Chicago to Florida.

New York

The financial capital of the world, New York remains a key player for billionaires, with nearly two-thirds of the state's wealthy residents making their fortunes in finance. Prominent figures include Michael Bloomberg, former mayor of New York City and influential businessman, as well as notable individuals like George Soros, Ralph Lauren, and Bill Ackman.

California

California’s wealth largely stems from the combined riches of Hollywood and Silicon Valley. At the forefront is Mark Zuckerberg, whose primary residence is in Palo Alto, although he frequently visits his expansive 1,450-acre compound in Kauai, Hawaii. Nearly half of California's wealth on the Forbes 400 list comes from technology moguls, including giants like Larry Ellison of Oracle and the co-founders of Google, Larry Page and Sergey Brin.

Conclusion

The landscape of wealth in the United States is ever-evolving, but the dominance of California, New York, Florida, and Texas remains steadfast. As these states continue to innovate and attract the richest individuals, they solidify their status as the premier destinations for America’s billionaires in 2024.

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