Cross country moves, skyrocketing stocks and a new fast food billionaire shake up the ranks of the states’ richest. Find out who’s in and who’s out.
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LifestyleTranscript
00:00Here's your Forbes Daily Briefing for Saturday, May 4th.
00:05Today on Forbes, the richest billionaire in every state, 2024.
00:12Forbes once again searched the country for the richest resident in every state and found
00:17billionaires almost everywhere.
00:1947 states are home to at least one member of the 10-figure club.
00:23Combined, these 54 people – 54 because some of them are tied for the top spot in
00:29their state – are worth $1.6 trillion, which is $100 billion more than last year.
00:37In Louisiana, a new billionaire's estimated $9.1 billion fortune catapulted him onto the
00:43list.
00:44Todd Graves, the founder and CEO of fried chicken fast food chain Raising Cane's, takes
00:50the title from Gail Benson, whose ownership of the NFL's New Orleans Saints and NBA's
00:55New Orleans Pelicans had previously secured her the spot as Louisiana's richest.
01:01Six other states also saw their wealthiest person change over the past year, as some
01:06of the richest Americans decided to move their primary residents.
01:10Jeff Bezos announced in a November Instagram post that he would be moving back to Florida,
01:15saying that he was leaving Seattle for his hometown of Miami to be closer to his parents.
01:20His move to the low-tax Sunshine State also comes two years after Washington State introduced
01:25a 7% tax on residents' adjusted long-term capital gains.
01:30Bezos has already bought three homes on Miami's billionaire bunker for a combined $237 million
01:36and now calls Tom Brady, Jared Kushner and Ivanka Trump his neighbors.
01:42With Bezos gone, Bill Gates is the richest resident of Washington, despite falling down
01:47the global wealth ranks to a recent No. 9, his lowest in decades.
01:52Mark Zuckerberg claims the top spot in California not because of a move but because of a surge
01:58in his fortune, as shares of Meta nearly tripled in value over the past year following mass
02:03layoffs at the company and ongoing investments into AI and the Metaverse.
02:08He moves past last year's richest, Larry Page, as Meta's increase outpaced that of Alphabet.
02:14Zuckerberg also beats out Larry Ellison, who Forbes listed as richest in Hawaii last year
02:19but whose voting records indicate that the Golden State is still his primary home.
02:24eBay founder Piero Midyar, who moved to Hawaii in 2006, takes back bragging rights as the
02:30state's richest resident, despite Bezos, Ellison and Zuckerberg all owning property there.
02:36And in Ellison's case, nearly an entire island.
02:40Ernest Garcia II, owner of Phoenix-based used car dealership Drivetime Automotive and controlling
02:46shareholder of online used car dealer Carvana, surpassed Los Angeles Angels owner Arturo
02:52Moreno to become the richest in Arizona.
02:55The pair teamed up to buy billboard firm Clear Channel Outdoor Holdings last year.
03:01In Connecticut, Steve Cohen, founder of hedge fund firm Point72 Asset Management, replaced
03:07Ray Dalio, founder of Bridgewater Associates, the world's biggest hedge fund firm, as the
03:12state's richest resident.
03:14Alaska, Delaware and West Virginia are the only three states still without a billionaire.
03:20In the case of West Virginia, though, retired Intuit CEO Brad Smith and president of Marshall
03:27inching closer to the three comma club amid a more than 50% increase in Intuit shares
03:32over the past year, putting Smith's fortune at an estimated $900 million.
03:38Some states have many people vying for the top spot.
03:41That's particularly true for the Golden State, which boasts 197 billionaires, followed
03:46by New York with 139 and Florida with 107.
03:51As we said, the richest resident of California is Mark Zuckerberg and the richest resident
03:55of Florida is Jeff Bezos.
03:57The richest resident of New York is former New York City Mayor Michael Bloomberg, who
04:01co-founded Bloomberg LP.
04:05For full coverage and to see the entire list of each state's richest resident, check out
04:09Annika Grosser's piece on Forbes.com.
04:14This is Kieran Meadows from Forbes.
04:16Thanks for tuning in.
04:25Transcribed by https://otter.ai