These Are The US States That Added The Most Billionaires Over The Last Decade

The billionaire map of America looks very different today than it did a decade ago.

New faces and shifting fortunes have reshaped where the country’s wealthiest residents call home, and some states have vaulted ahead in the billionaire rankings as Visual Capitalist’s Pallavi Rao shows in the infographic below.

The data for this map comes from two related Forbes sources.

Their 2016 billionaire breakdown (which used net worth figures as of November, 2015), and their Real-Time Billionaires List, accessed July, 2025.

Using both datasets, we mapped the net change in U.S. billionaires by state. Due to data limitations, this map does not count U.S. billionaires in Washington D.C. and overseas territories.

The South is Gaining Billionaires, Fast

While California leads by overall billionaire gains (+75), two southern states are in the top five.

Rank
State
Code
2015 Billionaires
2025 Billionaires
Change in Billionaires
1
California
CA
124
199
75
2
Florida
FL
44
117
73
3
New York
NY
93
136
43
4
Texas
TX
48
83
35
5
Illinois
IL
17
30
13
6
Massachusetts
MA
10
23
13
7
Pennsylvania
PA
10
23
13
8
Georgia
GA
9
21
12
9
Nevada
NV
8
19
11
10
North Carolina
NC
3
10
7
11
Arizona
AZ
9
15
6
12
Utah
UT
1
7
6
13
Virginia
VA
5
11
6
14
Connecticut
CT
12
17
5
15
Ohio
OH
6
10
4
16
Washington
WA
13
17
4
17
Colorado
CO
10
13
3
18
Louisiana
LA
1
4
3
19
South Carolina
SC
1
4
3
20
Hawaii
HI
1
3
2
21
Maryland
MD
8
10
2
22
Mississippi
MS
0
2
2
23
Missouri
MO
6
8
2
24
Montana
MT
4
6
2
25
Nebraska
NE
2
4
2
26
Tennessee
TN
10
12
2
27
Alabama
AL
0
1
1
28
Arkansas
AR
5
6
1
29
Kansas
KS
2
3
1
30
New Hampshire
NH
1
2
1
31
New Mexico
NM
0
1
1
32
North Dakota
ND
0
1
1
33
Oregon
OR
2
3
1
34
Vermont
VT
0
1
1
35
Maine
ME
1
1
0
36
New Jersey
NJ
8
7
-1
37
Oklahoma
OK
5
4
-1
38
West Virginia
WV
1
0
-1
39
Idaho
ID
3
1
-2
40
Indiana
IN
4
2
-2
41
Michigan
MI
11
9
-2
42
Wisconsin
WI
9
7
-2
43
Wyoming
WY
9
7
-2
N/A
Iowa
IA
1
1
No change
N/A
Kentucky
KY
1
1
No change
N/A
Minnesota
MN
5
5
No change
N/A
Rhode Island
RI
1
1
No change
N/A
South Dakota
SD
1
1
No change
N/A
Alaska
AK
0
0
No billionaires
N/A
Delaware
DE
0
0
No billionaires
N/A
U.S.
US
540
869
329

In fact, second-ranked Florida added 73 billionaires—more than doubling its roster to 117—thanks to the influx of hedge-fund titans, tech founders, and pandemic-era corporate relocations.

Texas gained 35, cementing its draw as America’s energy capital and a swelling tech hub around Austin and Dallas.

With no state income tax and a cost of living well below coastal peers, both states have become magnets for high-net-worth individuals fleeing higher-tax jurisdictions.

Tech Hubs Keep Their Billionaire Edge, But is Growth Cooling?

California remains the undisputed leader with 199 billionaires in 2025—up 75 from 2015—anchored by Silicon Valley fortunes from companies such as Apple, Google, and OpenAI.

Yet the Golden State’s growth rate lags that of Florida and Texas, hinting at headwinds from rising costs and remote-friendly work patterns.

New York added 43 new billionaires, driven largely by finance and media exits, but also saw some flight to lower-tax locales.

Even with slowing momentum, these coastal giants still host 39% of all U.S. billionaires.

Unexpected Wealth Hotspots in the Mountain West and Midwest

Beyond the big four, several smaller states quietly punched above their weight.

Nevada added 11 billionaires, boosted by Las Vegas real-estate windfalls and a growing tech presence around Reno.

Utah’s count jumped six-fold on the back of booming software IPOs along the “Silicon Slopes.”

Illinois and Massachusetts each gained 13 billionaires, underscoring the enduring wealth-creation power of Chicago’s trading dynasties and Boston’s life-science clusters.

Conversely, traditional manufacturing states such as Michigan and Wisconsin slipped, each losing two members of the three-comma club.

If you enjoyed today’s post, check out The Richest Billionaire in Every Country (That Has One) on Voronoi, the new app from Visual Capitalist.