Who’s the Richest Person in Your State?

24/7 Wall St. Insights

• We used data from the American Community Survey of the U.S. Census Bureau and Forbes.
• The richest person on this list has hedge funds to thank for their wealth.
• Also, 2 Dividend Legends to Hold Forever

What signifies you are rich? Are you satisfied once you reach a certain number? Having enough food and water makes you richer than millions of people worldwide. If you have a house and a car, you’re ahead of many billions more. But being rich also depends on where you live. A salary of $100k might put you at the top of the pack in an economically depressed area but in poverty in others. So, if you want to be rich, maybe that doesn’t mean having more money but moving to a state where your money goes further.

Based on the American Community Survey of the U.S. Census Bureau, and Forbes, we’ve compiled a list of the average income of the top 5% of earners in each state along with the richest person in the state. These are arranged from lowest to highest average income levels.

Why is This Useful?

This information might be useful to you not only for bragging rights but also to help identify lower-cost places to live if you’re feeling the pinch in your state. If you are able to work remotely or you are retiring, you can draw your income from a higher-paying state and live in a lower-cost one to stretch your dollars.

You can also notice the ages of the richest people in each state and the economic sectors where they made their wealth. You might find some trends that inspire you, such as the fact that quite a few of these individuals made their wealth from companies that sell actual tangible products, not by playing the market.

How to Be Rich on a Budget

If reading about the richest people in the country makes you feel left behind, here are some simple, low-cost ways to feel richer without spending a lot of money.

• Schedule more leisure time and really relax.
• Focus on having experiences and building memories in the place you live rather than going into debt to acquire material things.
• Dress and groom yourself neatly. It doesn’t take name brands to look clean and put together.
• Keep your space (apartment, office, house) clean, orderly, and well-maintained.
• Visit ethnic restaurants and develop a more sophisticated palate.
• Educate yourself with internet resources about the world, business, fashion, and other cultures.
• Cultivate modesty, kindness, and generosity—character traits shown by some of the best wealthy role models.

Now, properly fortified, let’s dive into that rich list!

50. West Virginia

Average top 5% income: $329,620

Richest person, age, and home: Brad Smith, 60, Huntington

Richest person’s net wealth and income source: $900 million – Intuit

49. Mississippi

Average top 5% income: $333,597

Richest person, age, and home: Thomas and James Duff, 66 & 62, Hattiesburg

Richest person’s net wealth and income source: $3 billion – tires, diversified

48. Alabama

Average top 5% income: $370,977

Richest person, age, and home: Jimmy Rane, 77, Abbeville

Richest person’s net wealth and income source: $1.5 billion – lumber

47. New Mexico

Average top 5% income: $353,104

Richest person, age, and home: Ron Corio, 62, Albuquerque

Richest person’s net wealth and income source: $1.7 billion – solar

46. Arkansas

Average top 5% income: $377,040

Richest person, age, and home: Jim Walton, 75, Bentonville

Richest person’s net wealth and income source: $78.4 billion – Walmar

45. Oklahoma

Average top 5% income: $377,724

Richest person, age, and home: Harold Hamm, 78, Oklahoma City

Richest person’s net wealth and income source: $18.5 billion – oil & gas 

44. Kentucky

Average top 5% income: $380,726

Richest person, age, and home: Tamara Gustavson, 62, Lexington

Richest person’s net wealth and income source: $7.8 billion – self-storage

43. Indiana

Average top 5% income: $381,422

Richest person, age, and home: Carl Cook, 61, Bloomington

Richest person’s net wealth and income source: $10.6 billion – medical devices 

42. Louisiana

Average top 5% income: $384,432

Richest person, age, and home: Todd Graves, 52, Baton Rouge

Richest person’s net wealth and income source: $9.1 billion – Raising Cane’s

41. Iowa

Average top 5% income: $386,152

Richest person, age, and home: Harry Stine, 82, Adel

Richest person’s net wealth and income source: $9.7 billion – agriculture  

40. South Dakota

Average top 5% income: $392,724

Richest person, age, and home: T. Denny Sanford, 60, Sioux Falls

Richest person’s net wealth and income source: $2.1 billion – banking, credit cards

39. Maine

Average top 5% income: $396,205

Richest person, age, and home: Susan Alfond, 78, Scarborough

Richest person’s net wealth and income source: $3.1 billion – shoes

38. Idaho

Average top 5% income: $402,743

Richest person, age, and home: Frank VanderSloot, 75, Idaho Falls

Richest person’s net wealth and income source: $3.3 billion – nutrition, wellness products

37. Wisconsin

Average top 5% income: $403,055

Richest person, age, and home: John Menard Jr., 84, Eau Claire

Richest person’s net wealth and income source: $25.2 billion – home improvement stores

36. Ohio

Average top 5% income: $403,750

Richest person, age, and home: Les Wexner, 86, New Albany

Richest person’s net wealth and income source: $6 billion – retail

35. Missouri:

Average top 5% income: $404,080

Richest person, age, and home: John Morris, 76, Springfield

Richest person’s net wealth and income source: $9.5 billion – sporting goods retail

34. Vermont

Average top 5% income: $405,333

Richest person, age, and home: John Abele, 87, Shelburne

Richest person’s net wealth and income source: $1.9 billion – healthcare

33. Michigan

Average top 5% income: $406,657

Richest person, age, and home: Daniel Gilbert, 62, Franklin

Richest person’s net wealth and income source: $26.2 billion – Quicken Loans

32. Wyoming

Average top 5% income: $407,646

Richest person, age, and home: John Mars, 88, Jackson

Richest person’s net wealth and income source: $38.5 billion – candy, pet food

31. South Carolina

Average top 5% income: $408,138

Richest person, age, and home: Robert Faith, 60, Charleston

Richest person’s net wealth and income source: $5.8 billion – real estate management

30. Montana

Average top 5% income: $411,205

Richest person, age, and home: Dennis Washington, 89, Missoula

Richest person’s net wealth and income source: $7 billion – construction, mining

29. Kansas

Average top 5% income: $415,875

Richest person, age, and home: Charles Koch, 88, Wichita

Richest person’s net wealth and income source: $58.5 billion – Koch Industries

28. Tennessee

Average top 5% income: $418,421

Richest person, age, and home: Thomas Frist Jr., 85, Nashville

Richest person’s net wealth and income source: $26.2 billion – hospitals

27. North Dakota

Average top 5% income: $418,541

Richest person, age, and home: Gary Tharaldson, 78, Fargo

Richest person’s net wealth and income source: $1.2 billion – hotels

26. Nebraska

Average top 5% income: $420,169

Richest person, age, and home: Warren Buffett, 93, Omaha

Richest person’s net wealth and income source: $133 billion – Berkshire Hathaway 

25. Alaska

Average top 5% income: $424,278

Richest person, age, and home: Jonathan Rubini, 69, Anchorage

Richest person’s net wealth and income source: $400 million – real estate

24. North Carolina

Average top 5% income: $429,071

Richest person, age, and home: James Goodnight, 81, Cary

Richest person’s net wealth and income source: $10.1 billion – software 

23. Arizona

Average top 5% income: $435,414

Richest person, age, and home: Ernest Garcia II, 66, Tempe

Richest person’s net wealth and income source: $8 billion – used cars 

22. Delaware

Average top 5% income: $442,860

Richest person, age, and home: Elizabeth Snyder, 76, Wilmington

Richest person’s net wealth and income source: $800 million – Gore-Tex

21. Oregon

Average top 5% income: $448,649

Richest person, age, and home: Phil Knight, 86, Hillsboro

Richest person’s net wealth and income source: $40.9 billion – Nike

20. Nevada

Average top 5% income: $449,872

Richest person, age, and home: Miriam Adelson, 78, Las Vegas

Richest person’s net wealth and income source: $32 billion – casinos

19. Rhode Island

Average top 5% income: $453,192

Richest person, age, and home: Jonathan Nelson, 67, Providence

Richest person’s net wealth and income source: $3.4 billion – private equity

18. Pennsylvania

Average top 5% income: $454,639

Richest person, age, and home: Jeff Yass, 86, Haverford

Richest person’s net wealth and income source: $27.6 billion – trading, investments

17. Georgia

Average top 5% income: $455,439

Richest person, age, and home: Dan, Bubba, and Trudy Cathy, 70, 69, and 67, Atlanta

Richest person’s net wealth and income source: $11.2 billion – Chick-fil-A

16. Utah

Average top 5% income: $463,437

Richest person, age, and home: Gail Miller, 80, Salt Lake City

Richest person’s net wealth and income source: $3.9 billion – car dealerships

15. Texas

Average top 5% income: $464,859

Richest person, age, and home: Elon Musk, 52, Austin

Richest person’s net wealth and income source: $195 billion – Tesla, X, SpaceX 

14. Minnesota

Average top 5% income: $476,290

Richest person, age, and home: Glen Taylor, 82, Mankato

Richest person’s net wealth and income source: $2.9 billion – printing

13. Florida

Average top 5% income: $476,546

Richest person, age, and home: Jeff Bezos, 60, Miami

Richest person’s net wealth and income source: $194 billion – Amazon

12. New Hampshire

Average top 5% income: $485,660

Richest person, age, and home: Rick Cohen, 71, Keene

Richest person’s net wealth and income source: $19.6 billion – warehouse automation

11. Hawaii

 

Average top 5% income: $500,183

Richest person, age, and home: Pierre Omidyar, 56, Honolulu

Richest person’s net wealth and income source: $6.3 billion – eBay, PayPal

10. Illinois

Average top 5% income: $503,970

Richest person, age, and home: Lukas Walton, 37, Chicago

Richest person’s net wealth and income source: $28 billion – Walmart

9. Colorado

Average top 5% income: $507,181

Richest person, age, and home: Philip Anschutz, 84, Denver

Richest person’s net wealth and income source: $15.3 billion – energy, sports, entertainment

8. Virginia

Average top 5% income: $531,035

Richest person, age, and home: Jacqueline Mars, 84, The Plains

Richest person’s net wealth and income source: $38.5 billion – candy and pet food

7. Maryland

Average top 5% income: $540,934

Richest person, age, and home: Annette Lerner, 94, Chevy Chase

Richest person’s net wealth and income source: $6.4 billion – real estate

6. Washington

Average top 5% income: $544,518

Richest person, age, and home: Bill Gates, 68, Medina

Richest person’s net wealth and income source: $128 billion – Microsoft

5. New Jersey

Average top 5% income: $613,494

Richest person, age, and home: Rocco Commisso, 74, Saddle River

Richest person’s net wealth and income source: $8 billion – telecom

4. California

Average top 5% income: $613,602

Richest person, age, and home: Mark Zuckerberg, 39, Palo Alto

Richest person’s net wealth and income source: $177 billion – Facebook

3. Massachusetts

Average top 5% income: $617,199

Richest person, age, and home: Abigail Johnson, 62, Milton

Richest person’s net wealth and income source: $29 billion – Fidelity

2. New York

Average top 5% income: $621,301

Richest person, age, and home: Michael Bloomberg, 82, New York City

Richest person’s net wealth and income source: $106 billion – Bloomberg LP

1. Connecticut

Average top 5% income: $656,438

Richest person, age, and home: Steve Cohen, 67, Greenwich

Richest person’s net wealth and income source: $19.8 billion – hedge funds.

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