While the country has more billionaires than any other, the U.S. share of global billionaires has actually been shrinking in recent decades. In 2010, about 40% of the world’s billionaire population lived in America—and today, that number is closer to 27%.
The Richest of the Rich
The billionaires on this list have made their fortune in a wide range of industries, including tech, automobiles, asset management, and video games.
Jeff Bezos and Elon Musk have had their relative fortunes fluctuate in tandem with Amazon and Tesla stock prices in recent years. The volatility in share prices has meant they’ve each carried the title of the world’s wealthiest person at varying points.
Jeff Bezos previously had the top spot but now has a net worth of $162 billion. While he’s stepped down from the CEO role and has sold large amounts of Amazon stock, his ranking will likely still tie in closely to the company’s performance for the foreseeable future.
Elon Musk is the richest billionaire in Texas, however, he only recently became a resident of the state. His move is part of a broader migration trend occurring in the U.S. today, where California is experiencing a population decline for the first time ever. Last year, 68% of counties in California saw population declines, and data from the U.S. Census Bureau suggests many of these Americans opted for states like Florida and Texas.
Between 2019 to 2021, the South is the only region that saw positive net flows of over a million people, while the Northeast, Midwest, and West all saw declines.
Warren Buffett, the “Oracle of Omaha,” is the richest billionaire in Nebraska by a wide margin, with a net worth of $105 billion. Despite the stock market experiencing one of its worst starts to the year historically, Buffett’s net worth has been surprisingly steady.
This might be due to value assets rotating back into fashion in favor of growth and tech themes this year. Also, historically Buffett has been bullish in environments where fear and negative sentiment reflect through lower asset prices.
There are eight different women that hold the title of richest billionaire in their state.
Tamara Gustavson is Public Storage’s largest shareholder, with an 11% stake in the company, valued at $60 billion on the New York Stock Exchange. In addition, she acts as the director of the company and is the daughter of founder B. Wayne Hughes, who recently passed away last year. Incredibly, Public Storage operates more than 170 million square feet of real estate.
Abigail Johnson and Jacqueline Mars were featured on our infographic showing the richest women in the world last year. Johnson has served as CEO of top asset manager Fidelity, which her grandfather Edward Johnson founded. And Jacqueline Mars is part of the Mars family, which owns the world’s largest candy maker.
The U.S. wealth landscape is one of extremes. On one end, there are ample opportunities to earn substantial wealth, but on the other, wealth inequality and income disparity are higher than many other peer countries.
This productivity and hustle-oriented culture suggests that while there isn’t a billionaire in every state in 2022, it seems like it’s only a matter of time before the likes of Alabama, New Mexico, and North Dakota add a billionaire to their ranks.
Wed, 08/31/2022 – 23:40
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Author: Tyler Durden