Wealth In 2021: U.S. States With Most Billionaires

News about billionaires like Elon Musk and Larry Ellison moving out of California might lead you to believe that tycoons have abandoned the state. Tesla’s “Technoking” Musk confirmed in December that he had moved to Austin, Texas. And that same month Ellison told employees at software firm Oracle that he was moving to the Hawaiian island of Lanai, which he owns. But it turns out that the Golden State has yet to lose its appeal for the ultra-wealthy. Forbes just released the 2021 list of the World’s Billionaires, and California is once again home to more billionaires than any other state, with 189 billionaire residents out of the 2,755 billionaires Forbes tracked globally. That’s 24 more than a year ago, due mostly to a surge in the number of new billionaires. New York comes in second with 126 billionaires, up from 118 last year. Altogether, 732 members of the 2021 list live in the U.S., including non-U.S. citizens, like Ireland’s John and Patrick Collison, the brothers who founded San Francisco-based payments firm Stripe. (There are 724 U.S. citizens on the list.) Large states dominate the top 10 states for these tycoons: seven out of the ten most populous U.S. states are also home to the most billionaires. One of the outliers, Massachusetts, a tech hub, has 7 more billionaires than a year ago; the fastest vaccine development in history—spurred by the Covid-19 pandemic—minted several new biotech billionaires who live in the state. Seven states don’t have any billionaire residents that Forbes could find: Alabama, Alaska, Delaware, New Hampshire, North Dakota, Vermont and West Virginia. (Jim Justice, the governor of West Virginia, used to be a billionaire but was recently revealed to have borrowed $850 million from Greensill Capital, a U.K. based lender that has filed for insolvency.) Read the full profile on Forbes: https://www.forbes.com/sites/krisztia…

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