New York ranks as the top state in the U.S. for producing billionaires, with 5.21 billionaires per one million residents, according to a new study by Avenues Financial. The analysis, based on the Forbes Real Time List of Billionaires and U.S. Census data, highlights the states most likely to cultivate extraordinary wealth.
New York has produced 102 billionaires, collectively worth $934.4 billion. Among its notable figures are Arthur Blank, co-founder of The Home Depot, and Brian Chesky, co-founder of Airbnb.
Massachusetts follows in second place with 3.71 billionaires per million residents. The state is home to 26 billionaires, including Nathan Blecharczyk, another Airbnb co-founder, and Netflix executive chairman Reed Hastings. Arkansas takes third with 3.59 billionaires per million, largely due to the Walton family, heirs to the Walmart fortune, who collectively hold more than $300 billion.
California, despite its massive population, ranks 16th with 1.75 billionaires per million residents, although it leads in total number, with 68 billionaires.
Nicole Jensen, CPA and co-founder of Avenues Financial, noted that the rankings reflect the influence of various factors, including innovation and industry dominance. “New York’s standing is no surprise, but states like Arkansas and Missouri show how different environments can drive success,” she said.
The study also highlighted lesser-known contenders like Nebraska, ranking sixth with just five billionaires, thanks to the vast wealth of Warren Buffett. In total, the analysis examined 553 billionaires born in the U.S. to identify regional patterns in wealth creation.
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