Which U.S. States Have Zero Billionaires?

The Short Answer

The latest state-by-state billionaire dataset available in the sources reviewed for this article identifies three U.S. states with zero resident billionaires:

This state-level count comes from a 2025 analysis using Forbes' Real-Time Billionaires data, with the billionaire residence data accessed in July 2025. The source lists Alaska, Delaware and West Virginia at zero. VVisual Capitalist

That distinction matters. A billionaire can be a citizen of the United States without being a resident of a particular state, and billionaire residence can change over time.

Which States Have Zero Billionaires?

Based on the referenced 2025 Forbes-based dataset, the three states with zero resident billionaires are Alaska, Delaware and West Virginia. The same dataset shows a very different picture at the other end of the scale, with California, New York, Florida and Texas containing very large billionaire populations. VVisual Capitalist

This creates an unusual contrast. Billionaire wealth is not evenly spread according to state population. Some states have hundreds of billionaire residents, while others have none.

The difference becomes even more interesting when the question changes from where people were born to where they currently live.

Alaska: Zero Resident Billionaires

Alaska is the largest U.S. state by land area, yet the state does not appear to have a resident billionaire in the referenced 2025 Forbes-based state data. VVisual Capitalist

That does not mean Alaska has no wealthy individuals or successful businesses. A billionaire threshold is an exceptionally high measure of wealth, and the number of people reaching that level depends on many factors beyond the overall prosperity of a state.

Alaska's population is relatively small compared with major wealth centers such as California, New York and Florida. Its economy also has a different industrial composition from the technology, finance and entertainment ecosystems that have generated many of America's largest fortunes.

Having zero resident billionaires does not mean a state has zero wealth. It means that no resident in the referenced dataset crossed the billionaire threshold.

Delaware: Zero Resident Billionaires

Delaware is another state listed with zero resident billionaires in the 2025 Forbes-based state dataset. VVisual Capitalist

Delaware is particularly interesting because it plays an outsized role in American corporate life. The state is widely known for its corporate legal infrastructure and its large number of business incorporations.

Corporate incorporation, however, should not be confused with the physical residence of wealthy individuals.

A company may be incorporated in Delaware while its founders, executives, shareholders and investors live elsewhere.

This is an important distinction when researching wealth geographically: the location of a company is not necessarily the location of the wealth owner.

West Virginia: Zero Resident Billionaires

West Virginia is the third state identified with zero resident billionaires in the referenced 2025 data. VVisual Capitalist

The state's economic history has been strongly connected to industries including energy, manufacturing and natural resources. Those sectors can produce substantial wealth, but the geography of billionaire-level wealth depends on much more than the presence of valuable industries.

Wealth can move. Entrepreneurs can relocate. Investors can establish residences in other states. Company headquarters can change. Public-company stock values can rise and fall dramatically.

Consequently, billionaire geography should be treated as a changing dataset rather than a permanent characteristic of a state.

Why Do Some States Have No Billionaires?

There is no single reason why a state may have zero billionaire residents.

Several forces can influence where extreme wealth is created and where wealthy people choose to live.

Population Size

Population matters because larger populations provide a larger pool of entrepreneurs, executives, investors and business owners.

This does not mean a large population automatically creates billionaires. It simply creates a larger potential base from which very large fortunes can emerge.

Industry Concentration

Billionaire fortunes are frequently connected to businesses that can scale dramatically, including technology, finance, energy, retail, manufacturing and real estate.

States with concentrated economic ecosystems in these industries can develop unusually large pools of private wealth.

Access to Capital

Financial ecosystems can reinforce themselves.

When entrepreneurs, venture capital firms, private equity firms, banks, institutional investors and experienced executives operate in the same region, new businesses may gain easier access to capital and networks.

Migration

Wealthy individuals do not necessarily remain in the state where they built their fortunes.

Changes in taxes, lifestyle, business opportunities, family circumstances and personal preferences can all influence where wealthy individuals establish their primary residence.

Where Are America's Billionaires Concentrated?

The contrast with the three zero-billionaire states is striking.

In the 2025 state-level dataset, California had 199 resident billionaires, New York had 136, Florida had 117, and Texas had 83. VVisual Capitalist

These four states alone accounted for a substantial share of the billionaires included in the dataset.

Texas followed with 83 billionaire residents in that dataset. VVisual Capitalist

The concentration demonstrates why looking only at the total number of U.S. billionaires can hide important geographic patterns.

Why Billionaire Wealth Clusters in Certain States

Extreme wealth often develops inside ecosystems rather than in isolation.

Consider what happens when a region has a strong technology sector, experienced executives, venture investors, public markets, major universities and a dense network of professional services.

Entrepreneurs can find talent. Investors can find companies. Companies can find capital. Employees can move between high-growth businesses.

Over time, those relationships can create a reinforcing cycle.

What Does “Zero Billionaires” Actually Mean?

The phrase can sound absolute, but it needs context.

In this article, “zero billionaires” means that the referenced dataset identifies zero resident individuals with billionaire-level wealth in that state.

It does not mean:

• Nobody in the state is wealthy.
• Nobody from the state has ever become a billionaire.
• No billionaire owns property or operates a business in the state.
• No billionaire has a connection to the state.
• No company incorporated in the state is owned by billionaires.

Residence-based billionaire rankings are designed to answer a narrower question: where does the billionaire primarily live?

That is why Delaware is particularly useful as an example. Corporate domicile and personal residence are two different concepts.

Can a State's Billionaire Count Change?

Absolutely.

Billionaire rankings can change because asset prices move, private-company valuations change, companies are sold, fortunes are transferred, individuals relocate and new entrepreneurs create substantial wealth.

Forbes' Real-Time Billionaires platform itself is designed to track changes in billionaire wealth over time. Its methodology updates public holdings frequently when markets are open, while private-company fortunes can be adjusted according to available valuation information. FForbes

This means a state with zero billionaires today could theoretically have a billionaire resident in the future.

The reverse can also happen.

A billionaire may relocate, fall below the $1 billion threshold, transfer assets or experience a change in valuation.

Why Billionaire Data Is Useful for Investors

Billionaire rankings are more than lists of wealthy individuals.

They can provide clues about where capital, companies, industries and entrepreneurial activity are concentrated.

For example, a change in billionaire residency can raise questions about:

• Where high-growth companies are being created.
• Where successful founders are relocating.
• Which regions are attracting investment capital.
• Which industries are creating significant private wealth.
• How economic ecosystems evolve over time.

The real value often comes from connecting these pieces rather than looking at a single ranking in isolation.

The InveLedger Perspective

A list of states with zero billionaires is interesting on its own, but the deeper question is what the underlying data can tell us about the movement of capital and wealth.

Where are investors located?

Which companies are attracting capital?

Which industries are creating new fortunes?

Which investors repeatedly appear alongside successful companies?

Which regions are gaining investment activity?

These connections can become more meaningful when companies, investors, financing events, sectors and geographies are viewed together.

InveLedger is built around that broader investment-intelligence perspective — helping users explore the relationships behind companies, investors and private-market activity.

The most interesting investment insight is often not the number itself, but the network of relationships behind it.

What Should Investors Watch Next?

Billionaire geography is only one signal.

Investors conducting deeper research can also watch changes in venture capital activity, private-company financing, acquisitions, industry concentration and founder migration.

When several of these indicators move in the same direction, they can reveal broader changes in an investment ecosystem.

For example, an emerging region may initially attract startup founders. Venture capital may follow. New companies may then create jobs and attract experienced executives. Successful exits can subsequently create new pools of local capital.

Over time, that sequence can transform a region's investment landscape.

Key Takeaways

• The latest Forbes-based state dataset reviewed here identifies Alaska, Delaware and West Virginia as the three U.S. states with zero resident billionaires.
• The state-level figures are based on data accessed in July 2025 and should not be treated as a permanent count.
• Billionaire wealth is heavily concentrated in states such as California, New York, Florida and Texas.
• Population, industries, capital availability, entrepreneurial ecosystems and migration can all influence billionaire geography.
• Corporate incorporation and personal residence are different concepts, making Delaware a particularly useful example.
• Billionaire rankings can change as wealth, valuations and residency change.
• Geographic wealth data can become more useful when combined with information about companies, investors, funding and markets.