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Billionaires that live in the smallest American towns

  • Billionaires that live in the smallest American towns

    Billions of dollars in wealth could easily get you a swanky penthouse in the most upscale neighborhood of any city in the United States, but for some of American’s billionaires, small towns are home.

    Perhaps not shockingly, the highest concentrations of “ultra-high-net-worth” individuals—or people with $30 million or more in assets—are in New York City, Los Angeles, Chicago, San Francisco, and Washington D.C.

    Of the global billionaire population, more live in New York, Hong Kong, Moscow, Beijing, and London than anywhere else in the world, reports Forbes. But of the 680 billionaires that live in the United States, quite a few have chosen to live in quieter locales that are much more remote, have sparse populations, and offer plenty of space for sprawling complexes of mansions and gardens.

    Phoenix Marketing International in 2019 reported the small town with the highest concentration of millionaires in the country is Summit Park, Utah (based on data from U.S. Census Bureau). Of the households in the Salt Lake City suburb known for its luxurious ski resorts and famed film festivals, 12.5% are millionaires, and the median annual income among residents is a whopping $94,952.

    And of states, Maryland has the most millionaires per capita, with more than 1 in 12 households reporting assets of $1 million or more. According to experts, this could be because of the growth of government contracting and lobbying in the Washington D.C. area. New Jersey takes second place for the most millionaires per capita, followed by Connecticut, Hawaii, and Alaska.

    Stacker compiled a list of 25 billionaires that live in the smallest American towns, using current data from the Forbes’ Real-Time Billionaires List and 2017 data from the U.S. Census Bureau’s American Community Survey. Billionaires are ranked by the population of their towns, and ties are broken by their net worth. The billionaire, their place of residence, their net worth, their age, and where their wealth came from are all included in this list.

    Read on to find out where the rich and powerful live in the hidden corners of the United States.

    You may also like: Wealthiest counties in the U.S.

  • #25. Daniel Gilbert

    - Current residence: Franklin, Mich. (Population: 3,218)
    - Net worth: $6.7 billion
    - Source of wealth: Quicken Loans, self-made
    - Age: 57

    Dan Gilbert co-founded mortgage lender Quicken Loans in 1985, which is headquartered in Detroit. He has long been a Michigan resident, having graduated from Michigan State University. Gilbert resides just outside of the city in the suburb of Franklin, and has invested $2.5 billion to buy and rehabilitate downtown Detroit buildings in an effort to revitalize the city. He is also the owner of the Cleveland Cavaliers.

  • #24. Bill Gates

    - Current residence: Medina, Wash. (Population: 3,217)
    - Net worth: $103.8 billion
    - Source of wealth: Microsoft, self-made
    - Age: 63

    Both Bill Gates and Jeff Bezos, along with a number of other tech executives, call Medina, Wash., home. The Seattle suburb is located across from Lake Washington, and almost all of the homes in Medina have a private dock and private beaches. Gates lives on Evergreen Point Road in a 66,000-square-foot house worth $125 million. Among the house’s features include a 23-car garage and 24 bathrooms.

  • #23. Charles Simonyi

    - Current residence: Medina, Wash. (Population: 3,217)
    - Net worth: $3.5 billion
    - Source of wealth: Microsoft, self-made
    - Age: 70

    Charles Simonyi, a Microsoft executive who lead the team that created the company’s Word and Excel programs, also lives in Medina, Wash. Villa Simonyi, as the complex is called, is also referred to as “Windows 2000,” because the mansion has 2,000 windows. Although many wealthy billionaires live in Medina, the town is comprised mostly of homes, and the few commercial properties include just a post office and a grocery store.

  • #22. Julian Robertson, Jr.

    - Current residence: Locust Valley, N.Y. (Population: 3,174)
    - Net worth: $4.4 billion
    - Source of wealth: Hedge funds, self-made
    - Age: 87

    Julian Robertson, Jr., started Tiger Management in 1980, helping to launch the idea of the modern-day hedge fund in the process and making a fortune while doing so. Although he is retired and closed Tiger Management in 2000, Robertson still owns a number of properties, including golf courses in New Zealand, which he often visits. He even took a leave from investing in 1979 to live in New Zealand and write a novel.

  • #21. Bernard Saul, II.

    - Current residence: Chevy Chase, Md. (Population: 2,960)
    - Net worth: $3.4 billion
    - Source of wealth: Banking, real estate
    - Age: 87

    Bernard Saul, II has long had roots in the Washington D.C., area: his grandfather was the first chairman of D.C.’s Park’s Commission. His father, Bernard Saul, founded Home Savings Bank at age 27, and Bernard Saul, II went on to found Chevy Chase Bank in 1969, which Capital One acquired in 2009. Bernard Saul, II inherited the B.F. Saul Company, which owns a number of luxury properties including the Hay-Adams hotel in D.C.

  • #20. Ted Lerner and family

    - Current residence: Chevy Chase, Md. (Population: 2,960)
    - Net worth: $5.2 billion
    - Source of wealth: Real estate, self-made
    - Age: 93

    Ted Lerner—a real estate developer who owns the Washington Nationals—bought his home in Chevy Chase, Md., for a reported $10 more than 50 years ago in 1963, after he opened the Wheaton Plaza Mall. Today, his home is valued at $1.46 million.

  • #19. Micky Arison

    - Current residence: Bal Harbour, Fla. (Population: 2,959)
    - Net worth: $8.1 billion
    - Source of wealth: Carnival Cruises
    - Age: 70

    Micky Arison’s father, Ted Arison, co-founded Carnival Cruises with just one ship in 1972, and after the company was launched, Micky dropped out of college and became a sales representative for what would become the world’s largest cruise ship operator. In 1995, he bought the Miami Heat, keeping his roots in the Miami area even after he stepped down as CEO of Carnival in 2013.

  • #18. Ken Langone

    - Current residence: Sands Point, N.Y. (Population: 2,856)
    - Net worth: $4 billion
    - Source of wealth: Investments, self-made
    - Age: 83

    Out of the 400 richest Americans, seven live on Long Island, including Ken Langone, who made his fortune investing in tech and industrial companies. He is perhaps most well known for being one of the early investors in Home Depot, and is even considered a co-founder.

  • #17. Amy Goldman Fowler

    - Current residence: Rhinebeck, N.Y. (Population: 2,608)
    - Net worth: $3.4 billion
    - Source of wealth: Real estate
    - Age: 65

    Amy Goldman Fowler lives on a 200-acre farm in Rhinebeck, N.Y., where she gardens and lives with her husband, who is an agriculturalist. Fowler is a fierce advocate for seed saving, plant breeding, and heirloom fruits and vegetables and is the vice chair of the New York Botanical Garden. Her father, Sol Goldman, made his money in real estate in New York City, and Fowler worked in his office when she was younger.

  • #16. Gwendolyn Sontheim Meyer

    - Current residence: Rancho Santa Fe, Calif. (Population: 2,428)
    - Net worth: $4 billion
    - Source of wealth: Cargill
    - Age: 57

    Gwendolyn Sontheim Meyer is an heiress of Cargill, a food and agricultural corporation that is the largest private company in the United States. Meyer is an equestrian, and trains show-jumping horses on her farm in Rancho Santa Fe, Calif.

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