Where the Ultra Wealthy Have the Highest Net Worth – 2023 Study

By Patrick Villanova | OCT 17, 2023

While costs have surged over the last few years, so have the assets and net worths of many wealthy American households. But how much are the wealthiest Americans worth? SmartAsset examined the most recent IRS statistics for all states with available data to measure the net worth of America’s ultra wealthy. Here, “ultra wealthy” Americans are classified as those who had a net worth of at least $13.57 million in 2023 dollars.

Key Findings

• Wyoming's ultra wealthy are worth nearly $300 million. On average, the uber rich in the Cowboy State are three times as wealthy as their counterparts in the second-ranked state, Nebraska. 
• The ultra rich in CA, TX, FL and NY are worth this much... Of the four most populous states in the U.S., New York’s ultra rich residents have the highest average net worth ($59.73 million), followed by California ($52.49 million) and Texas ($46.89 million). Ultra wealthy Floridians have an average net worth of $41.51 million. 
• These 3 states have the lowest net worths. The ultra wealthy in West Virginia, Michigan and Kentucky have average net worths of $18.98 million, $19.41 million and $21.32 million, respectively. 
• The ultra wealthy in Missouri, Kansas, Oklahoma have the most debt. Ultra wealthy residents in these three midwestern states have an average of $5.6 million, $4.07 million and $3.74 million in debt, respectively. 
• D.C.’s wealthiest  have an average net worth of nearly $40 million. Although Washington D.C. isn’t included in the rankings, the city’s most affluent residents have an average net worth of $39.21 million – more than 31 states. 
• This state’s uber rich are significantly invested in real estate. Real estate comprises 21.7% of the average net worth of Massachusetts’ ultra wealthy residents  – most across all 48 states included in this study. California, Maryland and Louisiana follow closely behind, where real estate makes up 21.3%, 19.42% and 19.4% of the most affluent residents’ net worths, respectively. 

10 States With the Highest Net Worth Among the Ultra Wealthy

1. Wyoming
   Home to 608 ultra-wealthy individuals, Wyoming tops the list with an impressive average net worth of nearly $295 million. Despite an average debt of approximately $3 million, these affluent residents boast substantial real estate holdings, averaging over $11 million.
2. Nebraska
   Nebraska’s 318 ultra-affluent residents share an average net worth of roughly $98 million per person. Their financial commitments include an average debt of about $1.3 million while their real estate assets are typically worth around $4.7 million.
3. New York
   New York's substantial enclave of 17,551 ultra-wealthy residents shares an average net worth of approximately $60 million per person. While they carry an average debt of roughly $2.1 million, their real estate holdings on average are valued at about $6.5 million.
4. Pennsylvania
   There are 5,649 residents in Pennsylvania with a net worth of at least $13.57 million – the inflation-adjusted threshold for being considered “ultra wealthy.” However, the average net worth of this ultra-wealthy population is nearly $59 million. They maintain relatively low average debtloads of around $0.9 million and real estate assets averaging close to $2 million.
5. Missouri
   The Show Me State’s 1,734 ultra-wealthy residents have an average net worth of about $58.3 million. But  Missouri residents who are worth at least $11.4 million have higher average debts than their counterparts in any other state – approximately $5.6 million. Meanwhile, these uber rich  Missourians typically own around $2.7 million in real estate properties.
6. Colorado
   Colorado is home to 2,384 ultra-affluent residents, who have an average net worth of approximately $57.5 million. Their financial portfolio includes an average debt load of about $1.2 million and real estate holdings valued at around $3.2 million on average.
7. Hawaii
   Hawaii is home to only 262 ultra-wealthy individuals, each with an average net worth of about $54 million. They carry a modest average debt of roughly $1.07 million alongside real estate holdings averaging nearly $1.9 million.
8. Washington
   In Washington, 4,992 ultra-affluent citizens enjoy an average net worth of over $51 million and a relatively low average debt burden of approximately $0.58 million. Meanwhile, the Evergreen State’s wealthiest residents on average own about $3.6 million worth of real estate.
9. Indiana
   Indiana's 2,119 ultra-wealthy individuals report an average net worth of nearly $51 million, the lowest average debt of around $0.46 million and more modest real estate holdings averaging approximately $1.3 million.
10. California
    Despite having the largest ultra-wealthy population of 35,724, California ranks 10th overall with an average net worth of about $50.3 million. These wealthy individuals on average have roughly $2.2 million in debt and possess substantial real estate holdings – nearly $10.7 million.

Data and Methodology

This study examined the most recent (2019) data from the IRS, specifically SOI Tax Stats Personal Wealth Statistics by state, which includes top wealth holders with at least $11.4 million in net worth (deemed “ultra wealthy” for this study’s purposes). All 2019 dollars were projected to 2023 dollars based on the Consumer Price Index. States were ranked by the average net worth of their ultra wealthy residents.

Complete data was not available for Alaska, Rhode Island or Vermont.

Financial Planning Tips for the Ultra Wealthy

• Set up a family office. Ultra wealthy families have unique financial needs, from succession and estate planning to foundation planning and philanthropic giving. A family office is a private advisory firm that can serve as the one-stop-shop for ultra-high-net-worth individuals, their families and their specific financial needs.  
• Use strategic gifting. The IRS permits individuals to give away up to $17,000 (in 2023) to as many people as they like in a given year. Doing so can lower the value of a person’s taxable estate, and with it, reduce their estate tax liability. However, gifts that exceed this threshold count against their lifetime gift and estate tax exemption, which is worth $12.92 in 2023.  
• Find a professional that meets your needs. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Questions about our study? Contact us at press@smartasset.com

Photo credit: ©iStock.com/courtneyk