The Number of Billionaires in New Jersey Revealed

There was once a time when the idea of a billionaire was far-fetched, but now, there are plenty of them around the world. Almost every state in the United States has at least one billionaire residing there, so every state has those super wealthy residents who likely have a lot to do with the business happens in the area. Now, a new study is revealing just how many of these richest folks reside in our state.

First, it might seem like an obvious thing, but what is a billionaire? According to Investopedia, "A billionaire is an individual who has a net worth of at least one billion units of currency, including dollars, pounds, or euros." They add that their "net worth can include personal and business assets like cash, cash equivalents, real estate, investments and other assets." So, it's not just someone who has a billion dollars sitting in the bank. It includes other assets, too.

Now, Visual Capitalist has released a tally of the number of billionaires in each state. It's based on Forbes' Real-Time Billionaires list, which Forbes explains "tracks the daily ups and downs of the world’s richest people. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire."

In the piece, Visual Capitalist notes that "America's richest residents are far from evenly distributed" and reports that California, by far, has the most billionaires at 199 followed by New York at 136. In California, the Bay Area alone has more than 80 billionaires, thanks to Big Tech getting their start there with companies such as Apple, Alphabet, Meta and more. Los Angeles has some in the media and entertainment world, while San Diego also has some because of its biotechnology roots.

So, what about New Jersey? The state has seven billionaires. The richest is John Overdeck of Millburn, which is no big surprise.