Who’s the Richest Person in Your State?

Who is the richest person in your state and can you learn something about becoming wealthy yourself?

Forbes is out with an interesting list displaying the richest person in each state, along with their net worth and origin of their wealth. 

I decided to take a closer look at some of these 50 one-percenters, how they really made their money and what they do with it to stay on top.

From Bill Gates to Humble Robert Gillam, How the Rich Made their Money

Bill Gates remains America’s richest man with a fortune of nearly $80 billion while “poor” Robert Gillam of Alaska brings up the rear with a net worth of just $320 million.

Harry Stine makes it on the list for my home-state of Iowa with his $3.4 billion made in agriculture. Being dyslexic and mildly autistic didn’t stop this farm boy from making billions on plant genetics and seed patents. 

I’m always a little skeptical when magazines like Forbes talk about self-made million- or billionaires starting from scratch. More often than not, these self-made titans started with a pretty shiny silver spoon. 

How the Rich Stay Rich

The survey of 2,523 people with an average net worth of $7.6 million showed that most of the well-off invest the largest portion of their fortune in their own business. 

Beyond the risk they take in their own businesses, the world’s wealthy invest pretty conservatively. Only 17% of their wealth is tied up in stocks and nearly two-fifths (39.9%) is in relatively safe bonds and cash.

The moral here? Don’t expect to get rich on stocks or other investments that don’t require a lot of hard work. If you can find something you enjoy doing and can make a business out of it, then give it a try. 

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