Michigan's Richest Person Is Worth $19.9B

The richest person in Michigan is Daniel Gilbert, with an estimated $19.9 billion fortune, according to a new Forbes ranking of the richest person in every state.

Gilbert, who lives in Franklin, made his fortune through Quicken Loans, which became Rocket Mortgage, the largest mortgage lender in the U.S. He also owns the NBA's Cleveland Cavaliers.

Gilbert also held Michigan's richest person title last year.

Worth an estimated $1 trillion, Tesla and SpaceX founder Elon Musk topped the rankings for the fourth consecutive year. They are based on Forbes' estimates of individual fortunes, with net worths calculated as of Oct. 9.

This year’s ranking includes eight states with new names at the top, reflecting changes in wealth and, in some cases, where billionaires have chosen to live.

Across the country, Forbes identified billionaires in 46 states, down from 47 last year. The fortunes of America’s richest residents vary enormously, and some state leaders aren't billionaires at all.

Billionaires On The Move

Some of the biggest changes have less to do with making or losing money than with moving across state lines.

Google cofounders Larry Page and Sergey Brin, formerly California residents, are now counted among the wealthiest people in Florida and Nevada, respectively. Forbes estimated their fortunes at $288 billion and $265 billion. Brin is Nevada's richest resident, while Page ranks second in Florida behind Amazon founder Jeff Bezos, whose estimated $381 billion fortune makes him the state's wealthiest resident.

Their moves come amid a proposed billionaire wealth tax facing California voters in November. Forbes reported that representatives for both men confirmed their new states of residence, although the publication could not independently verify the changes through residency documents.

Former eBay CEO Meg Whitman, whose fortune is estimated at $4.4 billion, also moved from California to New Mexico, making her that state's richest resident.

The departures helped reshuffle the rankings, although California still has more billionaires than any other state, with 255. New York follows with 153, Florida has 138 and Texas has 88. Michigan has nine billionaires, according to Forbes.

America’s Biggest Fortunes

Several of the country's best-known billionaires hold the top spots in their states:

• Texas: Elon Musk, whose fortune Forbes valued at approximately $1 trillion for the ranking.
• Florida: Amazon founder Jeff Bezos, worth an estimated $381 billion.
• California: Meta founder Mark Zuckerberg, worth an estimated $246 billion.
• Nebraska: Berkshire Hathaway's Warren Buffett, worth an estimated $147 billion.
• West Virginia: Former Intuit CEO and Marshall University President Brad Smith, worth an estimated $700 million.

Those fortunes are estimates, not cash sitting in bank accounts. Much of billionaires' wealth is tied to ownership stakes in companies and other investments whose values can fluctuate significantly.