Thursday, October 25, 2012

American wealth

"People just above the poverty line are just one paycheck or health disaster away from poverty," said Katherine Newman, a dean at Johns Hopkins University. "They are still quite fragile."

Paul Ryan gave a speech on poverty and economic mobility.  “In this war on poverty,” he said, “poverty is winning.” What he didn’t say is that he and his budget have taken sides in that war — and not on the side of the poor. Ryan — the man whose budget would wreak havoc on the poor — steps to a podium and pretends to be a defender of the poor.

A survey by Spectrem Group breaks down wealthy American business owners into three groups: The mass affluent, who are worth $100,000 (U.S.) to $1-million, the millionaires, at $1-million to $5-million, and the ultra-high net worth, or UHNW, at $5-million to $25-million. According to the report, 96 per cent of the mass affluent are worried about the election, compared to 72 per cent of the millionaires and 80 per cent of the UHNW.  So, the filthy rich more anxious than very rich, but less than just plain rich over U.S. election.

There are more than 35 million households in the United States whose net worth tops $100,000.  Just 60,280 individuals worth more than $30 million. California and New York are the states with the highest number of $30 million plus residents, with a total of 10.955 and 8.595 respectively.

Richest Person in Each US State

1: Washington: Bill Gates: $64.5 billion - Microsoft chairman, co-chair of Bill and Melinda Gates Foundation

2: Nebraska: Warren Buffett: $49.6 billion - Chairman and CEO of Berkshire Hathaway

3: California: Lawrence Ellison: $41.1 billion - CEO of Oracle Corp.

4: Arkansas: James Walton: $33.6 billion - Chairman of Arvest Bank, son of Walmart founder, Sam Walton

5: Kansas: David Koch: $32.1 billion - Vice-chairman of Koch Industries

6: New York: Michael Bloomberg: $24.8 billion - New York City Mayor and owner of Bloomberg LP

7: Nevada: Sheldon Adelson: $20.2 billion - Chairman and CEO of Las Vegas Sands

8: Virginia: Forrest Mars, Jr.: $17 billion - Part-owner of Mars candy company and grandson of the late Frank C. Mars

9: Texas: Michael Dell: $14 billion - CEO of Dell Inc

10: Oregon: Philip Knight: $13 billion - Chairman of Nike Inc.

11: Massachusetts: Abigail Johnson: $11.9 billion - President, Fidelity Financial Services

12: Georgia: Anne Cox Chambers: $11.2 billion - Member of Cox Enterprises' board of directors, chairwoman of Atlanta Newspapers

13: Connecticut: Raymond Dalio: $10 billion - Founder of Bridgewater Associates LP

14: Oklahoma: George Kaiser: $10 billion - Chairman of BOK Financial

15: Colorado: Charles Ergen: $8.3 billion - Founder and chairman of DISH Network

16: Pennsylvania: Hansjorg Wyss: $7.7 billion - Chairman of Swiss medical device manufacturer Synthes Holding AG

17: North Carolina: James Goodnight: $7.4 billion - CEO of SAS Institute

18: Wisconsin: John Menard, Jr.: $6 billion - Founder and owner of home-improvement retailer Menard Inc.

19: New Jersey: David Tepper: $5.2 billion - President and founder of Appaloosa Management

20: Michigan: Richard DeVos Sr.: $5.1 billion - Co-founder of Amway and owner of the Orlando Magic

21: Montana: Dennis Washington: $5 billion - Founder of The Washington Companies and co-founder of the Dennis and Phyllis Washington Foundation

22: Ohio: Leslie Wexner: $4.5 billion - Chairman and CEO of Limited Brands

23: Arizona: Bruce Halle Sr.: $4 billion - Founder of Discount Tires

24: Florida: Joseph Lewis: $3.9 billion - Founder of Tavistock Group and owner of Tottenham Hotspur soccer team in England

25: Illinois: Samuel Zell: $3.9 billion - Founder of Equity Residential

26: Maryland: Theodore Lerner: $3.9 billion - Founder of real estate firm Lerner Enterprises

27: Minnesota: Pauline Keinath: $3.7 billion - Part-owner of Cargill Inc. and great-granddaughter of founder W. W. Cargill

28: Indiana: Gayle Cook: $3.4 billion - Member of board of directors of medical device firm Cook Group

29: Tennessee: Thomas Frist, Jr.: $3 billion - Founder of HCA, the Hospital Corporation of America

30: Utah: Robert Earl Holding: $2.7 billion - Owner of Sinclair Oil

31: Mississippi: Leslie Lampton: $2.4 billion - Founder of Ergon Inc.

32: South Carolina: Anita Zucker: $2.2 billion - Chairwoman and CEO of chemical manufacturer InterTech Group

33: Rhode Island: Jonathan Nelson: $1.6 billion - CEO of Providence Equity Partners

34: Missouri: Christopher Cline: $1.5 billion - Founder of Foresight Energy

35: West Virginia: James Justice II: $1.5 billion - Owner of the coal mining Justice Companies

36: Alabama: Marguerite Harbert: $1.4 billion - Widow of the late construction and energy mogul, John Murdoch Harbert III

37: Louisiana: Thomas Benson: $1.3 billion - Owner of New Orleans Saints and New Orleans Hornets

38: South Dakota: T. Denny Sanford: $1.3 billion

39: Idaho: Frank VanderSloot: $1.2 billion - CEO of Melaleuca

40: Kentucky: Bradley Wayne Hughes: $1.1 billion - Founder of Public Storage

41: Iowa: Dennis Albaugh: $1 billion - Founder of Albaugh Inc.

42: North Dakota: Gary Tharaldson: $900 million - Founder of the Tharaldson Companies

43: Maine: Leon Gorman: $860 million - Chairman of L.L. Bean

44: Delaware: Robert Gore: $830 million - Founder of materials and manufacturing company W.L. Gore & Associates

45: New Mexico: Peyton Yates, Jr.: $760 million - President of Yates Petroleum Corp.

46: Alaska: Robert Gillam: $690 million - President and CEO of McKinley Capital Management LLC

47: Hawaii: Jay Shidler: $680 million - Founder of the real estate company The Shidler Group

48: New Hampshire: Martin Trust: $600 million - President of Brandot International, formerly president and CEO of MAST Industries

49: Vermont: Robert Stiller: $580 million - Founder of Green Mountain Coffee

50: Wyoming: John Martin: $210 million - Chairman and CEO of Gilead Sciences




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