Number of residents per UHNW individual: 4,269
UHNW population: 5,890
Total population: 25,145,561
Many UHNW individuals from New York split their time between the Empire State and Texas. According to Friedman, the phenomenon is a matter of money. "I know many UHNW individuals who were living in New York and now split their time, both because of economic growth from oil, and because of the tax regime," he said.
He added that you don't need to be in the oil business to make money off of oil. "It's the value chain of the economic ecosystem around oil that's spreading wealth," he said. UHNW individuals in the state include Beal Bank Chairman Andy Beal, whose net worth is $7.5 billion, and John Paul DeJoria, CEO of John Paul Mitchell Systems, whose net worth is $3.7 billion.