Top 5 Connecticut Billionaires: Wealth Rankings for 2024

Forbes just released their annual list of the 400 Richest People in America and there are Connecticut titans littered throughout the collection. These are the Top 5 richest Nutmeg State Billionaire's that made the list.

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Forbes says:

The 400 richest people in America are having a rollicking time in the roaring 2020s. In all, they are worth a record $5.4 trillion, up nearly $1 trillion from last year. A dozen have $100 billion-plus fortunes, also a record. And admission to this elite club is pricier than ever: A minimum net worth of $3.3 billion is required, up $400 million since 2023. Despite the high bar, 23 newcomers managed to break into the ranks, having grown their fortunes in everything from mundane plastic pipes to cutting-edge artificial intelligence.

Personal Pitch: Hey Steve, Ray, Karen, Todd, and Brad! I’d love to join your team. Sure, I have zero business background, know as much about finance as a goldfish, and my college degree is, well, non-existent. But I make up for it with an unshakeable confidence and a work ethic that could power a small city! I’m convinced I can tackle anything you throw my way. Need someone to iron your shirts or negotiate a life-altering international deal while you’re out? I’m your person! I’m easy to find—just look for the one making wild hand gestures and shouting ideas. Give me a ring!

Bonus Connecticut Wealth Information

What it Takes to Be Considered Rich in Connecticut 

GoBankingRates conducted a study to find out how much you need to make to be considered rich in each state. They determined Connecticut's threshold is bonkers. To be considered rich in Connecticut, you need to make $656,438 or more each year. Our neighbors in New York, need to make $621,301.

Median Incomes 

In 2017, only Connecticut and the District of Columbia (D.C.) had median incomes of the top 5% of $500,000-plus. Just five years later in 2022, this number rose to 12 U.S. states. The median income of the top 5% in Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland, Connecticut and the District of Columbia is more than $500,000-plus annually.

Taxes 

Self ran a study to see how much the average person will pay in taxes over their lifetime. They released stats for each state and Connecticut was the 3rd highest in the nation. The average Connecticut resident will pay $855,307. Our neighbors in New York had the 5th highest tax bill in America with a total of $748,199. 

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