How Many Millionaires Are There In California? [2023 Latest]

Updated On: 08/21/2023
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Have you ever pondered this question - how many millionaires are there in California? With its glamorous Hollywood appeal and tech-savvy Silicon Valley, it's easy to assume that the Golden State might be home to more than just a handful of them.

Considering that it's one of the wealthiest regions in the world, you're not far from the truth. Let’s delve into this ocean of luxury and explore further. Understanding the wealth distribution in California will surely pique your curiosity further.

After all, it’s interesting to know how many people have made this dynamic state their wealthy abode. As we unravel the figures, you'll discover California is a magnet for millionaires! Stay with us as we delve into the glitz and glam of Californian wealth.

How Many Millionaires Are There in California?

California, famously known as the Golden State, boasts approximately 1,147,251 millionaires. This number accounts for about 8.51% of California's total households.

The state is an economic powerhouse with a diversified mix of industries that range from technology to entertainment and real estate.

The prevalence of such significant wealth reflects the vibrant economic environment in California that nurtures wealth creation and helps foster financial growth for its residents.

With its dynamic economy and vast opportunities, it is no surprise that the state hosts a large concentration of affluent individuals and continues attracting entrepreneurs from every corner of the globe seeking success.

Read More: How Do Millionaires Make Their Money [Top 20 Investing Habits]

How Many Millionaires Are There in Texas?

In the state of Texas, there are approximately 650,216 millionaires. According to a recent report, the figure comprises about 6.32% of the total households within the state.

This abundance of wealth can be attributed to various factors like Texas's robust economy, lucrative oil industry, thriving real estate market, and pro-business regulations that appeal to entrepreneurs and investors.

As a result, Texas is known for its affluence and prosperity, attracting prosperous individuals from all over the country and worldwide.

The state's diverse economy offers numerous opportunities for wealth creation, consolidating its position as one of the wealthiest states in America.

How Many Millionaires Are There in New York?

New York has approximately 570,456 millionaires, accounting for 7.52% of the state's total households.

This high concentration of wealthy individuals attests to New York's robust economy and diverse opportunities for wealth creation.

The state has a substantial financial industry presence, especially in New York City, which houses Wall Street — the heart of the nation's financial industry.

Apart from finance, other sectors like real estate, entertainment, and tech contribute to wealth generation.

This broad economic base attracts ambitious individuals and business owners domestically and internationally, contributing significantly to the number of millionaires in the state.

Read More: What Are Your Chances Of Becoming A Millionaire 2023?

List Of Top Millionaires in California

Indeed, California is home to some of the largest businesses and trendsetters in the world, let alone the U.S. Hence, it's a no-brainer that the state boasts an impressive list of millionaires. Let’s get to know some of these financial titans better.

Tim Cook: Apple Inc.

As the CEO of Apple Inc. since 2011, Tim Cook is one of the more prominent millionaires in California who's steering an innovative giant.

From refreshing iPhone designs to unveiling breakthrough technology in wearable devices, Cook's time at Apple has solidified it into a trillion-dollar company.

Based in Cupertino, Apple Inc. was valued at around $2 trillion as of August 2020, significantly contributing to the wealth of its stakeholders.

iPhone, Mac line-ups and wearable tech like Apple Watch are not only sales drivers but also status symbols that reflect the company’s foothold in the consumer market worldwide.

Mark Zuckerberg: Facebook, Inc.

Next up, we have social media aficionado Mark Zuckerberg, co-founder and CEO of Facebook. Known as a connecting platform for family and friends and based out of Menlo Park, Facebook boasts a hefty valuation above $700 billion.

Features like Facebook Marketplace, Instagram Shop, and WhatsApp Business underscore its commercial potential beyond simple social interaction.

Andy Jassy: Amazon Web Services (AWS)

Ever thought about where most websites store their data? In many cases, it's on AWS cloud services managed by Amazon's current CEO Andy Jassy.

He built AWS from scratch and made it a multi-billion dollar business, contributing heavily to Amazon's overall valuation, which exceeds $1.5 trillion.

AWS Cloud serves millions of customers globally with a comprehensive portfolio including machine learning, artificial intelligence (AI), IoT services, and more for individuals and businesses.

Pat Gelsinger: Intel Corporation

As the newly appointed CEO of Intel, one of the world's largest semiconductor manufacturers, Pat Gelsinger has joined the ranks of notable millionaires in California.

Intel’s ubiquitous processors drive many devices, from personal computers to servers. In 2020 alone, Intel Corporation reported a full-year revenue surpassing $77 billion.

With aggressive plans to reinvent itself as it faces stiff competition, Intel continues to innovate in areas like autonomous driving through its subsidiary Mobileye, advanced AI capabilities, and 5G network transformation.

Larry Ellison: Oracle Corporation

Larry Ellison co-founded the Oracle Corporation back in 1977. Oracle is a global provider of database software, cloud systems, enterprise software products, and many other offerings for those unfamiliar with it. Today, Oracle Corporation boasts a market cap exceeding $190 billion.

Oracle's state-of-the-art database services and cloud applications help thousands of enterprises worldwide transform their businesses using sophisticated business technology.

Marc Benioff: Salesforce.com, Inc.

Marc Benioff is the charismatic CEO and founder of Salesforce, a market leader in Customer Relationship Management (CRM) software.

With its all-inclusive suite, the Salesforce CRM platform has transformed how businesses manage customer relationships and track customer activity. The company holds an impressive valuation above $200 billion.

Salesforce also offers unique solutions like sales forecasting tools and machine learning capabilities that help businesses connect with their customers on a whole new level.

Reed Hastings & Ted Sarandos: Netflix Inc.

Netflix needs no introduction as one where you can stream an endless array of global content anytime at your fingertips. Headed by co-CEOs Reed Hastings (the founder) and Ted Sarandos (the content wizard), Netflix has made significant strides in original programming beyond its rental roots. Today it boasts over 200 million subscribers globally, with a valuation surpassing $220 billion.

The streaming giant Netflix keeps you entertained with continuous streams of movies, tv shows, or documentaries from various genres - from critically acclaimed series to box-office hits.

Dara Khosrowshahi: Uber Technologies Inc.

As Uber’s CEO since late 2017, Dara Khosrowshahi oversees an innovative concept not limited to simply hailing rides but offering meal deliveries (Uber Eats), freight transportation (Uber Freight), and even considering future opportunities with flying taxis!

Uber Technologies Inc. under Khosrowshahi envisions creating opportunities for new types of work that suit flexible schedules sought by delivery partners, which consequently impacts millions worldwide, positively contributing to local economies.

John Zimmer & Logan Green: Lyft Inc.

Co-founders John Zimmer & Logan Green run another ride-hailing competitor based out of San Francisco - Lyft Inc.

Expanding beyond simple rideshare options, Lyft excels at innovating partnerships exuding social responsibility, like providing free rides for COVID-19 vaccination appointments or job interviews for select participants working towards economic upliftment

Lyft firmly believes technology can improve people’s lives facilitating ride sharing or now venturing into bike/scooter renting and autonomous vehicle solutions, thus impacting transportation.

Elon Musk: Tesla, Inc.

At the helm of the electric vehicle revolution stands Elon Musk, CEO of Tesla, Inc. A renowned entrepreneur and innovator with a vision of sustainable transport, Musk has made Tesla one of the most valuable automotive companies globally, with a valuation exceeding $600 billion.

Tesla's cars are famed for their autonomous driving capabilities powered by artificial intelligence.

Its Model S, 3, X, and Y have been popular among consumers looking for a mix of luxury and clean energy.

Additionally, Elon Musk's ambitious plans extend beyond Earth with his venture SpaceX aiming to colonize Mars - a true testament to his entrepreneurial spirit.

Shantanu Narayen: Adobe Inc.

Based in San Jose since its inception in December 1982 is Adobe, led by Shantanu Narayen, who took over as CEO in 2007.

Adobe's flagship software products - Photoshop and Premiere Pro - are industry graphic design and video editing standards.

Under Narayen's leadership, Adobe pivoted towards a subscription-based model (Adobe Creative Cloud), significantly increasing revenue.

The company's market cap now exceeds $250 billion, making it one of California's many tech behemoths. Software developers all around the globe use Adobe XD for designing user interfaces for mobile and web applications.

Evan Spiegel: Snap Inc.

Co-founder Evan Spiegel heads Snap Inc., best known for the social media application Snapchat. Pushing beyond the social spectrum with features such as Snap Maps and Location-Based AR Experiences, Snap has taken storytelling to new dimensions.

Under Spiegel’s guidance, Snap ventured into hardware products like Spectacles that allow users to capture photos directly from their glasses which sync seamlessly into the Snapchat app. This integration between hardware and software has escalated Snap’s valuation to above $80 billion.

Jensen Huang: NVIDIA Corporation:

At NVIDIA Corporation's forefront is Jensen Huang, who co-founded it in 1993, which is predominantly recognized for its graphics processing units (GPUs). Designed initially for gaming enthusiasts, CUDA technology powers Artificial Intelligence and High-Performance Computing – leading trends in technological advancements today.

Striving beyond creating gaming chips, NVIDIA has also made strides into the data centers' world through its GPUs, optimizing computational processes within these spaces. These leaps have driven NVIDIA’s valuation to nearly half a trillion dollars!

Bobby Kotick: Activision Blizzard,

We have Bobby Kotick holding the reins at Activision Blizzard – an American entertainment company renowned for developing marvels like Call Of Duty Series and World Of Warcraft Call Of Duty Mobile alone boasts over 250 million downloads on the Google Play Store.

Driven by Kotick’s leadership since 1991, Activision Blizzard encompasses franchise portfolios like Candy Crush from King Digital (an acquisition from 2016 ).

Today it values above $60 billion – reinforcing California’s position as an attractive destination for wealthy tech entrepreneurs!

FAQs about How Many Millionaires Are There in California?

Which U.S. city has the most millionaires?

New York City is the city with the highest number of millionaires per capita in the United States.

Which U.S. state has the most millionaires?

In terms of raw numbers, California has the most millionaires out of all U.S. states.

How many billionaires are in California?

As per recent data, there are approximately 178 billionaires residing in California.

How did California become so wealthy?

California became enormously wealthy due to various factors, including its natural resources like gold and oil, agriculture, booming entertainment industry (Hollywood), and significant advancement in the technology sector (Silicon Valley).

Conclusion

The number of millionaires in each state showcases the wealth that has been amassed within specific geographic boundaries.

This wealth accumulation reflects the state's economy, business environment, and growth opportunities presented to its residents.

With California, Texas, New York, and Florida leading in the count of millionaires, it's evident that these states offer diverse opportunities for business growth and prosperity.

These states house many affluent individuals and provide an environment that helps foster further economic development.

These millionaire counts also serve as indicators for potential investors or entrepreneurs scouting for lucrative places to set up businesses or invest in existing opportunities.

Many millionaires in a state indicate a robust economy and a positive environment for businesses or startups.

Therefore, these statistics can guide potential investors' decisions and contribute to their business success while increasing the number of millionaires in these states.

Michael Restiano

I lead product content strategy for SaltMoney. Additionally, I’m helping our broader team of 4 evolve into a mature content strategy practice with the right documentation and processes to deliver quality work. Prior to Instacart, I was a content strategy lead at Uber Eats and Facebook. Before that, I was a content strategist at SapientNitro, helping major Fortune 500 brands create better, more useful digital content.

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