Billionaire wealth on the rise in 2020, new data shows

Most states saw an increase in billionaire wealth between March and June despite coronavirus pandemic

Despite the severe negative effects of the coronavirus pandemic on the U.S. economy, some states have seen the wealth among their ultrarich residents collectively increase between March and June.

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According to a new report from Americans for Tax Fairness, which analyzed Forbes data, only two states saw the wealth among their billionaire population decline since the domestic outbreak began: Mississippi and Arkansas.

Every state has at least one individual or family with $1 billion or more, the data showed. Though a handful – nearly 10 – have just one resident who has wealth valued at that threshold.

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Here’s a look at the states with the greatest number of billionaires and the wealth they have accumulated over the past few months:

California

The Golden State is home to the most billionaires, 154.

Between March 18 and June 17, these individuals collectively accumulated an additional $175.4 billion.

New York

There are 112 individuals considered billionaires in New York.

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Despite the heavy economic toll the virus has inflicted on the state – and New York City specifically – these ultrawealthy individuals made an additional $77.3 billion from mid-March through June.

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Florida and Texas

Florida and Texas have 56 billionaires apiece.

In Florida, that group of billionaires made $15.5 billion since March, while in Texas, those 56 individuals earned $24 billion.

Illinois and Massachusetts

There are 17 billionaires in both Illinois and Massachusetts. In the former, billionaire wealth rose by $4.9 billion since March, while it increased by $17 billion in the latter.

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