Arizona's economic growth attracts wealth, leading to an increase in billionaires.
Arizona’s billionaire count has risen to 15 as of April 2025, reflecting a robust economic climate. The increase from 14 billionaires the previous year is driven by rising stock and real estate values. Notable figures include Ernest Garcia II, whose net worth has surged to $14.9 billion, and new entrants like Rick Smith and George Christ. The trend highlights Arizona’s appeal for investors, while raising concerns about economic inequality as the state attracts wealth and talent.
As of April 2025, Arizona has welcomed its 15th billionaire, marking a notable increase from the previous year, which had 14 billionaires. The state has witnessed a steady rise in its billionaire population, growing from 11 in 2023 and 12 in 2022. This trend is primarily driven by a burgeoning economy characterized by increasing stock and real estate values.
Leading Arizona’s billionaire list is Ernest Garcia II, the founder of DriveTime Automotive. His net worth has soared to $14.9 billion in 2025, a significant jump from $8.9 billion just a year prior. Garcia is currently ranked 146th on Forbes’ global billionaires list, a testament to the rapid escalation of his wealth, largely attributed to the recovery of stock prices for Carvana, the used car retailer where he holds a dominant share.
Following Garcia II on the list is his son, Ernest Garcia III, who serves as CEO of Carvana. His wealth has nearly doubled, now standing at $5.7 billion, making him the third wealthiest individual in Arizona. The second wealthiest Arizonan is George Kurtz, the co-founder of CrowdStrike technology, a significant player in the cybersecurity sector.
The increase in Arizona’s billionaire presence aligns with broader trends observed nationally and globally. The 2025 Forbes billionaires list includes a record 3,028 individuals worldwide, reflecting a thriving economic environment. The average fortune for billionaires this year is approximately $5.3 billion, which marks a $200 million increase compared to 2024.
New entrants to Arizona’s exclusive billionaire group include Rick Smith, founder and CEO of Axon Enterprise, with a net worth of $1.8 billion, and technology investor George Christ, worth $1.7 billion. These additions highlight the state’s allure for entrepreneurs and investors alike. However, despite the market’s positive dynamics, Rick Smith has expressed concerns about the direction of local leadership and the potential for relocating outside Arizona.
Other notable billionaires from Arizona include Mark Shoen and E. Joe Shoen, both associated with U-Haul International, as well as Bob Parsons, the founder of GoDaddy. These individuals have been key figures in defining Arizona’s entrepreneurial landscape over the years.
The rise in billionaires correlates with favorable economic conditions, which have attracted wealth and investment into Arizona. The current political climate, influenced by the U.S. administration under Donald Trump, has been credited with creating an environment conducive to the growth and control of the billionaire class within the government and across the economy.
Despite the increasing concentration of wealth, which raises questions about economic inequality, the expansion of Arizona’s billionaire population is a reflection of the state’s thriving industries and favorable investment conditions. Arizona continues to attract talent and capital, paving the way for future growth and opportunities.
In a global context, Elon Musk remains the world’s wealthiest individual, valued at approximately $342 billion, further illustrating the considerable wealth concentration among the world’s richest.
As Arizona’s economy continues to flourish, the influence and presence of its billionaires could significantly shape the state’s future economic policies and community investment initiatives.
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