The Quiet Wealth Of Wyoming’s Billionaires And Millionaires

A new study by a group of analysts for an online poker site took a look at America's most high-rolling states, and Wyoming finished third from the bottom.

The study analyzed everything from billionaire residents, casino spend, private jet flights, luxury car ownership, yacht density, the number of cities where a typical home costs $1M and poker champions to create the ultimate high rolling ranking.

The study makes the following four claims:

Wyoming is home to 9 billionaires. (Other sources say it's only 6. Hard to know for sure.) According to a few different sources Wyoming has around In Wyoming, there are 12,849 millionaire households.

Just 24,102 private jet flights into the state. That checks out, but it's important to note that per capita that's actually a high number, and Wyoming ranks second place when it comes to states that have the most private jet flights.

Only 4.8% of the cars in Wyoming are 'luxury.' It's true that Wyoming is not known for its prevalence of luxury cars, but I guess that depends on what they consider luxury...nearly half the vehicles in the Cowboy State are pickup trucks, and some of them come with a hefty price tag.

There are 4 cities in the state that a typical home cost more than $1M. The median home price in Wyoming is approximately $314,000, but some of its ranches have gone for hundreds of millions of dollars.

It's no secret that some parts of Wyoming are bougier than others. The state's overall wealth is influenced by factors like its low population and the concentration of wealth in certain areas, which can skew average income figures. The same goes for spending.

The study ranked California, New York, Florida, Nevada, and Texas as the states with the most "high rollers" based on jets, yachts, luxury cars, and poker players.

It's fun to see these studies, but I think this one fails to look at spending on a larger scale. A Wyoming "high roller" might not own a yacht or drive a Lamborghini.

Wyoming's natural grandeur and advantageous tax environment make it a highly desirable location for high net worth individuals looking to purchase sprawling ranches or luxurious homes with ample land.

While Wyoming doesn't have an abundance of luxury car dealerships within the state, high rollers often look for vehicles and off-road vehicles they can traverse said-land with.

Jets, while faster for longer distances, are more limited by runway requirements and wind conditions in mountainous areas. Helicopters are generally better for navigating complex mountainous terrain due to their ability to hover, land in confined spaces, and maneuver around obstacles.

Some Wyoming residents with significant wealth have made notable contributions or investments related to military gear and defense:

Dan Starks, founder of the National Museum of Military Vehicles in Dubois, Wyoming, has reportedly invested over $100 million of his own money into the museum, housing a vast collection of military vehicles and artifacts.

Timothy Mellon, a Wyoming-based billionaire, made headlines for donating $53.1 million to the Texas border wall fund, the majority of the private donations received by the campaign. Mellon is known for his substantial contributions to Republican political causes and candidates.

Alex Karp, CEO of Palantir Technologies, a software company with large contracts with the US military, was reportedly fundraising for Republicans at a Jackson Hole Mountain Resort event. Palantir's contracts with the US Army are estimated to be worth over $10 billion.

The State Treasurer's investment team helped Wyoming become a contributor to a private equity company constructing a military supply base for projects like nuclear-powered submarines.

There is growing interest in Wyoming's rare earth minerals, which are crucial for military applications like the F-35 fighter jet and other defense technologies.

Beyond direct spending on military gear, some Wyoming billionaires have also been active in other areas related to the defense industry:

Some have contributed to political campaigns and causes that advocate for a strong defense, like Timothy Mellon who has supported Republican candidates who align with this stance.

There is also discussion about potentially using Wyoming's critical mineral resources to support military projects.

These are just a few considerations when looking at "high rollers" in America.