Even with some of the highest taxes in the United States, New York State is a hub for the ultra-wealthy. With more millionaires residing in New York City than in any other city worldwide, the state has a reputation for opulence. As of 2023, a staggering 340,000 millionaires called NYC home. The Wealthiest Individual in New York State The Chamber of Commerce has proclaimed New York the third richest state in the US. Surprisingly, the state is home to the second-highest number of the 400 richest individuals in the country. New York proudly hosts 62 individuals from The Forbes 400 list, with a collective net worth of $562 billion. The Billionaire Powerhouse The richest man in New York State is none other than billionaire Michael Bloomberg. With a jaw-dropping net worth of $106.2 billion, Bloomberg reigns supreme as the wealthiest individual in the state. Born on February 14, 1942, in Medford, Massachusetts, Bloomberg is an 82-year-old self-made billionaire. Bloomberg, a graduate of Johns Hopkins University and Harvard Business School, served as the Mayor of New York City from 2002 to 2013. The Financial Mogul Michael Bloomberg co-founded the highly successful financial information and media company Bloomberg LP in 1981, solidifying his name in the world of business. Following closely in the ranking is Julia Koch and her children, with a net worth of $65.7 billion. Their wealth pales in comparison to Bloomberg's, who holds a staggering $20 billion more. The Elite Top 5 These five families showcased in New York State are valued at no less than $10 billion each, proving that elite status and extreme wealth are not just reserved for billionaires. While these individuals thrive in affluence, the rest of society continues to grapple with financial burdens on a day-to-day basis.