The Empire State's billionaire cohort on Forbes' list of the world's richest keeps growing, but it's Ernest Garcia II, the founder of Drive Time Automotive and Carvana's (NYSE: CVNA) largest shareholder, who's come out on top as Arizona's wealthiest resident. Ranked No. 278 globally, Garcia II's fortune is pegged at a hefty $8.9 billion, according to ABC15.
Hot on the heels, albeit with considerable distance, Mark Shoen takes the second spot in Arizona with a net worth of $5 billion, positioning him at No. 612 worldwide. Considering that just last year Shoen was Arizona's richest, this represents a significant shift in financial tides. The son of U-Haul founders L.S. and Anna Mary Shoen was reported by the Business Journal with a previous net worth of $4.9 billion. Arturo Moreno, owner of the Los Angeles Angels, has slightly trailed behind at No. 624 with $4.9 billion, ranked third richest in the Grand Canyon State.
The list wasn't as forgiving to everyone, particularly Ernest Garcia III, the CEO of Carvana, whose net worth took a dive from last year's $3 billion to $2.4 billion, landing him at No. 1,380 on the list. However, this didn't shake his confidence, as he declared "Carvana is stronger than ever" after fourth-quarter and year-end results for 2023 that exceeded Wall Street forecasts.
Despite not being an Arizonan, but having left an indelible mark on the state, Mat Ishbia saw his net worth jump to $9.9 billion from $5.4 billion the previous year, rocketing him to the No. 228 slot globally. The Detroit-based CEO of United Wholesale Mortgage and owner of the Phoenix Suns and Mercury has been dubbed by the Business Journal as a 'fixture' in Arizona due to his professional sports team ownership over the past year.
Forbes' recent tally brought the global billionaire count to a record 2,781. With the majority reportedly seeing an increase in fortune, the collective worth of these magnates has swelled to an unprecedented $14.2 trillion. Among the newcomers, Taylor Swift struck a high note, landing on the list at No. 2,545 with a net worth of $1.1 billion, as revealed by ABC15.
Ascendancy in wealth remains fiercely contested at the summit, with Bernard Arnault, the helmsman of the French conglomerate comprising monumental brands like Louis Vitton and Tiffany & Co., secured the top position with $233 billion. Trailing are Tesla's Elon Musk and Amazon's Jeff Bezos, with $195 billion and $194 billion respectively, rounding out the global top three.
