News Summary
Tennessee remains a stronghold for billionaires, with Thomas Frist Jr. leading the state with a net worth of $20.7 billion. The state is home to 12 billionaires, representing diverse industries such as healthcare, logistics, and retail. This concentration of wealth raises questions about the economic landscape and growing inequality, as public sentiment shifts toward the ultra-rich. Notable billionaires like Fred Smith and Jimmy Haslam contribute significantly to Tennessee’s economy, illustrating the complex dynamics of wealth distribution in the state.
Tennessee continues to be home to some of the wealthiest individuals in the nation, with Thomas Frist Jr. topping the list of billionaires in the state. According to the latest data from the Forbes 400 list, Frist Jr. boasts a net worth of $20.7 billion, making him not only the richest resident of Tennessee but also the 78th richest person in the world. This funding reflects his wealth from the healthcare sector, primarily related to hospitals.
In total, Tennessee is home to 12 billionaires, as compiled by Stacker. The rankings are based on their net worth as of March 24, with Frist leading the pack by a significant margin. Following Frist are notable figures such as Fred Smith, founder of FedEx, with a net worth of $4.9 billion, and Jimmy Haslam, who has a fortune of $4.8 billion from gas stations and retail. These billionaires contribute to a varied economic landscape in Tennessee, each with unique sources of wealth.
Details of Tennessee’s Billionaires
Below is the list of the 12 billionaires residing in Tennessee, their respective net worths, global rankings, residences, and sources of wealth:
- 1. Thomas Frist Jr. & family
- Net worth: $20.7 billion
- Global ranking: #78
- Residence: Nashville
- Source of wealth: Hospitals, self-made
- 2. Fred Smith
- Net worth: $4.9 billion
- Global ranking: #547
- Residence: Memphis
- Source of wealth: FedEx, self-made
- 3. Jimmy Haslam
- Net worth: $4.8 billion
- Global ranking: #556
- Residence: Knoxville
- Source of wealth: Gas stations, retail
- 4. Martha Ingram & family
- Net worth: $3.8 billion
- Global ranking: #723
- Residence: Nashville
- Source of wealth: Book distribution, transportation
- 5. Jon Yarbrough
- Net worth: $3.2 billion
- Global ranking: #900
- Residence: Franklin
- Source of wealth: Video games, self-made
- 6. Brad Kelley
- Net worth: $2.5 billion
- Global ranking: #1,163
- Residence: Franklin
- Source of wealth: Tobacco, self-made
- 7. Bill Haslam
- Net worth: $2.5 billion
- Global ranking: #1,195
- Residence: Knoxville
- Source of wealth: Gas stations
- 8. Willis Johnson
- Net worth: $2.2 billion
- Global ranking: #1,319
- Residence: Franklin
- Source of wealth: Damaged cars, self-made
- 9. Forrest Preston
- Net worth: $1.2 billion
- Global ranking: #2,230
- Residence: Cleveland
- Source of wealth: Health care, self-made
- 10. Jeffrey Lorberbaum
- Net worth: $1.1 billion
- Global ranking: #2,308
- Residence: Chattanooga
- Source of wealth: Flooring
- 11. Dean Solon
- Net worth: $1.1 billion
- Global ranking: #2,354
- Residence: Gallatin
- Source of wealth: Solar systems, self-made
- 12. Summerfield Johnston Jr.
- Net worth: $1.0 billion
- Global ranking: #2,428
- Residence: Chattanooga
- Source of wealth: Coca-Cola, self-made
Economic Landscape and Billionaire Trends
The rise of billionaires has been significant globally, with a record 660 individuals becoming billionaires in 2021, reflecting a 30% increase from the previous year. The United States continues to lead with the highest number of billionaires, which includes notable sectors such as finance, technology, food and beverage, fashion and retail, and media entertainment driving the wealth accumulation.
Even with growing wealth among the ultra-rich, public sentiment toward billionaires has shifted. Research indicates that many individuals view billionaires more critically now compared to previous years, highlighting a complex relationship where people may support specific billionaires while condemning the wealth gap it represents.
The insights from the Forbes 400 list make it clear that wealth accumulation remains a hot-button issue, with figures like Elon Musk projected to become the world’s first trillionaire by 2026, signaling a trend towards increasing wealth concentration.
Deeper Dive: News & Info About This Topic
- Clarksville Now: Richest Billionaires in Tennessee
- Tennessean: Richest Americans in Tennessee
- Commercial Appeal: Elon Musk and Richest Persons with Tennessee Ties
- Tennessee Lookout: AI Supercomputer and Billionaire’s Impact
- Wikipedia: Wealth
Author: STAFF HERE CHATTANOOGA WRITER
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