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CEO pay jumped 17% in 2021; workers fall behind

Sep 23, 2022

CEO Pay

This combination photo shows the highest paid male and female CEOs in the SP 500 index for 2021, as calculated by The Associated Press and Equilar, an executive data firm. Top row, from left, Bill McDermott of ServiceNow, Mary Barra of General Motors, Tim Cook of Apple, Adena Friedman of Nasdaq, and David Zaslav of Warner Bros. Discovery. Bottom row, from left, Kathy Warden of Northrop Grumman, Jamie Dimon of JPMorgan Chase, Lisa Su of Advanced Micro Devices, Phebe Novakovic of General Dynamics, and Peter Kern of Expedia Group. 

AP Photo

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Even when regular workers win their biggest raises in decades, they look minuscule compared with what CEOs are getting.

The typical compensation package for chief executives who run SP 500 companies soared 17.1% last year, to a median $14.5 million, according to data analyzed for The Associated Press by Equilar.

The gain towers over the 4.4% increase in wages and benefits netted by private-sector workers through 2021, which was the fastest on record going back to 2001. The raises for many rank-and-file workers also failed to keep up with inflation, which reached 7% at the end of last year.

CEO pay took off as stock prices and profits rebounded sharply as the economy roared out of its brief 2020 recession. Because much of a CEO's compensation is tied to such performance, their pay packages ballooned after years of mostly moderating growth.

Story continues after ranking.

How much the top-paid male, female CEOs made in 2021

1. Peter Kern

1. Peter Kern

1. Peter Kern

Expedia Group

$296.2 million

Change from last year: 6,592%

His pay vs typical company worker: 2,897 times, up from 53

Overall ranking: No. 1

Business Wire

2. David Zaslav

2. David Zaslav

2. David Zaslav

Warner Bros. Discovery

$246.6 million.

Change from last year: 554%

His pay vs typical company worker: 2,972 times, up from 565

Overall ranking: 2

AP file

3. William McDermott

3. William McDermott

3. William McDermott

ServiceNow

$165.8 million.

Change from last year: 560%

His pay vs typical company worker: 709 times, up from 120

Overall ranking: 3

AP file

4. Tim Cook

4. Tim Cook

4. Tim Cook

Apple

$98.7 million.

Change from last year: 569%

His pay vs typical company worker: 1,447 times, up from 256

Overall ranking: No. 4

AP file

5. Jamie Dimon

5. Jamie Dimon

5. Jamie Dimon

JPMorgan Chase

$84.4 million.

Change from last year: 167%

His pay vs typical company worker: 917 times, up from 395

Overall ranking: No. 5

AP file

1. Lisa T. Su

1. Lisa T. Su

1. Lisa T. Su

Advanced Micro Devices

$29.5 million.

Change from last year: 9%

Her pay vs typical company worker: 230 times, up from 228

Overall ranking: No. 22

AP file

2. Mary T. Barra

2. Mary T. Barra

2. Mary T. Barra

General Motors

$29.1 million.

Change from last year: 25%

Her pay vs typical company worker: 420 times, up from 201

Overall ranking: No. 23

AP file

3. Phebe N. Novakovic

3. Phebe N. Novakovic

3. Phebe N. Novakovic

General Dynamics

$23.6 million.

Change from last year: 24%

Her pay vs typical company worker: 254 times, up from 174

Overall ranking: No. 38

AP file

4. Adena Friedman

4. Adena Friedman

4. Adena Friedman

Nasdaq

$20 million.

Change from last year: 27%

Her pay vs typical company worker: 202 times, up from 126

Overall ranking: No. 80

Richard Drew

5. Kathy J. Warden

5. Kathy J. Warden

5. Kathy J. Warden

Northrop Grumman

$19.5 million.

Change from last year: -1%

Her pay vs typical company worker: 166 times, down from 205

Overall ranking: No. 89

AP file

In many of the most eye-popping packages, such as Expedia Group's, valued at $296.2 million and JPMorgan Chase's $84.4 million, boards gave particularly big grants of stock or stock options to recently appointed CEOs navigating their companies through the pandemic or to established leaders they wanted to convince to hang around.

The CEOs often can't cash in on such stock or options for years, or possibly ever, unless the company meets performance targets. But companies still must disclose estimates for how much they're worth. Only about a quarter of the typical pay package for all SP 500 CEOs last year came as actual cash they could pocket.

Whatever its composition, the chasm in pay between CEOs and the rank-and-file workers they oversee keeps widening. At half the companies in this year's pay survey, it would take the worker at the middle of the company's pay scale at least 186 years to make what their CEO did last year. That's up from 166 a year earlier.

At Walmart, for example, the company said its median associate made $25,335 in compensation last year. That means half its workers made more, and half made less.

That's up 21% from $20,942 a year earlier and came as the company's average hourly U.S. wage rose from $15.25 in March 2021 to more than $17 currently. That increase was bigger than the raise CEO Doug McMillon got, on a percentage basis. But his 13.7% raise netted him a total package valued at $25.7 million.

Story continues after charts

8 charts tracking the US economy

Anger is growing over such an imbalance. Surveys suggest Americans across political parties see CEO pay as too high, and some investors are pushing back.

Workers are trying to organize unions across the country, and the "Great Resignation" has emboldened millions to quit to find better jobs elsewhere. The U.S. government counted more than 4 million quits during April 2021 alone, the first time that happened. The monthly number has since topped 4.5 million twice.

"That is going to add a huge cost to corporate bottom lines, to have these kind of turnover rates," said Sarah Anderson, director of the global economy project at the progressive Institute for Policy Studies.

"They should be thinking about what kind of message they're sending to those people, about whether they're really valued in their jobs," Anderson said. "When the guy in the corner office is making several hundred if not thousands of times more, that's sending a really demoralizing message."

Gains for CEO pay had been slowing in recent years, with the median rise easing from 8.5% in 2017 to 4.1% in 2019. It ticked back up to 5% in 2020, which was a complicated year because the pandemic shut down the economy and profits at many companies tanked.

For 2020, many companies rejiggered the intricate formulas they created to determine their CEOs' pay. The tweaks made up for losses caused by the pandemic, something many boards said was an extraordinary event outside the CEO's control.

Then came 2021. Thanks to a reopened economy, super-low interest rates from the Federal Reserve and other factors, stock prices soared and the SP 500 jumped nearly 27%, setting records through the year. Earnings per share soared roughly 50%.

Throughout the year, CEOs had to navigate snarled supply chains and shortages of chips and other key materials that impacted businesses across industries, said Dan Laddin, a partner at Compensation Advisory Partners, a consulting firm that works with boards.

"All this led to a desire to really reward" executives, said Kelly Malafis, also a partner at Compensation Advisory Partners, "because the financial performance was there, and the view was that management teams were exceptional in navigating the situation and delivering results."

Last year's 17.1% leap for median pay of SP 500 CEOs was the biggest since a 23.9% surge for 2010 compensation packages, according to the data analyzed by Equilar.

Consider Marry Barra, CEO of General Motors. Her industry was particularly hard hit by the shortage of computer chips, which snarled auto production.

Even so, GM's board highlighted how the company still delivered record earnings before interest, taxes and some other items. The automaker also accelerated development of its electric vehicles. Those are two of the factors that influence Barra's pay, and her compensation climbed 25.4% to $29.1 million.

"I would hope that the corporation making record profits would recognize that the workers doing the work are the ones generating the revenue," said Dave Green, a hot metal driver at a GM facility in Bedford, Indiana. "We're just trying to get by."

He cited in particular temporary workers making roughly $16 hourly, who have to work years before coming on as full-time employees and don't get many opportunities for days off in the meantime.

"The new people coming in, their kids are not going to be able to have the opportunities my kids had," said Green, who has two daughters and started at GM as a summer helper in 1989.

Closer to the top of the rankings for CEO pay last year was JPMorgan Chase's Jamie Dimon, whose compensation package valued at $84.4 million was the fifth-highest in the AP survey. That was up 166.7% from a year earlier, and most of it came from an award of stock options valued at $52.6 million.

The board said it provided the options because of its desire for Dimon, who is 66, to keep leading the company for significantly more years and a "unique inflection point in Mr. Dimon's tenure." It also said the options weren't a part of his regular annual compensation and that he must wait at least five years to begin exercising them.

Even so, only 31% of investors at JPMorgan Chase's annual meeting of shareholders recently gave a thumbs up on Dimon's pay package. The vote is only advisory, though, and doesn't force the company to make changes.

Last year, a median of 92.6% of shareholders approved what's called their "Say On Pay" vote in the AP's survey. That was down just a bit from 93.4% the year before.

The AP's and Equilar's compensation study included pay data for 340 CEOs at SP 500 companies who have served at least two fiscal years at their companies, which filed proxy statements between Jan. 1 and April 30. Some high-profile CEOs are not included because they don't fit the criteria, such as Amazon's Andy Jassy and Twitter's Parag Agrawal. The survey does not count changes in the value of CEOs' pension benefits and some other items in its totals for compensation.

How the richest person in each state made a fortune

How the richest person in every state made a fortune

How the richest person in every state made a fortune

Whether it's a hedge-fund billionaire, tech giant, industrial titan, or someone simply born into the right family, the wealthiest people in every state each have their own stories. In today's political climate, the super-rich have plenty of influence over our political process, from lobbying members of the government and contributing to presidential bids to running ad campaigns in favor of specific causes.

To figure out who's on top of each state's rich list, Forbes tracks groups of billionaires (or centimillionaires in states with no billionaires) and updates their findings annually. Stacker analyzed this data to compile a list of the uber-wealthy and then broke down how each person earned their fortune. This list accounts for individuals' wealth as of June 26, 2019, but keep in mind the tides of fortune are always shifting. Many of the figures can change based on a dip in the stock market alone.

Sometimes billionaires are made overnight, others over the course of generations. The distribution of billionaires and other super-rich individuals isn't evenly distributed; plenty more live on the coast than the Midwest, with a few key exceptions. Curious who the richest person is in your home state? Keep reading to find out.

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Phillip Faraone // Getty Images for WIRED25

Alabama: Jimmy Rane

Alabama: Jimmy Rane

- Net worth: $900 million (as of June 18, 2019)

- Age: 72

- Source of wealth: lumber

- Residence: Abbeville, AL

Known colloquially as the Yella Fella, Jimmy Rane is a lumber magnate who built his fortune from his family's small plant into billion-dollar behemoth Great Southern Wood Preserving. As the wealthiest person in Alabama, Rane keeps his money close to home. He's revitalized his hometown and supports several universities by offering scholarships (more than 400 to date) through The Jimmy Rane Foundation. The Auburn University alum still sits on the board of his alma mater as chair of the board's governmental affairs.

smspsy // Shutterstock

Alaska: Leonard Hyde, Jonathan Rubini and families

Alaska: Leonard Hyde, Jonathan Rubini and families

- Net worth: $300 million each (as of June 18, 2019)

- Age: 62, 64

- Source of wealth: real estate

- Residence: Anchorage, AK

Real estate tycoons Leonard Hyde and Jonathan Rubini began amassing their fortunes by buying up Alaskan properties during economic downturns. Today, the partners head JL Properties, which owns the tallest building in Anchorage, massive residential units, and much more.

Raymona Pooler // Shutterstock

Arizona: Ernest Garcia II

Arizona: Ernest Garcia II

- Net worth: $5.7 billion

- Age: 62

- Source of wealth: used cars, self-made

- Residence: Tempe, AZ

The stereotype of the used car salesman—ill-fitting shirt, sweaty skin, dusty parking lot—has never looked so good. Ernest Garcia II, an ex-con, made his fortune through operating the fourth-largest used car retailer in the country, DriveTime Automotive, along with owning plenty of stock of Carvana, a used car e-commerce platform.

Bradley Gordon // Flickr

Arkansas: Jim Walton

Arkansas: Jim Walton

- Net worth: $52.1 billion

- Age: 71

- Source of wealth: Walmart

- Residence: Bentonville, AR

According to Forbes, Jim Walton is the 11th wealthiest person in America, and is one of many heirs to the Walmart fortune that was amassed by his father, Sam Walton. Jim Walton lives in Bentonville—home to the Walmart world headquarters—and runs the family's Arvest Bank, which has assets listed at $16 billion.

Rick T. Wilking // Getty Images

California: Mark Zuckerberg

California: Mark Zuckerberg

- Net worth: $79.5 billion

- Age: 35

- Source of wealth: Facebook, self-made

- Residence: Palo Alto, CA

As the creator of Facebook, the world's largest social network, Mark Zuckerberg isn't just the wealthiest Californian, but one of the five wealthiest Americans (stock price dependent). Zuckerberg hasn't been shy about giving his money away: He's one of the many ultra-rich to promise to donate half his wealth to The Giving Pledge.

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Anthony Quintano // Wikimedia Commons

Colorado: Philip Anschutz

Colorado: Philip Anschutz

- Net worth: $11.5 billion

- Age: 80

- Source of wealth: investments

- Residence: Denver, CO

Philip Anschutz is one of the most diversified billionaires on this list, with businesses ranging from sports and movies to oil and real estate. Anschutz's father was an oil tycoon, giving him a leg-up, but Phillip has far surpassed anything his family ever accomplished. Today, Anschutz owns sports teams, an entertainment conglomerate (including Coachella), and is one of the biggest individual landowners in the United States. Anschutz has also given away more than $2 billion to charity.

Michael Kovac // Getty Images for NARAS

Connecticut: Ray Dalio

Connecticut: Ray Dalio

- Net worth: $18.7 billion

- Age: 70

- Source of wealth: hedge funds, self-made

- Residence: Greenwich, CT

After earning an MBA from Harvard Business School in 1975, Ray Dalio started Bridgewater Associates, which has since become the largest hedge fund in the world with an estimated $160 billion under management. Dalio is also actively philanthropic—his family has given more than $1.3 billion via the Dalio Foundation, and he's promised to give away half his wealth through The Giving Pledge.

Web Summit // Flickr

Delaware: Robert Gore and Elizabeth Snyder

Delaware: Robert Gore and Elizabeth Snyder

- Net worth: $885 million each (as of June 18, 2019)

- Age: 82, 72

- Source of wealth: Gore-Tex

- Residence: Newark and Wilmington, DE

Together, the heirs to Gore-Tex would be worth over a billion dollars; but since Elizabeth Snyder has five siblings, Delaware has zero billionaires. Gore-Tex is a lightweight, waterproof fabric and is commonly used in high-end raincoats to keep the cold and wet out.

Santeri Viinamaki // Wikimedia Commons

Florida: Thomas Peterffy

Florida: Thomas Peterffy

- Net worth: $16.9 billion

- Age: 75

- Source of wealth: discount brokerage, self-made

- Residence: Palm Beach, FL

A self-made billionaire, Thomas Peterffy is a Hungarian immigrant who came to America at 21 with no money. He earned his fortune by creating Discount Brokerage, a digital trading platform used by brokers and investors around the world. One of Peterffy's biggest causes is railing against socialism—he's spent millions in political ads.

James Leynse/Corbis // Getty Images

Georgia: Jim Kennedy

Georgia: Jim Kennedy

- Net worth: $10 billion

- Age: 72

- Source of wealth: media, automotive

- Residence: Atlanta, GA

Jim Kennedy inherited his 25% stake in Cox Enterprises—owners of TV and radio stations, newspapers, and digital services—from his mother, Barbara Cox Anthony. Kennedy had already served as CEO of the mega-media company from 1988 to 2008, raising its revenues from $1.8 billion to $15.4 billion. Kennedy is involved in a variety of philanthropic endeavors, including education, health care, and sustainability causes.

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Bloom Energy // Flickr

Hawaii: Pierre Omidyar

Hawaii: Pierre Omidyar

- Net worth: $13.2 billion

- Age: 52

- Source of wealth: eBay, PayPal, self-made

- Residence: Honolulu, HI

Since founding eBay, Pierre Omidyar has pulled back from the company (though he still sits on its board). He has launched other ventures including First Look Media and the Press Freedom Defense Fund, which supports journalists in legal battles.

ames Leynse/Corbis // Getty Images

Idaho: Frank VanderSloot

Idaho: Frank VanderSloot

- Net worth: $3.8 billion

- Age: 71

- Source of wealth: nutrition, wellness products, self-made

- Residence: Idaho Falls, ID

Frank VanderSloot isn't just rich; he's experienced in the political sector, too. The founder of Melaleuca, which calls itself the “largest online shopping club,” VanderSloot was a national finance co-chair for both of Republican Mitt Romney's presidential bids.

Jeremy112233 // Wikimedia Commons

Illinois: Kenneth Griffin

Illinois: Kenneth Griffin

- Net worth: $13.1 billion

- Age: 51

- Source of wealth: hedge funds, self-made

- Residence: Chicago, IL

Ken Griffin runs Citadel, which manages more than $30 billion. Griffin got his start making trades from his Harvard dormitory, where he even reportedly put a satellite dish on the roof to get real-time quotes. Today, Griffin is considered an active philanthropist and gives to a range of causes in his native Illinois.

Paul Elledge // Wikimedia Commons

Indiana: Carl Cook

Indiana: Carl Cook

- Net worth: $10.6 billion

- Age: 57

- Source of wealth: medical devices

- Residence: Bloomington, IN

Carl Cook is CEO of Cook Group, a medical device manufacturer started by Cook's parents in 1963. Cook inherited the bulk of the family fortune in stock transfers over a 15-year period, avoiding estate taxes. Cook is famously private, owing in part to his mother's 1989 two-day kidnapping.

Sergey Ryzhov // Shutterstock

Iowa: Harry Stine

Iowa: Harry Stine

- Net worth: $5.5 billion

- Age: 78

- Source of wealth: agriculture, self-made

- Residence: Adel, IA

Agriculture billionaire Harry Stine was born and raised on a farm, so it's little surprise that he made his fortune selling seeds. Stine Seed is one of the largest independent producers of genetically modified seeds, sold to multinational corporations like Monsanto and Syngenta. Stine is also active in philanthropy and has promised to give away at least half of his money through The Giving Pledge.

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PxHere

Kansas: Charles Koch

Kansas: Charles Koch

- Net worth: $42.2 billion

- Age: 84

- Source of wealth: Koch Industries

- Residence: Wichita, KS

Charles Koch has served as chairman and CEO of Koch Industries since 1967. The company was started by Koch's father, and deals heavily in oil, gas, ranching, and finance, among other industries. Koch is also involved in politics and has funded a number of think tanks, including The Heritage Foundation and The Cato Institute.

Patrick T. Fallon for The Washington Post // Getty Images

Kentucky: Tamara Gustavson

Kentucky: Tamara Gustavson

- Net worth: $5.1 billion

- Age: 58

- Source of wealth: self storage

- Residence: Lexington, KY

Have you ever needed a place to put your junk? Gustavson's probably profited from you. The owner of 11% of Public Storage, a company her father cofounded, Gustavson is a generous donor to causes such as the HollyRod Foundation, which researches Alzheimer's and autism.

Ken Wolter // Shutterstock

Louisiana: Gayle Benson

Louisiana: Gayle Benson

- Net worth: $3.1 billion

- Age: 73

- Source of wealth: pro sports teams

- Residence: New Orleans, LA

Gayle Benson is the wife of the late Tom Benson, who made his money in car dealerships and banking. Gayle Benson inherited the New Orleans Saints and the New Orleans Pelicans when her husband died in 2018. The Bensons are known for their extraordinary charity work, giving to Catholic causes as well as establishing the Gayle and Tom Benson Cancer Center in Jefferson, Louisiana.

Todd Kirkland // Getty Images

Maine: Susan Alfond

Maine: Susan Alfond

- Net worth: $1.8 billion

- Age: 74

- Source of wealth: shoes

- Residence: Scarborough, ME

Shoe heiress Susan Alfond inherited her money from father Harold Alfond, who started the Dexter Shoe Company in 1958. When Alfond sold the company to Warren Buffett in exchange for Berkshire Hathaway stock in 1993, the family fortunes increased exponentially.

SenseiAllen // Flickr

Maryland: Ted Lerner and family

Maryland: Ted Lerner and family

- Net worth: $5.6 billion

- Age: 94

- Source of wealth: real estate, self-made

- Residence: Chevy Chase, MD

Ted Lerner owns more than 20 million square feet comprising hotels, commercial and retail space, and apartments. The Lerner family also owns the Washington Nationals, and shares of the Washington Wizards and the Washington Capitals. Additionally, they're owners of Maryland's White Flint Mall. The family gives to a variety of causes including education, health and human services, arts and culture, and Jewish organizations.

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John McDonnell/The Washington Post // Getty Images

Massachusetts: Abigail Johnson

Massachusetts: Abigail Johnson

- Net worth: $16.5 billion

- Age: 58

- Source of wealth: money management

- Residence: Milton, MA

Even though Abigail Johnson is the granddaughter of Fidelity founder Edward C. Johnson II, no one can say she didn't pay her dues. Johnson earned her MBA from Harvard Business School and started working at the family company in 1988. As CEO, she manages assets valued in the trillions. Johnson is also a trustee of the Fidelity Foundation, which has given hundreds of millions of dollars to nonprofits around the country.

Drew Angerer // Getty Images

Michigan: Daniel Gilbert

Michigan: Daniel Gilbert

- Net worth: $6.8 billion (as of June 18, 2019)

- Age: 57

- Source of wealth: Quicken Loans

- Residence: Franklin, MI

Ohioans might be surprised to see Daniel Gilbert representing Michigan, considering that he owns the Cleveland Cavaliers. Gilbert made his money from Quicken Loans, now America's largest mortgage lender, with headquarters in Detroit. Gilbert is also known for helping revitalize downtown Detroit by investing billions of dollars.

Nicholas Hunt // Getty Images

Minnesota: Glen Taylor

Minnesota: Glen Taylor

- Net worth: $2.8 billion

- Age: 78

- Source of wealth: printing, self-made

- Residence: Mankato, MN

Glen Taylor is a self-made billionaire who turned a small wedding business into a printing empire with billions of dollars in sales. Born and raised in Minnesota, Taylor is also the owner of the NBA's Minnesota Timberwolves and The Minneapolis Star Tribune, the state's largest newspaper. Taylor is also active in charity and has donated generously to Minnesota State University.

Elsa // Getty Images

Mississippi: James and Thomas Duff

Mississippi: James and Thomas Duff

- Net worth: $1.4 billion

- Age: 58

- Source of wealth: tires, diversified

- Residence: Hattiesburg, MS

Some people get rich from inventing groundbreaking technology. Some people, like the Duff brothers, just figured out how to sell tires better. Though they live private lives, the richest two men in Mississippi made it happen through good business practices and solid service.

Morio // Wikimedia Commons

Missouri: Pauline Macmillan Keinath

Missouri: Pauline Macmillan Keinath

- Net worth: $7 billion

- Age: 86

- Source of wealth: Cargill

- Residence: St. Louis, MO

Cargill is the largest private company in the United States, and Pauline MacMillan Keinath is its largest shareholder. The company was started by her great-grandfather in 1865, and is now a multi-billion-dollar conglomerate focused on food, agriculture, nutrition, and risk management.

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James R. Martin // Shutterstock

Montana: Dennis Washington

Montana: Dennis Washington

- Net worth: $6.6 billion

- Age: 85

- Source of wealth: construction, mining, self-made

- Residence: Missoula, MT

The wealthiest man in Montana is also the state's most charitable. Dennis Washington is the head of Washington Companies, which owns mines, railroads, and shipping containers. The Dennis and Phyllis Washington Foundation has given away hundreds of millions of dollars, including hundreds of scholarships to students in Montana.

Stapanov Alexander // Wikimedia Commons

Nebraska: Warren Buffett

Nebraska: Warren Buffett

- Net worth: $87.6 billion

- Age: 89

- Source of wealth: Berkshire Hathaway, self-made

- Residence: Omaha, NE

Warren Buffett is affectionately known as the Oracle of Omaha, and for good reason. He's one of the wealthiest individuals in the world. Buffet is head of Berkshire Hathaway, the investment company he founded, which owns dozens of other companies. Buffet, along with Bill and Melinda Gates, started The Giving Pledge, which challenges billionaires to give away half their assets to improve the world. Buffet, however, has vowed to give away 99% of his fortune.

Fortune Live Media // Flickr

Nevada: Sheldon Adelson

Nevada: Sheldon Adelson

- Net worth: $37.6 billion

- Age: 86

- Source of wealth: casinos, self-made

- Residence: Las Vegas, NV

Though Sheldon Adelson is known as a casino magnate, he didn't actually break into that business until later in life. Adelson is a serial entrepreneur who made his first mega-fortune with COMDEX, the computer trade show, selling it for hundreds of millions of dollars. Adelson's casino empire is worth billions, and he's used much of his wealth to support Jewish cultural endeavors and conservative political causes.

Bectrigger // Wikimedia Commons

New Hampshire: Andrea Reimann-Ciardelli

New Hampshire: Andrea Reimann-Ciardelli

- Net worth: $720 million (as of June 18, 2019)

- Age: 62

- Source of wealth: consumer goods

- Residence: Hanover, NH

Andrea Reimann-Ciardelli inherited her money from Luxembourg-based company JAB. Though she sold her stake in 2003, it's easy to understand why JAB is such a juggernaut. The company currently owns everything from Peet's Coffee and Tea and Krispy Kreme to Panera Bread and Dr. Pepper. Reimann-Ciardelli directs much of her money through the Emily Landecker Foundation she helped establish, which donates to a variety of scientific institutions.

Miosotis Jade // Wikimedia Commons

New Jersey: John Overdeck

New Jersey: John Overdeck

- Net worth: $6.1 billion

- Age: 50

- Source of wealth: hedge funds, self-made

- Residence: Millburn, NJ

Making the bulk of his money in the hedge-fund space, John Overdeck is a technical wizard who combined his math skills with machine learning to help predict market forces. It obviously worked (to the tune of $5.5 billion), but Overdeck and wife Laura spend much of their money and time on charitable causes. Through the Overdeck Family Foundation, the couple has donated more than $145 million to children's educational causes.

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Thos Robinson // Getty Images for Code-to-Learn Foundation

New Mexico: Mack C. Chase

New Mexico: Mack C. Chase

- Net worth: $700 million (as of June 18, 2019)

- Age: 88

- Source of wealth: oil

- Residence: Artesia, NM

Mack C. Chase is a self-made oil tycoon who got his start tapping wells in Texas and New Mexico. Chase is now the head of Mack Energy Corp., which drills for and produces oil and gas. Chase also started the Chase Foundation, a nonprofit that helps communities in New Mexico by providing grants to charitable organizations.

Sopotnicki // Shutterstock

New York: Michael Bloomberg

New York: Michael Bloomberg

- Net worth: $59.9 billion

- Age: 77

- Source of wealth: Bloomberg LP, self-made

- Residence: New York, NY

Best known as New York's Republican-turned-Independent mayor, Michael Bloomberg owns 88% of the company which bears his name and brings news to millions of consumers worldwide. He made an unsuccessful bid in 2020 for the Democratic nomination for president.

Ralph Alswang/Center for American Progress // Flickr

North Carolina: James Goodnight

North Carolina: James Goodnight

- Net worth: $8.2 billion

- Age: 77

- Source of wealth: software, self-made

- Residence: Cary, NC

James Goodnight became the wealthiest man in North Carolina by co-founding software company SAS in 1976. Today, the company has more than 14,000 employees, and its software is used in 145 countries and 83,0000 businesses, generating more than $3 billion a year in revenue. Goodnight and SAS co-founder John Sall also started Cary Academy, a college preparatory school in North Carolina.

World Economic Forum // Wikimedia Commons

North Dakota: Gary Tharaldson

North Dakota: Gary Tharaldson

- Net worth: $1 billion

- Age: 74

- Source of wealth: hotels, self-made

- Residence: Fargo, ND

Gary Tharaldson is as self-made as they come. Growing up on a farm in rural North Dakota, Tharaldson made his money by buying and operating hundreds of motels and hotels. The wealth part came from selling a huge chunk of his portfolio to Goldman Sachs for more than a billion dollars.

Jimmy Emerson // Flickr

Ohio: Les Wexner and family

Ohio: Les Wexner and family

- Net worth: $4.5 billion

- Age: 82

- Source of wealth: retail, self-made

- Residence: New Albany, OH

Until his connection to disgraced financier Jeffrey Epstein came to light, Les Wexner wasn't a household name outside of Ohio, but every facet of his empire is. Wexner founded L Brands, which owns Victoria's Secret and Bath Body Works. Wexner got his start in retail in 1963, when he opened The Limited. He bought Victoria's Secret in 1982 for a million dollars. Notoriously charitable, Wexner and wife Abigail started The Wexner Foundation, which has given away hundreds of millions of dollars to a variety of Jewish organizations, as well as state institutions like Ohio State University's Wexner Medical Center and Columbus, Ohio's Wexner Center.

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Union20 // Wikimedia Commons

Oklahoma: Harold Hamm and family

Oklahoma: Harold Hamm and family

- Net worth: $8.3 billion

- Age: 74

- Source of wealth: oil gas, self-made

- Residence: Oklahoma City, OK

Harold Hamm had been in the oil business for years when he struck black gold by transforming the industry with the use of hydraulic fracturing (fracking) in North Dakota's Bakken formation. Hamm and his family have donated millions of dollars to the University of Oklahoma, which built the Harold Hamm Diabetes Center.

Alex Wong // Getty Images

Oregon: Phil Knight and family

Oregon: Phil Knight and family

- Net worth: $39.6 billion

- Age: 81

- Source of wealth: Nike, self-made

- Residence: Hillsboro, OR

Phil Knight created Nike with his college track coach and started selling shoes out of the trunk of his car at track meets. Today, Nike has revenues of $34 billion, easily making Knight the wealthiest man in Oregon. Beyond shoes, Knight and wife Penny are known for their charity work and have given hundreds of millions of dollars to the University of Oregon and Stanford.

Steve Dykes // Getty Images

Pennsylvania: Victoria Mars

Pennsylvania: Victoria Mars

- Net worth: $7.7 billion

- Age: 63

- Source of wealth: candy, pet food

- Residence: Philadelphia, PA

An heiress to the Mars Inc. fortune (Pedigree, Whiskas, MM's, Twix, Skittles, Orbit gum, Uncle Ben's, Bounty, Snickers, and others), Victoria Mars became a multibillionaire when her father Forrest Mars Jr. left her 8% of the sixth-largest private company in America. As chairman of the board of directors at Salzburg Global Seminar, Mars runs an organization that helps with sustainable global development.

Kirill Kukhmar/TASS // Getty Images

Rhode Island: Jonathan Nelson

Rhode Island: Jonathan Nelson

- Net worth: $1.8 billion

- Age: 63

- Source of wealth: private equity, self-made

- Residence: Providence, RI

A Harvard Business School graduate, Jonathan Nelson is the CEO of Providence Equity Partners, a private equity firm with $42 billion under management. Nelson started the firm in 1989 and has invested in hundreds of companies around the world. Part of The Giving Pledge, Nelson has promised to give away at least half of his money to charity and has already donated millions of dollars to a variety of causes and institutions.

Scott Olson // Getty Images

South Carolina: Anita Zucker

South Carolina: Anita Zucker

- Net worth: $1.9 billion

- Age: 68

- Source of wealth: chemicals

- Residence: Charleston, SC

Anita Zucker is CEO of InterTech Group, a private chemicals manufacturer that was started by her late husband Jerry Zucker in 1982. Zucker's company also deals in aerospace, real estate, financial services, and other industries. Through the Jerry and Anita Zucker Family Foundation, the Zuckers have given away millions to organizations in South Carolina.

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Noam Galai // Getty Images

South Dakota: T. Denny Sanford

South Dakota: T. Denny Sanford

- Net worth: $2.4 billion

- Age: 84

- Source of wealth: banking, credit cards, self-made

- Residence: Sioux Falls, SD

This banking billionaire has vowed to die broke by giving away all his money to charitable causes. T. Denny Sanford made his fortune from First Premier Bank, notorious for offering credit cards to high-risk borrowers. Sanford is also a member of The Giving Pledge, promising to give away at least half of his money, of which he's already donated more than $1 billion.

BRUCE BISPING/Star Tribune // Getty Images

Tennessee: Thomas Frist Jr. and family

Tennessee: Thomas Frist Jr. and family

- Net worth: $12.6 billion

- Age: 81

- Source of wealth: hospitals, self-made

- Residence: Nashville, TN

A former Air Force surgeon, Thomas Frist founded Hospital Corp. of America in 1968, took it public three times, and amassed an enormous amount of personal wealth. Now, Hospital Corp. operates 179 hospitals in the U.S. and London.

Drew Angerer // Getty Images

Texas: Alice Walton

Texas: Alice Walton

- Net worth: $51.8 billion

- Age: 70

- Source of wealth: Walmart

- Residence: Fort Worth, TX

The second Walton on the list, Alice Walton, like her brother Jim, is an heir to the vast Walmart fortune created by their father. As the only daughter of Sam Walton, Alice has focused her wealth on the arts, with a personal collection valued in the hundreds of millions. She opened the Crystal Bridges Museum of American Art in Bentonville, Arkansas.

Rick T. Wilking // Getty Images

Utah: Gail Miller

Utah: Gail Miller

- Net worth: $1.6 billion

- Age: 76

- Source of wealth: car dealerships, self-made

- Residence: Salt Lake City, UT

Gail Miller and late husband Larry are Utah staples who amassed their wealth by turning a single car dealership into an empire. Miller is also the owner of the Utah Jazz, purchased in 1986. The Larry H. Gail Miller Family Foundation was established in 2007 and gives to nonprofit organizations like the Huntsman Cancer Institute, the American Red Cross, and the American Cancer Society.

Alex Goodlett // Getty Images

Vermont: John Abele

Vermont: John Abele

- Net worth: $640 million (as of June 18, 2019)

- Age: 82

- Source of wealth: Health care

- Residence: Shelburne, VT

After co-founding Boston Scientific in 1979, John Abele made his first billion when he took the company public in 1992. Since then, Abele has dedicated his life to giving his fortune away, largely through the Argosy Foundation, which donates to the arts, educational causes, environment sustainability, and more.

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Sebastiaan ter Burg // Wikimedia Commons

Virginia: Jacqueline Mars

Virginia: Jacqueline Mars

- Net worth: $30.9 billion

- Age: 80

- Source of wealth: candy, pet food

- Residence: The Plains, VA

Jacqueline Mars's grandfather created Mars, Inc. in 1911. Mars owns a third of the privately held company and is well known for her charitable work. The Mars Foundation gives to environmental, animal rights, and other conservation groups, while Mars has personally donated millions to the arts and other causes.

Ron Sachs/Pool // Getty Images

Washington: Jeff Bezos

Washington: Jeff Bezos

- Net worth: $113.5 billion

- Age: 56

- Source of wealth: Amazon, self-made

- Residence: Seattle, WA

If you don't know his name, perhaps you'll know his company: Amazon. Amazon dominates internet sales, but wants to be known as more than a retail marketplace; from its purchase of Whole Foods to its numerous award-winning Amazon Prime Original TV shows and movies, Bezos is amassing both a cultural and physical empire, making him the richest man in the world by far.

MARK RALSTON/AFP // Getty Images

West Virginia: Jim Justice II

West Virginia: Jim Justice II

- Net worth: $1.5 billion

- Age: 68

- Source of wealth: coal

- Residence: Lewisburg, WV

Jim Justice II is governor of West Virginia, but he didn't make his fortune in politics. Justice inherited a coal business from his father and is a major owner of coal mines across the country. Justice is also a charitable man and has given millions to the Boy Scouts of America, the Cleveland Clinic, and Marshall University.

Hunter Martin // Getty Images

Wisconsin: John Menard Jr.

Wisconsin: John Menard Jr.

- Net worth: $12 billion

- Age: 80

- Source of wealth: home improvement stores, self-made

- Residence: Eau Claire, WI

Menard's, a competitor of Home Depot and Lowe's, is a successful home-improvement chain with over 300 stores. This past May, he received an honorary doctorate for lifetime achievement from the University of Wisconsin-Eau Claire.

Eric Glenn // Shutterstock

Wyoming: John Mars

Wyoming: John Mars

- Net worth: $30.9 billion

- Age: 84

- Source of wealth: candy, pet food

- Residence: Jackson, WY

Owner of one-third of the Mars candy and pet food empire, John Mars (like his siblings) inherited his fortune from his father when he died in 1999. As part of The Mars Foundation, John Mars helps direct money to animal welfare and environmental groups. He and his wife are also big supporters of the Smithsonian.

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CEO Pay

This combination photo shows the highest paid male and female CEOs in the SP 500 index for 2021, as calculated by The Associated Press and Equilar, an executive data firm. Top row, from left, Bill McDermott of ServiceNow, Mary Barra of General Motors, Tim Cook of Apple, Adena Friedman of Nasdaq, and David Zaslav of Warner Bros. Discovery. Bottom row, from left, Kathy Warden of Northrop Grumman, Jamie Dimon of JPMorgan Chase, Lisa Su of Advanced Micro Devices, Phebe Novakovic of General Dynamics, and Peter Kern of Expedia Group. 


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