What does it take to be rich in Kentucky? Here are the numbers
Published 2:13 pm Saturday, January 23, 2021
Windfall used its 2020 consumer financial database to determine the net worth required to rank in the top 1% of each state. The analysis used population estimates from the 2019 U.S. Census Bureau and net worth estimates from Windfall’s wealth database of more than 80 million households.
Here’s what Kentucky’s numbers look like:
– Minimum net worth of the state’s top 1%: $1,562,419 (593.9% more than median net worth)
– Median net worth of all Kentucky homeowners: $225,180
– Homeowners with net worth of $1 million or more: 98,823
– 2019 total population: 4,467,673
Tamara Gustavson, the heiress of the largest self-storage company Public Storage, is Kentucky’s richest person with a net worth of $4.5 billion and an 11% stake in the company. Gustavson lives in Lexington on her father’s farm, which breeds racehorses. Lexington is home to another of Kentucky’s billionaires, Gustavson’s father B. Wayne Hughes, who is worth $3 billion and co-founded Public Storage as well as founding the publicly-traded company American Homes 4 Rent.
For each state, the minimum net worth required to qualify in the top 1% for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. Net worth represents an individual’s assets like homes, cars, and investments, less their liabilities like mortgage and other debt.