20 U.S. States Where Millionaires Are Secretly Buying Up Rural Land

What would you do with a million dollars? Or a couple million? Probably a lot. Well, current millionaires in the U.S. are interested in buying land and properties, especially in specific states. But why and where? And what are they doing with rural land?

Before we dive into the details, let's get some background information out of the way. In the U.S., there are more than 22 millionaires. While this number sounds like a lot, it's tiny considering the U.S's total population is 340 million!

So, where are millionaires buying rural land? Is it in your home state? To find out, 24/7 Tempo scoured the internet, using sources like Dave Ramsey, USA Today, and Forbes.

Since 2020, Florida has been on everyone's radar. It's one of the fastest-growing states in the country, and not just for regular residents. Millionaires and big corporations are buying up land in this state, as they don't have to deal with state taxes. In the whole state, about 496,971 households are millionaires. So, where do most of them reside? Palm Beach County is home to the most millionaires in Florida per capita.

Texas is also home to a lot of millionaires buying up both land and property. About 6% of all households in this big southern state are millionaires. Most of the millionaires in Texas live in large cities like Dallas, Houston, and Austin.

Montana isn't the most populous state in the country. It's mostly full of ranches and farms, and yet is home to 23,785 millionaire households. Four billionaires also live in this vibrant state. Honestly, you need to be a millionaire to afford even the smallest amount of land in Montana. Just one acre of undeveloped land can cost you more than $5,000 - and this doesn't mean it's in the most desirable area.

California seems obvious, but it's worth a mention. This Sunshine State has been a playground for the rich for a long time. It's where many millionaires and billionaires reside, which makes sense as it's home to Los Angeles, also known as the Entertainment Capital of the World. Over 1.1 million households in California are millionaires. LA isn't the only city with millionaires. Since 2018, California Forever has been buying large acres of land in rural California to build a new city.

When people think of New Mexico, they don't necessarily think of wealth, but countless millionaires love this enchanting state. In New Mexico, there are 40,450 millionaire households, which is about 5% of the population. They buy glamorous and expensive ranches and farmland. One of the most expensive pieces for sale in 2025 sits at a sale price of $68.5 million.

Millionaires and billionaires are nothing new in Nebraska. The state is home to Warren Buffett, an American investor, and one of the richest people in the world. His net worth is $154 billion. And what about millionaires? Well, the state has around 45,130 millionaire households, many of which live in the Omaha area.

Unless you have family or an already established life in Wyoming, it's hard to make a living in the state. Wyoming is expensive to buy land and property. About 5% of the state's population is millionaires. While these households are spread throughout the state, many live in the luxurious Jackson Hole.

Next to Florida and a few other southern states, North Carolina is one of the fastest-growing states in the country. Many people, especially those with wealth, are turning their eyes to this once-hidden gem. In 2019, there were 224,054 millionaire households in the state. Billionaires also flock to North Carolina. The richest person in North Carolina is Jim Goodnight, CEO of SAS Institute, with a net worth of $12.2 billion.

Alabama millionaires and billionaires are buying up rural land left and right. The same goes for rich foreigners. For instance, foreign entities own about 2.2 million acres in the state. Of this number, the Netherlands owns 734,632 acres. Like most other states, about 5% of Alabama's households are millionaires.

So many wealthy people live in Louisiana. Actually, some of the world's richest reside in this Bayou state, including Todd Graves, with a net worth of a little over $17 billion. About 87,565 millionaire households reside in the state.

Quite a lot of millionaire households live in Pennsylvania - around 323,443 (which is about 10% of the state's population). While millionaires aren't making the news in the state for buying land or property, billionaires sure are. Billionaires like Thomas Tull are purchasing and investing in farmland.

Like California, the state of New York is an obvious one. It's not cheap to live in New York, especially New York City. Homes can cost you well over $1 million for a small space. Right now, New York is the third state with the highest number of millionaire households (570,456).

Over 200,000 households in Maryland are millionaires. Many of these people live in the richer parts of the state, which include Darnestown, Chevy Chase Village, and Brookmont.

A lot of southern states are on the rise as top places for millionaires and billionaires to move to and buy land/property. Georgia isn't an exception. A little over 6% of the state's households are millionaires. Millionaires are buying a lot of land in Georgia, including Jake Paul, who recently purchased a $39 million estate.

Also on our list of U.S. states where millionaires (and billionaires) are secretly buying up land is New Jersey. About 10% of this wealthy state is home to millionaire households. And honestly, it makes sense. Buying property in New Jersey is not cheap. According to Zillow, the average price of a home in the state is $569,314, which is a 4% increase from the year before.

Hawaii is not an affordable state. Everything is more expensive there compared to the mainland, including housing, gas, and groceries. Maybe that's why it's filled with millionaires (about 10% of households on the islands). Billionaires also live in Hawaii and buy up land. According to Forbes, just a handful of billionaires own 11% of Hawaii's private land.

Washington State, not to be confused with Washington, DC., is another relatively expensive state filled with millionaires and billionaires. But how many? Well, Washington is home to over 230,000 millionaire households, which is around 7% of the state's population. Quite a few well-known rich people live in Washington and have even made Forbes's list of 2025 billionaires. This includes Steve Ballmer, Bill Gates, and MacKenzie Scott. The PNW is facing multiple rural areas that are being bought up, including significant portions of wine country in both Oregon and Washington.

Billionaires in Ohio are also buying up land like crazy, much of which is in rural areas. But why? Some are investing in farming while others are building estates and vacation properties. Millionaires aren't buying up nearly as much land, but they do play a role. According to the 2019 report, about 261,157 households are millionaires in Ohio.

Nearing the end of our list of U.S. states where millionaires are secretly buying up land is Tennessee. It's one of the fastest-growing states in the country as people flock there for its low cost of living and exceptional beauty. Although known for its lower cost of living compared to other states, Tennessee has some expensive houses for sale. For instance, the state's largest-ever home sale was for $65 million.

Lastly, there is Kansas, another sparsely populated state that is also home to a significant number of millionaires. In Kansas, around 70,000 households are millionaires, meaning over 5% of the state's population. Many of these millionaires live in Mission Hills in Johnson County, where the average annual household income is $483,515.