Meet The Richest Person In RI, Worth $3.4 Billion

RHODE ISLAND — Jonathan Nelson is the richest person in Rhode Island, according to a new ranking released Wednesday by Forbes.

The richest person on the list from Rhode Island is Jonathan Nelson. Nelson, 68, the richest person in Rhode Island, is worth an estimated $3.4 billion. He made his fortune as the founder of Providence Equity Partners, a global private equity firm. He currently serves as the company's executive chairman and served as CEO until January 2021.

All but three states — Alaska, Delaware and West Virginia — have at least one person worth 10 figures on the Forbes Richest Person in Every State 2025 inventory. Including ties, the list includes 54 entrepreneurs, investors and heirs who are worth a record $2 trillion combined, up $400 billion since the 2024 list.

Elon Musk, whose real-time worth is $386.5 billion, is the richest person in Texas, the United States and the world. Musk co-founded seven companies, including electric car maker Tesla, rocket producer SpaceX and artificial intelligence startup xAI.

Five states have a new No. 1 billionaire, the Forbes analysis shows. They include Missouri, where IT mogul David Steward (estimated net worth $11.4 billion) of St. Louis-based World Wide Technology surpassed John Morris ($9.6 billion) of Springfield-based Bass Pro Shops.

A new Walton tops the list in neighboring Arkansas. Bentonville-based Walmart heir Rob Walton ($113 billion) overtook his brother Jim Walton ($112 billion), while the world’s richest woman, their sister Alice Walton ($104 billion), remains a distant second in Texas, where Musk moved in 2020.

Newcomers also take the No. 1 spots in Washington, where former Microsoft CEO Steve Ballmer ($118 billion) beat out his former boss Bill Gates ($108 billion); New Jersey, where hedge fund tycoon John Overdeck ($7.4 billion) reclaimed the lead from cable TV mogul and Italian immigrant Rocco Commisso ($5.8 billion); and in Wisconsin, where Diane Hendricks ($21.9 billion), a Republican megadonor and cofounder of Beloit-based roofing giant ABC Supply cofounder, overtook John Menard Jr. ($21.5 billion), founder of Eau Claire-based home improvement chain Menard’s.

Hendricks is one of 10 women who are the richest people in their states, up from nine in 2024.

Forbes said nearly two-thirds of America’s 868 billionaires live in just four states: California (194), New York (137), Florida (116) and Texas (81), where competition is fierce for the title of the richest of the rich.

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