The City Has the Most Billionaires – and Richest Person – in Michigan

We've all heard the term "billionaire," but how many billionaires are actually in the world? According to Forbes' Real Time Billionaires list, around 2,400 people worldwide have an individual net worth of more than $1 billion. More than 25% of them are in the United States.

The crew at 24/7 Wall St. tabulated data from Forbes' Real Time Billionaires list to find the billionaires in each state. "The combined net worth of the billionaires in some U.S. cities exceeds the entire annual GDP of many states," they note.

"The U.S. cities that are home to the most billionaires are often closely tied to the sources of their wealthiest residents' net worth," 24/7 Wall St. adds. "For example, many of the wealthiest people in the country have made their fortune through some association a successful company -- and these people often live in close proximity to these companies. As a result, many of the cities on this list have high concentrations of companies in well-paying industries like finance, tech, and oil."

So, what city in Michigan has the most billionaires? According to the study, it's Franklin, which is where the one billionaire with the most wealth in Michigan lives: Daniel Gilbert. He's worth an estimated $49.7 billion, and he's the only Franklin resident with a minimum 10-figure net worth, but since he is worth so much, that makes Franklin No. 1 for billionaires. I knew Gilbert was rich but had no idea he was a billionaire, let along one with nearly 50 billion dollars. He's by far the richest person in Michigan.

Grand Rapids also has one billionaire (we can all guess who that is), but their net worth is $10.2 billion, which is less than that of Daniel Gilbert. It's still a lot of money, though. If you're wondering, the richest billionaire in the world, according to Forbes, is Elon Musk, followed by Bernard Arnault & family, Jeff Bezos, Bill Gates and Larry Page. For the full list, visit 24/7 Wall St.'s official website.

If you're wondering which cities in Michigan have residents with the lowest median household income, we have the tally for you. This list just goes to show how the cost of living varies greatly throughout Michigan- and, of course, the same is true of the U.S. After all, Michigan is diverse demographically, so it's to be expected that some areas of the state have a higher cost of living than others.

The staff at Zip Atlas has published a fresh list of the median household incomes across Michigan using a variety of data. The site offers a “structured collection of zip code, area code, city and state demographic, social and economic profiles,” according to their official website. They add, “Here you will find employment and unemployment rates, industry statistics, household and personal income reports, property value assessment, housing unit occupancy and vacancy breakdown, mortgage and rent analysis, age, gender, ancestry and racial profiles, education attainment levels and school enrolment among many others.”

If you're wondering, according to the study, none of the 10 cities in the U.S. with the highest median household income are in Michigan. No. 1 is Short hills, New Jersey, at $185,466, followed by Purchase, New York and Villa Maria, Pennsylvania. Michigan didn't even make the top 100 cities in the U.S. when it came to highest median household income. As for the lowest median household income, Michigan starts at $11,667 and goes up from there.

So, which Michigan cities have the lowest median household incomes? View the list of cities below, and see if your city made the cut. For more information, visit the Zip Atlas website here. Note that some of these are college towns, so that factors into the median household income. In reality, the non-students in those cities likely have a higher median household income.

Source: ZipAtlas.com

$11,667.00

$14,375.00

$16,576.50

$17,105.00

$17,917.00

$18,750.00

$19,375.00

$19,716.00

$20,833.00

$21,250.00

$21,250.00

$21,500.00

$21,659.00

$22,109.00

$22,608.00

$22,717.00

$23,125.00

$23,194.00

$23,444.00

$23,750.00

$23,750.00

$23,854.00

$23,889.00

$24,000.00

$24,125.00

$24,125.00

$25,139.00

$25,417.00

$25,711.00

$25,777.00

$25,962.00

$25,968.00

$26,150.00

$26,233.00

$26,250.00

$26,250.00

$26,250.00

$26,265.00

$26,361.00

$26,429.00

$26,477.00

$26,478.00

$26,667.00

$26,771.00

$26,773.00

$26,773.00

$26,782.00

$26,973.92

$27,019.00