PHOENIX – Seven Arizona billionaires, including father and son used car magnates, made the 2025 Forbes list of the 400 richest people in America.
Ernest Garcia II is the Grand Canyon State’s wealthiest individual. His estimated net worth of $23.1 billion puts him at No. 42 overall on the Forbes list, which came out Tuesday. He founded the DriveTime used car retailer and is the largest shareholder in Carvana, an online used vehicle platform.
Garcia II’s net worth is $10.1 million more in 2025 than 2024, when it was $13 billion, according to Forbes.
It was also a good year for his son, Ernest Garcia III, who is the co-founder and CEO of Carvana. His estimated net worth is $11.4 billion — up from $4.6 billion a year ago — good for second in Arizona and 105th in the country.
Phoenix Suns owner Mat Ishbia would be third on the Arizona list, but Forbes lists him as a Michigan resident. He checked in at 130th overall with an estimated net worth of $9.5 billion, down from his 2024 peak of $13.1 billion. In addition to owning Arizona’s NBA team, Ishbia is chairman and CEO of Michigan-based mortgage lender UWM Holdings.
What other Arizona billionaires cracked top 400 list?
Omitting Ishbia makes George Kurtz Arizona’s third wealthiest person, with an estimated net worth of $7.9 billion, up from $5.6 billion in 2024. The cofounder and CEO of cloud-based cybersecurity company CrowdStrike sits within the top half of the Forbes top 400 in at No. 176.
Fourth on the list of Arizona billionaires is another pro sports franchise owner, Arte Moreno. Moreno earned his fortune by co-founding the Outdoor Systems billboard company before buying the Los Angeles Angels baseball team. His estimated net worth of $4.9 billion, down slightly from $5 billion a year earlier, puts him at No. 308 on the new list.
The other three Arizona entries on the Forbes list of 400 richest Americans — Stewart Horejsi and his family, Bob Parsons and Mark Shoen — tied for No. 362 overall with a net worth of $4.1 billion.
Horejsi, a successful investor who started buying Berkshire Hathaway stock for as little as $265 per share in 1980, and his family had the best year of the trio. They increased their wealth by $300 million from last year.
Parsons, who founded web hosting company GoDaddy and is the CEO and founder of YAM Worldwide, also boosted his portfolio in the last year, adding $200 million to his net worth.
Of the three Arizona entries with a net worth of $4.1 billion, Shoen was the only one to lose money in the last year. His estimated net worth in 2024 was $5 billion. Shoen owns about one-fifth of the parent company of U-Haul, which was founded by his parents.
Elon Musk topped the latest Forbes list of the 400 richest people in America with an estimated net worth of $428 billion, a whopping increase of $184 billion from 2024.
In April, Forbes released its full list of over 3,000 billionaires in the world. That list had 15 Arizona representatives.
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