Phoenix, AZ

The 7 billionaires who live in Phoenix

Ash Jurberg
Photo by Zac Durant on Unsplash

According to the latest report by Forbes this week, there are currently 2,688 billionaires in the world. This is a drop of 329 from 2021.

Of these billionaires, seven people are living in Phoenix, down from eight last year.

Let us take a look at the seven billionaires who live in Phoenix.

The U-Haul Brothers

The two wealthiest Phoenix residents are the Shoen brothers- Mark and Joe. Their parents cofounded U-Haul, the truck and trailer rental company, back in 1945.

Joe is the president of U-Hauls parent company Amerco having led a coup against his father in 1986 that forced his father into retirement and put most of his 12 siblings offside. Joe is worth $4 billion.

Mark sided with brother Joe in the family dispute that followed the U-Haul shakeup and still owns 20% of U-Haul. He is also the owner of one of the largest private self-storage operations in the U.S. Mark Shoen is worth $4.6 billion.

The baseball team owner

Next on the list is Arturo Moreno with a net worth of $3.6 billion.

Moreno made his fortune thanks to his billboard advertising company Outdoor Systems which he sold in 1999 for $8.7 billion.

Moreno is now the owner of the Los Angeles Angels baseball team which he purchased in 2003 for $184 million. It is now worth nearly $2 billion.

Moreno is a philanthropist donating millions of dollars every year to the Moreno Family Foundation, which supports underprivileged youth and education nonprofits.

The former richest person in Phoenix

Last year the richest person in Phoenix was Ernest Garcia III, who had a net worth of $7.4 billion. 2021 was not a great year for Garia,, who lost $4.2 billion. Thought you need not feel too sorry for him- he is still worth $3.2 billion.

Ernest Garcia III is the CEO and co-founder of Carvana, a platform for buying and selling used cars. Carvana started in 2012 as a subsidiary of DriveTime, his father's company. In 2017 he separated Carvana from Drivetime, launching an IPO that raised $225 million.

His father, Ernest Garcia II, lives in Tempe and is the richest person in Arizona.

The other Phoenix Billionaires

The other billionaires living in Phoenix include

  • Bennett Dorrance, who owns a 15% stake in Campbell Soup, the company his grandfather, John T. Dorrance, founded. Benett has a net wealth of $3 billion.

  • Stewart Horejsi read a book that changed his life. In 1980 he read John Train's "The Money Masters," which inspired him to buy stock in Berkshire Hathaway As the share price of Berkshire Hathaway increased, Horejsi's wealth increased with it- his net worth is $2.4 billion.

  • John Sperling founded both the Apollo Education Group and the University of Phoenix. His son Peter Sperling took over Apollo from his father, before stepping down in 2017. Peter Sperling is now worth $1.6 billion.

Last year there were eight billioanries in Phoenix. But Trevor Milton, who founded Nikola Motor has fallen from the 2022 billionaire list.

Readers, have you worked for or met any of the people on this list? What are your thoughts on the Phoenix billionaires?

Please leave your comments in the section below

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