The Utah Billionaire Battle: Who Is The Richest Person In Utah Right Now? (2025 Update)
Contents
The Richest Individual: Matthew Prince (Cloudflare)
Matthew Prince represents the new wave of tech wealth that has fundamentally reshaped the Utah economy over the last decade. Born in Salt Lake City, his journey from a local upbringing to leading a multi-billion dollar, publicly traded company is a testament to the state’s burgeoning tech scene, often dubbed "Silicon Slopes."Matthew Prince: Biography and Profile
- Full Name: Matthew Browning Prince
- Born: 1974, Salt Lake City, Utah
- Primary Source of Wealth: Cloudflare (Web infrastructure and security)
- Estimated Net Worth (2025): $4.2 Billion to $6.3 Billion (Highly dependent on CFL stock)
- Residence: Park City, Utah
- Education: B.A. from Trinity College, J.D. from the University of Chicago Law School, M.B.A. from Harvard Business School
- Key Role: Co-founder, Co-Chairman, and CEO of Cloudflare, Inc.
- Key Entities: Cloudflare, Project Galileo, The Park Record (local newspaper ownership)
The Cloudflare Fortune and Utah's Tech Boom
Prince co-founded Cloudflare in 2009 with Michelle Zatlyn and Lee Holloway. The company's mission is to help build a better internet by providing web performance and security services to millions of websites globally. Cloudflare's massive success and subsequent IPO (Initial Public Offering) in 2019 are the primary sources of Prince's immense net worth, which fluctuates daily based on the company's stock performance (CFL). While the company is headquartered in San Francisco, Prince maintains his primary residence in Park City, solidifying his status as a key figure in Utah’s tech landscape. His wealth is a prime example of the state’s transition from an economy dominated by mining and traditional retail to one driven by high-growth, cloud-based technology firms. The rise of companies like Cloudflare and Qualtrics is the driving force behind the "Silicon Slopes" phenomenon, centered in the corridor between Salt Lake City and Provo.The Enduring Empire: Gail Miller and The LHM Company
For decades, the title of Utah's wealthiest person was synonymous with the Miller family. Gail Miller, the widow of the late Larry H. Miller, remains one of the most powerful and influential business figures in the state, with a net worth that consistently rivals the tech newcomers.Gail Miller: Biography and Profile
- Full Name: Gail Miller
- Born: 1944, Salt Lake City, Utah
- Primary Source of Wealth: Larry H. Miller Company (LHM Co.)
- Estimated Net Worth (2025): $4.2 Billion to $4.8 Billion
- Residence: Salt Lake City, Utah
- Key Role: Chairwoman of the Larry H. Miller Company and the Larry H. & Gail Miller Family Foundation
- Key Entities: Larry H. Miller Company, Larry H. & Gail Miller Family Foundation, LHM Real Estate, LHM Sports & Entertainment.
The Vast Holdings of the Larry H. Miller Company (LHM Co.)
The Miller fortune began in 1979 when Larry and Gail Miller purchased a single Toyota dealership. This grew into the Larry H. Miller Company (LHM Co.), a massive, diversified investment firm and conglomerate. Though the family famously sold the Utah Jazz NBA team and the Vivint Arena to Ryan Smith in 2020, the LHM Co. remains a powerhouse in multiple sectors. The company's current portfolio is focused on long-term, generational investments and community building within Utah and the Mountain West region.LHM Co. Core Business Sectors:
- Real Estate: LHM Real Estate is a major developer, spearheading large-scale commercial and residential projects, including the massive Power District development in Salt Lake City, which is expected to create thousands of jobs and ignite significant economic growth.
- Automotive: The company still owns and operates a network of over 30 automotive dealerships across the West.
- Sports & Entertainment: While the Jazz were sold, the company maintains interests in sports and entertainment, including the Salt Lake Bees (MiLB) and a growing portfolio of entertainment venues.
- Finance & Healthcare: The LHM Co. has actively diversified into finance and senior healthcare, demonstrating its strategic shift toward high-growth, essential services.
Utah's Billionaire Club: The State's Other Wealthiest Moguls
While Prince and Miller top the list, Utah is home to a growing "billionaire club," whose members have accumulated vast fortunes through disruptive technology, manufacturing, and global retail. This group highlights the diversity of wealth creation in the Beehive State.1. The Smith Brothers and the Qualtrics Trio
The Smith family is synonymous with the success of Qualtrics, a cloud-based experience management software company founded in Provo, Utah. The company was co-founded by father Scott Smith and his sons, Ryan Smith and Jared Smith. * Ryan Smith: The most publicly known, Ryan is not only a tech billionaire but also the current owner of the Utah Jazz and the Vivint Arena (now the Delta Center). His net worth is tied to his stake in Qualtrics and his sports ownership. * Jared Smith: Co-founder and former president of Qualtrics, Jared's wealth also stems from the company's $8 billion sale to SAP in 2019 and subsequent public offerings. * Scott Smith: The patriarch and co-founder, Scott's wealth is also directly linked to the massive success of the cloud-computing software firm. The success of Qualtrics is one of the foundational stories of the Silicon Slopes boom, generating multiple billionaires from a single, home-grown venture.2. Bill Austin (Starkey Hearing Technologies)
Though he is primarily associated with Minnesota, where his company is headquartered, Bill Austin is a prominent Utah resident who has built a substantial fortune in the healthcare sector. * Source of Wealth: Starkey Hearing Technologies, the largest hearing aid manufacturer in the U.S. * Estimated Net Worth: Approximately $3.1 Billion to $3.3 Billion. * Philanthropy: Austin is well-known for his extensive philanthropic work through the Starkey Hearing Foundation, which has provided free hearing aids to people in need worldwide.3. Scott Watterson (iFIT)
Another significant Utah billionaire is Scott Watterson, the co-founder and former CEO of iFIT Health & Fitness (formerly Icon Health & Fitness). * Source of Wealth: Fitness technology and equipment (iFIT, NordicTrack, ProForm). * Impact: Watterson's company, based in Logan, Utah, played a pivotal role in the global home fitness boom, creating a major wealth source outside of the traditional Salt Lake-Provo tech corridor.The Future of Utah's Wealth Landscape
The competition for the title of "Richest Person in Utah" is a perfect microcosm of the state's economic evolution. The battle between the old guard—represented by the generational wealth of the LHM Co. and its vast real estate and automotive holdings—and the new guard—embodied by the explosive, stock-driven wealth of Matthew Prince and the Qualtrics founders—demonstrates a healthy, diversified economy. The continuous growth of Silicon Slopes, fueled by major tech companies and venture capital, suggests that the list of Utah billionaires will continue to grow and become more volatile. As of the current date, the tech titans hold a slight edge in individual net worth, but the Miller family's deep-rooted influence, philanthropic legacy, and diversified corporate structure ensure they will remain the most powerful economic entity in the state for the foreseeable future. The next few years will undoubtedly see this dynamic rivalry continue to play out, with the state's economic destiny hanging in the balance between traditional industry and cutting-edge technology.
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