The 10 Richest People In Utah

Hey, today I will be sharing with you the 10 richest people in Utah, but before I proceed, let me use a few seconds to inform you about – given you the history of Utah. So let’s get started! In the western United States, the state of Utah stands out with its varied landscapes and ties to the Mormon church.

As the 13th largest state, many do not know it’s home to around 3.4 million people. The vibrant Salt Lake City, the capital and largest city, also serves as the central hub for the headquarters of the Mormon church.

10 Richest People In Utah

Here is a breakdown of the 10 richest people in Utah with their net worths and histories:

1. Matthew Prince (Net worth of $2.7 billion) 

Matthew Prince runs Cloudflare, a company that handles internet and security stuff. Born on September 5, 1974, in Salt Lake City, Utah, he’s got a lot of money, around $2.7 billion as of January 2024, making him the 1149th richest person globally according to Forbes. He owns about 10% of Cloudflare and teaches law at Harvard.

Matthew grew up in Park City and still lives there. He studied English literature and computer science at Trinity College and learned about law at the University of Chicago. He also got a business degree from Harvard. Before Cloudflare, he started Unspam Technologies and Project Honey Pot, a tool for gathering information.

2. Gail Miller (Net worth of $4.2 billion) 

Gail Miller, is one of the richest people in Utah, who was married to Larry H. Miller, was born on April 21. She started some companies called Larry H. Miller Group (LHM), dealing with homes, health, money, and fun stuff. When her husband passed away in 2009, she took over LHM. Gail lives in Salt Lake City, Utah, and likes helping out (philanthropy).

She wrote a book called “Courage To Be You: Inspiring Lessons From An Unexpected Journey.” Gail didn’t finish college at the University of Utah but got married to Larry H. Miller in 1965. They have five kids, 30 grandkids, and more great-grandkids on the way.

3. Scott Watterson (Net worth of $1.6 billion) 

Scott has around 10% ownership in iFIT and also works as a law professor at Harvard. He was born in Salt Lake City, Utah, and grew up in Park City, where he currently resides. 

Scott pursued English literature and computer science at Trinity College, earned a law degree from the University of Chicago, and obtained an MBA from Harvard Business School.

Before iFIT, he started Unspam Technologies and Project Honey Pot, a tool for collecting open-source data. Scott stopped being the head of iFIT in February 2022 when investors wanted new leaders and control of the board.

4. Ryan Smith (Net worth of $2.1 billion) 

Ryan Smith is also among the richest people in Utah, and co-founder of Qualtrics, a company in Provo, Utah, that deals with managing experiences. As of January 2024, he has a lot of money, about $2.1 billion, and Forbes ranks him 1470th in the world.

Ryan also owns the Utah Jazz NBA team and shares ownership of the Real Salt Lake MLS team with sports investor David Blitzer. He was born in Eugene, Oregon, on February 20, 1978, and went to Brigham Young University’s Marriott School of Business, where he started Qualtrics with his dad and brother.

He sold Qualtrics to SAP for a massive $8 billion in 2019 and became the co-CEO of the Utah Jazz in 2020. Ryan lives in Provo, Utah, is married with five kids, and is part of The Church of Jesus Christ of Latter-day Saints. He spent two years in Mexico as a missionary.

5. Jared Smith (Net worth of $1.4 billion) 

Jared Smith is the captain at Qualtrics, a company in Provo, Utah, that works with experiences. Born on June 8, 1976, he, along with his brother Ryan and dad, Scott, kicked off the company in 2002.

In January 2019, just before Qualtrics was gearing up to go public, a German tech giant called SAP swooped in and bought it for an impressive $8 billion in cash. Back then, Jared owned roughly 14% of the company, making him worth a cool $1.4 billion as of January 2024.

Jared and his brother, Ryan, continue to lead Qualtrics, now part of SAP. Jared comes from Salt Lake City, Utah, and was raised in Park City, where he still lives. He studied English literature and computer science at Trinity College.

He also picked up a law degree from the University of Chicago and an MBA from Harvard Business School. Before Qualtrics, he cooked up Unspam Technologies and Project Honey Pot, a nifty tool for gathering open-source data.

6. Scott Smith (Net worth of $1 billion) 

Mentioning the richest people in Utah without mentioning Scott Smith is inevitable, Scott Smith is one of the people who started Qualtrics and is the dad of Ryan and Jared Smith. He was born on January 9, 1956. 

Together with his two sons, they began the company in 2002 right in their parents’ basement in Utah. As of January 2024, he had about $1 billion and was placed 2549th globally by Forbes.

When Qualtrics was sold to SAP, Scott owned around 14% of it. He used to teach marketing at Brigham Young University and got a degree from BYU, an MBA from Michigan State University, and a PhD from Pennsylvania State University. Scott has also written a bunch of books about market research and making customers happy.

7. Craig Venter (Net worth of $1.5 billion) 

Craig Venter, a pioneering American scientist in genomics, holds a wealth of $1.5 billion as of January 2024, ranking 1931st on Forbes’ rich list. Born on October 14, 1946, in Salt Lake City, Utah, he served in the U.S. Navy during the Vietnam War.

Educated at the University of California, San Diego, Venter founded impactful institutions like Celera Genomics, TIGR, and JCVI. He co-established Human Longevity Inc. and Synthetic Genomics for healthcare advancements. Currently residing in Park City, Utah, Venter is married to Heather Kowalski, an accomplished professional in public relations.

8. Mitt Romney (Net worth of $250 million)

Mitt Romney is an American in politics and business, also one of the richest people in Utah, currently working as the junior U.S. senator from Utah since 2019. His money is about $250 million as of January 2024, and Forbes says he’s the 4512th richest person globally.

Born in Detroit, Michigan, on March 12, 1947, Mitt’s dad was George Romney, a former governor of Michigan. He studied English at Brigham Young University and got a law and business degree from Harvard.

Mitt worked as a consultant and started a company called Bain Capital, dealing with private equity. He was the governor of Massachusetts from 2003 to 2007 and made a health care law that later influenced the Affordable Care Act.

Even though he tried to be the U.S. president in 2008 and 2012, he didn’t win. In 2014, Mitt got a house in Holladay, Utah, and in 2018, he became the U.S. senator for Utah, taking over from Orrin Hatch.

Mitt is married to Ann Romney, who does a lot of charity work and writes books. They have five sons and 24 grandkids. He’s part of The Church of Jesus Christ of Latter-day Saints and once served as a missionary in France.

9. Blake Roney (Net worth of $193 million) 

Blake Roney, the creative force steering Nu Skin Enterprises to global heights as the go-to hub for personal care and wellness, finds his financial compass pointing to approximately $193 million as of March 2023.

Hailing from Santa Monica, California, Blake’s life narrative unfolds on November 25, 1958, with the landscape of Utah embracing him at the tender age of five. Navigating the academic waters, Blake secured a degree in finance from the University of Utah in 1976. Collaborating with his sister Nedra Roney and confidante Sandie Tillotson, Blake orchestrated the inception of Nu Skin Enterprises in 1984.

Scripting an unconventional chapter, Blake took a hiatus from the corporate helm in 2012, assuming the role of a mission president in France for The Church of Jesus Christ of Latter-day Saints. Resuming his narrative within Nu Skin Enterprises in 2015, this time adorned with the title of chairman emeritus.

Beyond the confines of business, Blake radiates positivity through the Force for Good Foundation, the philanthropic heartbeat of Nu Skin. Nestled in Provo, Utah, alongside his wife Nancy Lee Watson Roney, Blake orchestrates the symphony of life with eight children, each note uniquely contributing to their familial composition.

10. The Eccles family ($190 million to $200 million)

The Eccles family is another one of the richest people in Utah, a big and caring family, known for doing good things for more than 100 years. Their story starts with David Eccles, who came from Scotland to Utah and became the first person in Utah to have a lot of money. 

He did this by creating and running different businesses like the Utah Construction Company, the Amalgamated Sugar Company, the Utah Electric Company, and the Union Pacific Railroad.

David Eccles was born in Scotland in 1849 and moved to Utah with his family in 1863. He got married and had 21 children. He passed away in Salt Lake City, Utah, in 1912, leaving a lot of money to his family.

His family includes important people like Marriner Stoddard Eccles, who was the leader of the Federal Reserve, George S. Eccles, who helped start First Security Corporation, Spencer F. Eccles, who led First Security Corporation and is now a big person at Wells Fargo Corporation, and Hope Eccles, who is married to Randal Quarles, a former leader at the Federal Reserve.

The Eccles family is known for giving a lot of money to different good things like education, health care, arts, culture, and public policy. They have around $190 million to $200 million.

Some places and buildings that have the Eccles family name are the David Eccles School of Business, the Spencer F. Eccles Health Sciences Library, the George S. Eccles Student Life Center, the Marriner S. Eccles Federal Reserve Board Building, and the Eccles Theater.

Who has the Most Money in Utah?

Forbes says the person with the most money in Utah in July 2023 is Gail Miller. She was married to Larry H. Miller, who had the Larry H. Miller Group of Companies. This company is into real estate, healthcare, finance, and entertainment. Gail Miller’s money is around $4.2 billion.

Where do the Richest People in Utah live? 

The richest people in Utah reside in different cities like Salt Lake City, Provo, Park City, and Logan. They might be drawn to these places because of the beautiful views, fun things to do, cultural offerings, and good business opportunities.

How does Utah have so much money? 

This is because Utah’s economy is strong and varied, benefiting from different things like:

1. Valuable minerals like copper, gold, silver, and fossil fuels such as coal, petroleum, and natural gas.

2. A growing tech industry, making it known as “Silicon Slopes” with lots of tech companies and new businesses.

3. Tourism is big, bringing people in for beautiful landscapes, national parks, ski resorts, and cultural events.

4. The people here are well-educated and skilled, with many working and a low number of people without jobs.

5. Utah has a steady and business-friendly way of dealing with taxes and rules, supporting new ideas and businesses.

How Many Millionaires in Utah? 

In 2020, a report said Utah had 66,000 households with millionaires, making up 5.4% of all households in the state. Utah was ranked 34th out of the 50 states for having millionaires.

Conclusion 

Utah is well-known for its stunning landscapes and thriving businesses. In the state, there are some really rich people who’ve done well in different areas. The richest people in Utah have achieved success and made a positive impact through innovation and giving back to the community.

Their success not only sets them apart but also contributes to the state’s growth and prosperity. As Utah continues to expand, these wealthy people will likely play important roles in shaping its future, leaving a lasting impact beyond just their wealth.