That’s mostly the result of a volatile stock market, which itself is the result of President Donald Trump’s schizophrenic tariff policy. Carvana — whose largest shareholder is Ernesto Garcia II, Arizona’s richest resident — makes for a good example.
Days after Trump’s “Liberation Day” tariffs went into effect, the Tempe-based online car retailer saw a nearly 50% decrease in its stock price. But toward the end of May, the stock price was back up to where it was before the early April tumble. This resulted in significant financial gains for Garcia — as well as his son, Carvana CEO Ernest Garcia III, who jumped up the list.
Other Arizona billionaires, however, lost some scratch. Here’s how the ther Arizonans, specifically brothers on the list, didn’t do as well.
Here’s how the rest of the list fared.
10. Bob Parsons
Net worth: $3.9 billionChange since April 1: None
Ranking change: Dropped 39 spots in world rankings and dropped one spot in Arizona’s rankings
The 74-year-old founder of web-hosting firm GoDaddy sold off his remaining stake in the company and stepped down from the board in 2018, which likely prevented his wallet from feeling too much tariff volatility.
9. Stewart Horejsi
Net worth: $4.1 billionChange since April 1: $200 million increase
Ranking change: Jumped three spots in world rankings, but didn’t change in Arizona’s rankings
Horejsi and his family made money from buying stocks in the holding company Berkshire Hathaway as early as 1980. Hathaway stock fell significantly the day the tariffs took effect, but quickly rebounded.
8. E. Joe Shoen
Net worth: $4.2 billionChange since April 1: $300 million decrease
Ranking change: Dropped 103 spots in world rankings, but didn’t change in Arizona’s rankings
Like many companies, U-Haul lost money on April 7. That hit Shoen, the company’s president, in the wallet.
Mat (left) and Justin Ishbia (right) are among two of the richest people with Arizona connections.
Michael Reaves/Getty Images
7. Justin Ishbia
Net worth: $4.3 billionChange since April 1: $800 million decrease
Ranking change: Dropped 179 spots in world rankings and two spots in Arizona’s rankings
In the last nearly two months, Ishbia’s net worth decreased the second-most of any Arizona-affiliated billionaire. He trails only his brother, whose net worth decreased by $1.8 billion more.
6. Mark Shoen
Net worth: $4.8 billionChange since April 1: $300 million decrease
Ranking change: Dropped 77 spots in world rankings and one spot in Arizona rankings
Shoen owns roughly a fifth of U-Haul, which has seen continual decline since Trump’s tariffs took effect.
5. Arturo Moreno
Net worth: $5 billionChange since April 1: Didn’t change
Ranking change: Dropped 31 spots in world rankings, but jumped two spots in Arizona rankings
Unlike the Sun’s owners, whose net worths have decreased since Trump implemented his worldwide tariffs, the owner of the Los Angeles Angels remained insulated.
4. Mat Ishbia
Net worth: $7.2 billionChange since April 1: $2.6 billion decrease
Ranking change: Dropped 184 spots in world rankings and two spots in Arizona’s rankings
Since April 1, Ishbia’s net worth has dropped the most of any Arizona-affiliated billionaire. He’s also dropped from the second-richest Arizonan down to the fourth. It was a rough month for Ishbia, whose Suns failed to make the playoffs.
Paradise Valley resident George Kurtz founded the cybersecurity firm CrowdStrike in 2011.
Web Summit/Flickr/CC BY 2.0
3. George Kurtz
Net worth: $8.2 billionChange since April 1: $1.9 billion increase
Ranking change: Jumped 161 spots in world rankings, but didn’t change in Arizona’s rankings
Kurtz’s cloud-based cybersecurity company CrowdStrike dropped on Liberation Day but has seen a more than 45% increase in its stock price since. Now, Kurtz is rolling in money as the software’s bug that grounded flights, took media outlets offline and disrupted companies worldwide seems like a distant memory, even if it happened nearly a year ago.
2. Ernest Garcia III
Net worth: $9.4 billionChange since April 1: $3.7 billion increase
Ranking change: Jumped 300 spots in world rankings and two spots in Arizona’s rankings
Since April 1, Garcia III’s net worth has increased by more than 64% due to his company’s significant financial gains. Carvana’s stock price has increased by more than 47% since that time, which has resulted in Garcia III joining his father at the top of Arizona’s billionaire list.
1. Ernest Garcia II
Net worth: $21.1 billionChange since April 1: $6.2 billion increase
Ranking change: Jumped 46 spots in world rankings, but didn’t change in Arizona rankings
As the majority shareholder of Carvana, Garcia II has seen a nearly 42% increase in his net worth as a result of Carvana’s skyrocketing stock price. Jumping nearly 50 spots on the Forbes billionaires list, Garcia II broke into the top 100 richest people on the planet.
