A favorable backdrop for generating wealth extends to Arizona, where 15 individuals made a new Forbes billionaire list. Elon Musk ranked first.

Arizona has 17 people on Forbes' billionaires list in 2025. These 10 are rolling in the most dough.

At $1.8 billion, Rick Smith, CEO and founder of Axon Enterprise, maker of Taser stun guns, is one of the newcomers in Arizona this year, joining George Christ and family, with $1.7 billion.