North Dakota, known for its vast plains, energy reserves, and agricultural production, is also home to a select group of wealthy entrepreneurs, investors, and heirs. While fewer in number compared to coastal states, the richest individuals in North Dakota wield significant influence over the energy, agribusiness, banking, and development sectors.
Here are the Top 10 Richest People in North Dakota in 2025, based on Forbes data, state business filings, and local media coverage.
1. Gary Tharaldson – $1.2 Billion
Source of Wealth: Hotels, Real Estate (Tharaldson Hospitality)
Residence: Fargo, ND
Gary Tharaldson is widely recognized as North Dakota’s richest person. He founded Tharaldson Hospitality, which became one of the largest privately-owned hotel groups in the U.S. He has since diversified into commercial real estate and ethanol production.
2. Ron Offutt – $900 Million
Source of Wealth: Agriculture, Equipment (RDO Equipment Co.)
Residence: Fargo/Moorhead Area
Known as the “Potato King,” Offutt built a farming empire that spans thousands of acres and founded RDO Equipment, a major dealer of John Deere machinery. His wealth is spread across agribusiness, real estate, and food processing.
3. Doug Burgum – $750 Million
Source of Wealth: Software (Great Plains Software, Microsoft), Politics
Residence: Bismarck, ND
Before becoming Governor of North Dakota, Burgum made his fortune selling Great Plains Software to Microsoft. He continues to invest in tech startups and real estate and remains one of the state’s most visible business figures.
4. Tammy Miller – $420 Million
Source of Wealth: Electrical Distribution (Border States Electric)
Residence: Fargo, ND
Miller helped grow Border States Electric into one of the largest private companies in the U.S. and now serves as North Dakota’s Lieutenant Governor. Her leadership in both business and politics has earned her national attention.
5. Steve Scheel – $380 Million
Source of Wealth: Retail (SCHEELS Sporting Goods)
Residence: Fargo, ND
CEO of SCHEELS, Steve leads one of the most profitable and employee-owned sporting goods chains in America. The company is headquartered in Fargo and is expanding across the Midwest and West.
6. Harold Hamm (ND Energy Assets) – $350 Million
Source of Wealth: Oil & Gas (Continental Resources)
Residence: Oklahoma, but major land holdings in Williston Basin, ND
While based in Oklahoma, Hamm owns extensive energy infrastructure and drilling rights in North Dakota’s Bakken Formation, one of the richest oil fields in the U.S. His wealth from ND operations alone is estimated at over $350 million.
7. David Reiling (ND Holdings) – $300 Million
Source of Wealth: Banking (Sunrise Banks)
Residence: Minneapolis, MN / Holds stakes in Grand Forks and Bismarck banks
Though based in Minnesota, Reiling controls significant community banking assets in North Dakota. His fintech partnerships and impact investment strategy have transformed regional finance.
8. Joel Heitkamp – $190 Million
Source of Wealth: Media, Investments, Real Estate
Residence: Hankinson, ND
Heitkamp, a former state senator and radio host, leveraged media influence into smart investments in local land, energy infrastructure, and broadcasting assets.
9. Rick Berg – $160 Million
Source of Wealth: Real Estate, Politics
Residence: Fargo, ND
Former U.S. Representative and real estate developer, Berg co-founded Goldmark Property Management, one of the largest residential property firms in the state.
10. Brian Kroshus – $120 Million
Source of Wealth: Publishing, Business Services
Residence: Bismarck, ND
Kroshus built wealth through North Dakota Living Magazine, publishing companies, and state-level regulatory positions. He continues to invest in communications and consulting.
Summary Table
| Rank | Name | Net Worth (2025) | Source of Wealth | Residence |
|---|---|---|---|---|
| 1 | Gary Tharaldson | $1.2B | Hotels, Real Estate | Fargo |
| 2 | Ron Offutt | $900M | Agribusiness, Equipment | Fargo |
| 3 | Doug Burgum | $750M | Software, Politics | Bismarck |
| 4 | Tammy Miller | $420M | Electrical Distribution | Fargo |
| 5 | Steve Scheel | $380M | Retail (SCHEELS) | Fargo |
| 6 | Harold Hamm | $350M (ND Assets) | Oil & Gas | Williston Basin |
| 7 | David Reiling | $300M (ND Banks) | Banking | Grand Forks/Bismarck |
| 8 | Joel Heitkamp | $190M | Media, Real Estate | Hankinson |
| 9 | Rick Berg | $160M | Real Estate | Fargo |
| 10 | Brian Kroshus | $120M | Publishing, Business | Bismarck |
Final Thoughts
North Dakota’s wealthiest citizens may not always seek the spotlight, but their impact is undeniable. From agriculture and energy to retail, finance, and politics, these individuals are deeply invested in the economic stability and growth of the state.
