Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Ed Freeman/Getty Images
American billionaires are buying large ranches across Wyoming, Montana and Texas, creating a new class of luxury assets, writes Bloomberg.
Why it matters: The wealthy are often buying the land from "asset-rich, cash poor" small farmers whose families have owned the land for decades. The purchases put money in the farmers' pockets as many struggle with tough times, but are shifting the structure of land ownership in the American West.
The big picture: Compared to other luxury assets, land can be enjoyed without losing its value.
- 100 families own about 42 million acres across the country. The amount of land owned by these families has jumped 50% since 2007, reports the New York Times.
The buyers: Amazon's Jeff Bezos owns 420,000 acres in Texas. He uses it for his space exploration ventures, per Bloomberg. He spent his childhood summers at his grandparents' Texas ranch.
- Businessman John Malone owns the most land in the U.S. with 2.20 million acres — most of it is ranch land.
- Media giant Ted Turner owns 2 million acres spread across Montana, Nebraska and other states.
Yes, but: Some locals view the wealthy buyers as a "threat to a way of life beloved for its easy access to the outdoors," per the Times. However, some rich land owners have made a point to invest in conservation efforts in their communities.
Go deeper: The upward march of the billionaires