An oil boom in one of America’s northern states has turned would-be business owners into oil baron millionaires. GbBIS takes a look at North Dakota’s newest oil boom.
Walking through the town of Stanley, North Dakota, it’s sometimes hard to tell the oil barons from the regular Joes. Robert Western, for example, dresses like any other townie—rumpled overalls and a baseball cap. North Dakota’s latest oil boom hasn’t changed Robert’s life much.
With recent oil well drilling in North Dakota, home owners are receiving royalty checks every month for having wells on their property. These royalty checks can be as much as $40,000, $50,000, and even $100,000 a month. In the last 5 years, average income in Mountain Trail County has doubled, making it one of the 100 wealthiest counties in the nation.
While “old-school” farmers like Robert Western simply stash their royalty checks in savings or checking accounts, some of the younger generation land owners have chosen to spend their oil money on helicopters, planes, new technology, and all the other symbols of ridiculous wealth that come to mind. Luckily for the community, much of this wealth has also gone into local businesses and created some high-paying jobs.
Now that Mountain Trail County has perhaps more than 2,000 millionaires living within its borders, businesses that target the super-wealthy have come to North Dakota. Staying up-to-date on the current oil boom, these businesses have begun to target those oil millionaires that are eager to spend their extra cash.
If your business targets customers of a certain age or income, you need to find out where these customers are. At GbBIS, we have all the tools you need to find the wealthiest counties in the US. We offer the most up-to-date demographic data, including information on age, income, and household size. Use our maps, databases, reports, and web applications to find where your target markets are throughout the country.
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