Just nine had more than $50 billion in AUM when the firms' SEC Form ADV filings were analyzed in August. More expansive studies of RIA filings suggest the total number with at least $1 billion is closer to 32% of SEC-registered firms. In terms of the share of those $1 billion RIAs in each state, high-population New York (21%), California (14%), Texas (8%), Florida (7%) and Illinois (5%) lead the way. When comparing the number of RIAs of that size to the total number in each state, Alaska (13%) was No. Alabama, New Hampshire, Arkansas, Maine, Mississippi, New Mexico, Hawaii, Wyoming, North Dakota, South Dakota and West Virginia had no $1 billion RIAs without any disclosures.