Kevin O’Leary, the investor perhaps best known for his sharp takes on ABC’s “Shark Tank,” is betting big on North Dakota. And he believes the state is poised to take the top spot in America for wealth per person.
“I believe that the people of North Dakota are the Norwegians of America because their net worth per capita is going to be No. 1 in the U.S. soon,” O’Leary recently posted on X. “They have so much wealth in the ground and there are only 750,000 of them!”
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From Shark Tank to Statewide Investments
O’Leary’s confidence isn’t just talk. Through his Wonder Fund North Dakota, he’s managing a $45 million investment initiative focused on early-stage companies, according to the O’Leary Ventures website. The fund is part of the State Small Business Credit Initiative and aims to unlock even more private capital for local startups.
O’Leary’s North Dakota journey began nearly a decade ago with an $80,000 investment in Fargo-based PRx Performance—one of the most successful pitches in Shark Tank history. “That really opened me up to the possibilities of what we can do in Fargo, Bismarck, and everywhere else in North Dakota,” O’Leary told Fargo INC! in 2023.
But O’Leary says the real draw is the state’s business-friendly environment. “I would never do a fund like this in New York, New Jersey, Massachusetts, or California,” he said. “Those states are uninvestable… North Dakota is very competitive, particularly now.”
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He credits the state’s pro-business policies, remote work advantages, and stable government as key factors in attracting capital. “This is a golden period for North Dakota, it really is,” O’Leary told Fargo INC!. “It’s going to come out swinging as a competitive state. It’s no longer just Texas or Florida anymore.”
Wonder Fund: Where the Money’s Going
The Wonder Fund is multisector but focused on tech, agriculture, agtech, land, and energy—especially projects that sequester carbon. O’Leary says the goal is not only to invest state money wisely, but also to attract 10 to 30 times more capital alongside it.
Transparency is also a major part of the strategy. The fund gives state officials real-time access to detailed data on every investment. “As a fiduciary, I feel the best thing to do is to shine a light on everything,” O’Leary said.
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The Legacy Fund Connection
O’Leary’s optimism ties into the broader financial foundation being built in North Dakota. Just like in Norway, the state’s $11 billion Legacy Fund, a sovereign wealth fund backed by oil and gas tax revenue, is designed for long-term prosperity.
With the 2024 passage of Measure No. 3, the fund became even more future-focused. Lawmakers can now access only 5% of the fund’s principal during each two-year budget cycle, down from 15%. This means more of the fund can be invested long-term, with a projected $30 million boost in earnings in just the first year.
“The Legacy Fund was created to provide financial stability and deliver sustained economic benefits for North Dakotans,” said state Rep. Glenn Bosch, vice chair of the Legacy and Budget Stabilization Fund Advisory Board.
According to the Retirement and Investment Office website, the fund has already transferred more than $1.8 billion to the general fund over the last three budget periods, helping fund infrastructure, tax relief, and other projects. Another $601 million is set to transfer in June.
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