When Oliver Anthony’s song "Rich Men North of Richmond" exploded onto the scene, it did something weird. It made a geographical marker—Richmond, Virginia—a symbol of a massive cultural and economic divide. But if you actually spend any time in the 804, you realize the reality of the "rich men from Richmond" is way more complicated than a protest anthem suggests.
Richmond isn't just a political waypoint. It’s a town built on old tobacco money, Fortune 500 boardrooms, and a very specific brand of Southern quiet wealth. We aren't talking about the flashy, "look at my crypto" wealth of Northern Virginia or DC. This is "I own three blocks of Monument Avenue and a farm in Goochland" wealth.
The Billionaires Hiding in Plain Sight
Honestly, if you’re looking for the top tier of wealth here, you have to look at the legacies. Take the Gottwald family. You might not know the name, but if you’ve ever used a car or a computer, you’ve probably interacted with something touched by NewMarket Corp (formerly Ethyl Corp). Bruce Gottwald and his family have been fixtures in the Richmond business scene for decades. Their net worth has historically hovered in the high hundreds of millions to billions, depending on how you calculate the family’s various holdings.
Then there's William H. Goodwin Jr. Bill Goodwin is basically the architect of modern Richmond philanthropy and business. He founded CCA Industries and has pumped an unbelievable amount of money into the Medical College of Virginia (VCU Health) and various cancer research initiatives. He’s the kind of rich man from Richmond who doesn't do interviews. He just builds things.
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- Fortune 500 Hub: Richmond punches way above its weight class with companies like Dominion Energy, CarMax, and Altria.
- The Markel Connection: Tom Gayner and the team over at Markel Group are often compared to a "mini-Berkshire Hathaway." They’ve turned Glen Allen into a global insurance and investment powerhouse.
- Legacy Names: Names like Robins (of the Robins Center at U of R), Reynolds (aluminum), and Bryan (media) still carry massive weight, even if the current generation is more focused on foundation work than corporate takeovers.
Why the "North of Richmond" Line Matters
The song that made the phrase famous was really talking about DC. It’s about the politicians 100 miles up I-95. But for people actually living in Richmond, the irony is that the city itself has become a massive engine of wealth.
In the last five years, the "rich men" have changed. We’ve seen a huge influx of talent from New York and DC moving down because, frankly, $2 million gets you a literal mansion on the James River instead of a two-bedroom condo in Arlington. This shift has pushed property values in the Fan District and Windsor Farms through the roof.
I was talking to a local realtor recently who told me that the "old money" is actually kind of annoyed. They like their privacy. They like their 15th-century English manors—like Agecroft Hall—that were literally taken apart in England and shipped to Richmond in the 1920s. They don't want the "Rich Men North of Richmond" bringing their loud habits down the interstate.
The Power Players You Need to Know
Robert M. "Bob" Blue is a name you’ll see everywhere. As the head of Dominion Energy, he’s steering one of the most powerful utilities in the country. In a town where "the firm" or "the utility" has always dictated the pace of life, he's at the center of the web.
Don't overlook the tech and finance guys, either. Richard Fairbank, the CEO of Capital One, might technically be based in McLean, but his company’s massive presence in West Creek basically keeps the western suburbs of Richmond humming. Thousands of people in the area owe their 401(k)s to the decisions made in those buildings.
Misconceptions About Richmond Wealth
People think Richmond is just "stuck in the past." That’s a mistake.
While the "First Families of Virginia" (FFV) still exist and still care very much about who your grandmother was, the new wealth is coming from logistics and healthcare. The Luck family (Luck Stone) has been crushing the aggregate and stone business for a century. They aren't just sitting on piles of cash; they are actively expanding into tech-heavy mining solutions.
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Also, the "rich men" aren't all men. The legacy of Maggie Walker, the first African American woman to charter a bank in the US, still looms large over Jackson Ward. Today, women like Kristen Cavallo (former CEO of The Martin Agency) have shaped the global advertising landscape right from downtown Richmond.
How to Navigate the Richmond Business Scene
If you're trying to break into the circles where these rich men from Richmond actually operate, you need to understand the "Country Club of Virginia" (CCV) dynamic. It’s not just a place to play golf. It’s where the deals happen. If you aren't at the CCV or the Commonwealth Club, you’re basically a spectator.
But there’s a shift happening. The younger generation of wealth is more likely to be found at a brewery in Scott’s Addition or supporting the arts at the VMFA. They are less interested in the stuffy traditions and more into "impact investing."
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Real Insights for Business Leaders
- Relationships are everything. In Richmond, a "no" today is a "no" forever if you burn a bridge. It’s a small town with a big city budget.
- Respect the James. The James River isn't just a park; it's the heart of the city’s identity. The wealthiest estates line the river for a reason.
- Philanthropy is the entry fee. You can't just be rich here. You have to be "seen" doing good. Whether it's the Lewis Ginter Botanical Garden or the VCU Massey Comprehensive Cancer Center, the truly wealthy are expected to give back—heavily.
Richmond is a city of contradictions. It's a place where you can see a billionaire at a local diner and nobody bothers them. It’s a place where "Rich Men North of Richmond" is a song on the radio, but the rich men in Richmond are the ones actually keeping the lights on.
To truly understand the Richmond economy, start by looking at the Virginia 500 list published by Virginia Business. It’s the definitive "who's who" of the people moving the needle in the Commonwealth. You’ll find that while the song points toward DC, the real power often resides in the quiet, tree-lined streets of the West End.
Actionable Next Steps:
Research the Greater Richmond Partnership to see which industries are currently receiving the most investment. If you’re looking to network, the Richmond Chamber of Commerce (ChamberRVA) events are the most effective way to meet the lieutenants of the city’s top earners. Keep an eye on the Riverfront Development Plan, as this is where the next decade of real estate wealth is being concentrated.