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Bill Gates owns more land than the entire city of New York, while Jeff Bezos owns 420,000 acres, double that of Gates. The largest private landowner in America, John Malone, controls 2.2 million acres, roughly the size of Puerto Rico. Together, the top 100 landowners in the U.S. possess 1.86% of the nation's land, mainly consisting of forests, ranches, and farmland. Farmland has become increasingly valuable, rising from below $1,500 an acre in the mid-1990s to $3,160 an acre by 2020. As land prices rise, it is primarily wealthy individuals who can afford it, with institutional capital expanding its role in this $3 trillion asset class.