Dennis Albaugh, chairman and founder of Ankeny-based Albaugh Inc., is the wealthiest person in Iowa, according to the latest Wealth-X rankings.

Albaugh's net worth for 2013 came in at $1.6 billion, up from his 2012 ranking of $1 billion. Collectively, the net worth of the individuals who made this year's list is $540 billion, a 19 percent increase from last year.

Microsoft co-founder Bill Gates remains the wealthiest individual in America with an estimated net worth of $70.8 billion, followed by Warren Buffett, whose personal fortune is estimated at nearly $60 billion.

A full list of those ranked this year can be found online.