Most people in every state do not have college degrees. Arkansas has a HS graduation rate that is above the national average but true enough, fewer Arkansas residents have college degrees. That's largely due to poverty and the lack of jobs for such grads. Outside NW Arkansas which has a much higher percent of grads than the remainder of the state, the state isn't growing much and has a higher age average as retirees come here.
OTOH
Arkansas had a high number of billionaires, ranking 7th in the country, with 0.65 billionaires per million people. Specifically, the study placed Arkansas at #7 with 0.65 billionaires per million people. Wyoming had the highest number of billionaires per capita, followed by Hawaii, Nevada, Oklahoma, New Hampshire, and New York.