Which States Are The Richest And Wealthiest in The US?
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| Which States Are The Richest And Wealthiest in The US? |
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The United States of America is a country in Northern America with a population of over 331 million people. With the USA population, it ranks as the most populous country in North America and the 3rd most populous country in the world.
It doesn’t end there, the United States is the 4th largest country by area in the World.
The past decade has seen a series of ups and downs in the economy of the United States and some states have fared better than others.
These states below are the wealthiest in the country:
Where are the poorest US states located?
The least wealthy states in the country are mostly clustered within a single geographic region: the South. 8 of the top 10 poorest states are located in the South, as well as 12 of the top 15. Most are in the Southeast, too, with Oklahoma (#41) and Arkansas (#42) being the furthest west.
These states are characterized by paltry numbers across the board in all variables, including low real per capita incomes, low per capita state spending numbers (with the exception of West Virginia), and poverty rates significantly above the US average.
While the bottom 30% of the list of US states by wealth are almost exclusively Southern states, two Southwestern states, New Mexico (#37) and Arizona (#43) are included, along with Idaho (#47) of the Pacific Northwest.
Where are the richest US states located?
As with the poorest states, one US region stands out among the others due to its affluence: the Northeast. Half of the top 10 richest states belong to this region, along with 9 of the top 15. Furthermore, not a single Northeastern state appeared in the bottom twenty, with Maine falling the lowest, at #30.
Significant characteristics of wealthy Northeastern states include a high per capita income, a low poverty rate, and a high average state revenue per capita. The average 2017 real per capita personal income for a top 15 Northeastern state was 53,574, 10% higher than the average for all states (not adjusted for population). Additionally, only one top 15 Northeastern states, New York, matched the national poverty rate of 11.8%.
Which States Are Richest by Median Household Income
1. District of Columbia
D.C. has the highest median household income of any state at $92,266. D.C. has the highest educational attainment in the U.S., with 56.6% of adults having a Bachelor's degree or higher. Despite this, the District still has a relatively high poverty rate of 13.5%.
2. Maryland
Maryland's median income is the second-highest in the U.S. at $86,738. Maryland also has very high education attainment, with 40.2% of adults having a Bachelor's degree or higher. Maryland also has one of the lowest poverty rates in the U.S. at 9%.
3. Massachusetts
Massachusetts, known for having high-quality education and high-paying jobs, is the third-richest state in terms of median income. Massachusett's median income is $85,843. Massachusetts is the most educated state, known for having the second-highest percentage of adults with at least a Bachelor's degree (43.7%) and the highest percentage of graduate and professional degree holders (32.4%).
4. New Jersey
New Jersey is the nation's fourth-richest state, with a median household income of $85,751. New Jersey also ranks high for the quality of education and educational attainment among all states, including having the fourth-highest percentage of adults with a Bachelor's degree at 38.9%. Additionally, New Jersey has the fifth-lowest poverty rate of 9.2%
5. Hawaii
Hawaii's median household income is $83,102. This is the fifth-highest in the U.S., which is good because Hawaii has one of the highest costs of living of any state. Hawaii's poverty rate is also relatively low at 9.3%.
Which States Are Richest by GDP?
The ranking of which states are the wealthiest looks much different than using median household income. GDP can be largely influenced by population, so, as evident below, the states with the largest GDPs tend to be the largest. Of the five richest states, three of the five states' GDPs line up with their population ranks, except Florida and New York. New York has the third-largest GDP but the fourth-largest population, while Florida has the reverse. We will also note their respective median incomes for comparison.
1. California
California, the nation's most populous state, has the largest state GDP of $3,120,386,000. California's median household income is $80,440, the sixth-highest in the U.S.
2. Texas
The country's second-most populous state, Texas, is also its second-richest state in terms of GDP. Texas's GDP is $1,772,132,000. Texas's median household income is $64,034, just below the national median.
3. New York
New York is the third-richest state in the United States, with a GDP of $1,705,127,000. New York's median household income is the 15th-highest among all states at $72,108.
4. Florida
Florida is the fourth and final state with a GDP of over $1 trillion with $1,111,614,000. Florida's median household income is below the national median at $59,227.
5. Illinois
Illinois has the nation's fifth-highest GDP and is the fifth-most populous state. Illinois's GDP is $785,671,000, and its median household income is $69,187.
Top 10 Richest And Wealthiest U.S. States Overall
1. New York
2. Massachusetts
3. Washington
4. Connecticut
5. California
6. Delaware
7. New Jersey
8. Maryland
9. Illinois
10. Alaska
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1. New York
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It should come as no surprise that New York is one of the 3 richest states in the country, considering the large amount of concentrated wealth in New York City. In fact, the Big Apple is home to more millionaires than any other city in the world, as home to almost 1 million millionaires.
The vast wealth of New York’s richest residents is more than enough to offset those belonging to lower-income brackets, though its poverty rate is higher than any other state in the top 10, with the exception of Alaska.
2. Massachusetts
The second-richest state in the country, Massachusetts, is also one of the oldest and played a significant role in the founding of America’s core principles of freedom and liberty.
Since the early settlers determined the course of the country, Massachusetts has developed from a thriving agricultural land to heavy manufacturing and, presently, a center for technology and research, and development.
The history of Massachusetts and its economy is deeply connected to the sea, with its maritime industry once second to none, a key player in the whaling boom of the nineteenth century.
3. Washington
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| Photo: dentons |
Washington state has the thirteenth highest population numbers in the nation with 7,170,351 living there. The typical household income is high at $64,129 per year, but overall, the state struggles with the fifteenth highest unemployment rate at 5.7 percent and it is the seventeenth lowest state in the nation for poverty with 12.2 percent of the residents falling below the established income threshold for poverty. The higher income levels are attributed to the high 34. 2 percent of adults possessing at least a bachelor’s degree. This in turn, is driving up the value of homes in teh state with the average home value of $284,000. The state is running at a nearly three percent higher food stamp recipiency rate.
4. Connecticut
The richest state in the United States is Connecticut, by a significant margin. In 2017, the Constitution State’s real per capita income was almost $4000 higher than that of Massachusetts’, the state with the next-highest real per capita income and the state also performed well in all other categories.
While Connecticut is middle-class for the most part, the uber-rich residents of Fairfield County, which is home to a number of the most affluent communities in the United States, elevate the state to the top spot.
5. California
The most populous state in the nation, California is known worldwide for its entertainment industry, with many of its highest-paying jobs — and richest celebrity couples — found in Hollywood and the surrounding area.
Since this is the most populous state, high levels of employment are in education and health services, while labor statistics indicate large segments of the population also work in construction, agriculture, and tech.
California’s Silicon Valley hosts many of the world’s major tech and social media companies, with organizations including Apple, Twitter, Google, Yahoo, and PayPal all employing people in large numbers.
There’s also a thriving economy based around travel and tourism, bringing in well over $1 billion according to 2019 data while providing jobs for over 1 million of California’s population and contributing to its status as one of the wealthiest states in the nation.
With a state GDP of $3,120,386,000 and a median income of $80,440, California has considerable wealth among its population, as well as some of the highest overall salaries in the world.
6. Delaware
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America’s first state ratified under the Constitution, Delaware has a GDP of $77,214 and an annual median household income of $64,805 in 2020, making it one of the richest states in the country.
The U.S. Census Bureau data reveals the low population of Delaware, with employment split between public sector work in government institutions, banking, farming, and education and health services.
Major corporations, such as DuPont, Bank of America, JPMorgan Chase, and AstraZeneca all have manufacturing bases in Delaware, with its location on the Eastern Seaboard allowing for easy access to a number of major metropolitan areas, including Washington D.C. and Philadelphia.
7. New Jersey
One of the original 13 states of America and bordered by New York, New Jersey is one of the smallest states in the country. Nevertheless, it packs a punch when it comes to median income data and GDP per capita.
Like many of the wealthiest states in America, New Jersey’s economy comes from a range of sources, with high-tech industries including biotech, pharmaceuticals, information technology, and finance dominating the labor statistics.
In addition to the extensive variety of technology-based industries, New Jersey also delivers agricultural products, which range from fruits and nuts to seafood and dairy.
With the New Jersey median household income hitting over $85,000, its wealth is well above the national average, which is reflected in the high average home value.
8. Maryland
Due to its size and mid-Atlantic location, Maryland has a mixed identity with characteristics of both southern and northern states. Though Baltimore, the state’s largest city, is often in the headlines due to its issues with crime and poverty, Maryland is nevertheless one of the richest states in the country.
In fact, Maryland has the most millionaires of any state in the US, boasting 178,003 millionaire households. Much of the state’s wealth is concentrated in the affluent suburbs around Washington, D.C.
9. Illinois
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| Photo: bankrate |
Illinois, has sometimes been likened to a microcosm of America at large, with a diverse array of industries including manufacturing, mining, financial institutions, technology, and agriculture.
Its main natural resource is the black soil in which Illinoisan farmers grow soybeans and corn, while the state also has a reputation for producing high-quality dairy products and livestock.
With high levels of coal reserves, the tenth-richest state in the country is able to power a wide range of industries, including food products, computers, and electronics, rubber, fabricated metals, and chemicals.
10. Alaska
The state of Alaska has the third lowest population of all states in the nation with just 738,432 people living there. It is the third richest state in the country thanks to its generous distributions of natural resources. The oil industry is alive and well in the state, in addition to mining, forestry, fishing and agriculture. Alaska has an unemployment rate of 6.5 percent which is the fourth highest in the country, but the 10.3 percent poverty rate is the fifth lowest of all states. Although the state is the third richest, it is estimated that nearly fifteen percent of the residents do not have health insurance coverage, making it the second highest in these disturbing figures. The median home value in Alaska is $255,000.
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