Top 10 Richest And Wealthiest States in America Today
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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 (2023). 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 majority of the nation's poorest states are concentrated in the South, one particular geographic area. The South is home to 12 of the top 15 poorest states, including 8 of the top 10. With Oklahoma (#41) and Arkansas (#42) being the states that are the furthest west, the majority are also in the Southeast.
With the exception of West Virginia, these states are characterized by pitiful results for every metric, including low real per capita incomes, low state spending per capita, and poverty rates that are noticeably higher than the national average.
Two states from the Southwest, New Mexico (#37) and Arizona (#43), as well as Idaho (#47) of the Pacific Northwest, are included on the list of the wealthiest US states, despite the fact that the bottom 30% of the list is almost entirely made up of Southern states.
Where are the Richest US States located?
One US region, the Northeast, stands out from the others due to its wealth, much like the poorest states do. This region is home to 9 of the top 15 wealthiest states and half of the top 10 richest states. Maine ranked the lowest, at number 30, but none of the Northeastern states were among the bottom twenty.
High per capita income, a low rate of poverty, and high average state revenue per capita are important traits of wealthy Northeastern states. A top 15 Northeastern state's real per capita personal income in 2017 was 53,574, which was 10% higher than the national average (not accounting for population changes). Only New York, among the top 15 Northeastern states, had a poverty rate that was identical to the 11.8% national average.
Which States Are Richest by Median Household Income
1. District of Columbia
The median household income in D.C. is $92,266—the highest of any state. With 56.6% of adults having a Bachelor's degree or higher, D.C. has the highest level of educational attainment in the country. The District still has a 13.5% relatively high poverty rate in spite of this.
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 is the third-richest state in terms of median income and is renowned for its high-quality education and well-paying jobs. The median income in Massachusetts is $85,843. The second-highest percentage of adults with at least a Bachelor's degree (43.7%) and the highest percentage of people with graduate and professional degrees (32.4%) make Massachusetts the state with the highest level of education.
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4. New Jersey
With a median household income of $85,751, New Jersey is the fourth-richest state in the country. Along with having the fourth-highest proportion of adults with a Bachelor's degree (38.9%) among all states, New Jersey also ranks highly for educational attainment and quality. In addition, New Jersey's 9.2% poverty rate is the fifth-lowest in the nation.
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?
If median household income is used to rank the wealthiest states, the results are very different. Population can have a significant impact on GDP, so it follows that the states with the highest GDPs tend to be the largest. With the exception of Florida and New York, three of the five richest states' GDPs correspond to their population densities. While Florida has the largest population and the third-largest GDP, New York has the fourth-largest population. We will also compare their corresponding median incomes.
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
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| Wealthiest U.S. States - Photo: travelandleisure |
1. New York
Given the significant amount of concentrated wealth in New York City, it should not be surprising that New York is one of the three richest states in the nation. In fact, the Big Apple is home to nearly 1 million millionaires, more than any other city in the world.
Though its poverty rate is higher than any other state in the top 10, with the exception of Alaska, the vast wealth of New York's richest residents is more than enough to offset those belonging to lower income brackets.
2. Massachusetts
Massachusetts, the second-richest state in the union and one of the oldest, was a key contributor to the establishment of America's fundamental liberties.
Massachusetts has changed from a thriving agricultural land to heavy manufacturing and, at the moment, a center for technology, research, and development since the country's early settlers decided its course.
The maritime industry in Massachusetts, which was once unrivaled and a major player in the nineteenth-century whaling boom, has a long history of being intertwined with the state's history and economy.
3. Washington
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With 7,170,351 residents, Washington State has the thirteenth-highest population in the country. Although the average household income is high ($64,129 annually), the state struggles overall with the fifteenth highest unemployment rate (5.7%) and the seventeenth lowest rate of poverty in the country (12.2% of the population living below the poverty line).
The high 34.2% of adults who hold at least a bachelor's degree are responsible for the higher income levels. Due to this, the state's average home value has increased to $284,000 as a result. The state's rate of people receiving food stamps has increased by almost 3%.
4. Connecticut
By a wide margin, Connecticut is the wealthiest state in the union. The Constitution State performed well in all other categories in 2017, and its real per capita income was nearly $4000 higher than that of Massachusetts, the state with the next-highest real per capita income.
Although most of Connecticut is middle class, the ultra-wealthy residents of Fairfield County, which is home to some of the wealthiest communities in the country, propel the state to the top spot.
5. California
California, the state with the most residents, is known for its entertainment industry and is home to many of the highest-paying jobs and wealthiest celebrity couples in the world. Hollywood and the surrounding area are home to many of these high-paying jobs.
Due to its high population, this state has high employment rates in the health and education sectors, and according to labor statistics, sizable populations also work in the industries of construction, agriculture, and technology.
Many of the largest tech and social media companies in the world have their headquarters in California's Silicon Valley, where firms like Apple, Twitter, Google, Yahoo, and PayPal all have sizable employee populations.
In addition, the travel and tourism industry is booming, generating well over $1 billion in revenue in 2019 and employing over 1 million people in California, making it one of the wealthiest states in the country.
California has a considerable wealth among its population, as well as some of the highest average salaries in the world, with a state GDP of $3,120,386,000 and a median income of $80,440.
6. Delaware
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Delaware, the first state to ratify the Constitution of the United States, is one of the richest states in the nation with a GDP of $77,214 and a median household income of $64,805 in 2020.
According to data from the U.S. Census Bureau, Delaware has a small population and a diverse range of jobs in the public sector, including work in banking, farming, education, and health services.
Delaware is home to several large corporations, including DuPont, Bank of America, JPMorgan Chase, and AstraZeneca. The state's location on the Eastern Seaboard makes it convenient to reach several significant cities, including Washington, D.C., and Philadelphia.
7. New Jersey
New Jersey, one of the original 13 states of America, is one of the smallest states in the union and is bordered by New York. But when it comes to information on median income and GDP per capita, it really packs a punch.
The high-tech sectors that dominate the labor statistics in New Jersey's economy, like they do in many of the richest states in America, include biotech, pharmaceuticals, information technology, and finance.
New Jersey also provides agricultural products, such as fruits, nuts, seafood, and dairy, in addition to a wide range of technology-based industries.
With a median household income well over $85,000, New Jersey is significantly wealthier than the country as evidenced by the state's high average home value.
8. Maryland
Maryland has a hybrid identity with traits of both southern and northern states as a result of its size and location in the middle of the Atlantic. Maryland is one of the richest states in the nation, despite the fact that its largest city, Baltimore, frequently makes the news for its problems with poverty and crime.
In fact, with 178,003 millionaire households, Maryland has the most millionaires of any state in the US. In the wealthy suburbs surrounding Washington, D.C., the state's wealth is largely concentrated.
9. Illinois
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With a wide range of industries, including manufacturing, mining, financial institutions, technology, and agriculture, Illinois has been compared to a microcosm of all of America.
The state's primary natural resource is the black soil, which Illinoisan farmers use to grow soybeans and corn. The state is also well-known for its production of premium dairy goods and livestock.
The tenth-richest state in the nation is able to power a variety of industries, including food products, computers and electronics, rubber, fabricated metals, and chemicals, thanks to its abundant coal reserves.
10. Alaska
With only 738,432 residents, Alaska has the third-lowest population among all the states in the country. Due to its generous distribution of natural resources, it is the third richest state in the nation. Along with mining, forestry, fishing, and agriculture, the oil industry is strong and thriving in the state.
Alaska has the fourth-highest unemployment rate in the nation—6.5 percent—but the fifth-lowest poverty rate overall—10.3 percent. Despite being the third wealthiest state, it is estimated that nearly 15% of its citizens do not have health insurance, making it the state with the second-highest percentage in these alarming figures. Alaska has a median home value of $255,000.
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