Finance

The 5 Richest States in America

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These states are at the top of their class when it comes to wealth creation. From Wyoming’s energy boom to Massachusetts’ flourishing finance industry, these states are making waves.

Connecticut does not impose income tax and has an average home value of $582,732, according to Zillow. Connecticut boasts many insurance corporate headquarters as well as many millionaire households.

1. New York

Even as one of America’s most populous states, New York lags behind other big city hubs in terms of wealth. New Hampshire and Massachusetts both rank high on this list due to their large metropolitan areas that contain strong concentrations of finance, media, and technology businesses.

Gross domestic product (GDP), an indicator of state wealthiness, can serve as an accurate way of measuring relative prosperity between states. While state GDP differs from national GDP due to not taking import and export into account, it still helps measure relative prosperity between them. 24/7 Wall St. used several criteria in compiling its rankings: median household income, property values from Zillow, state tax revenue per capita and the percentage of households living in poverty as factors.

Wealthiest states often feature both strong economies and high educational attainment levels. Massachusetts ranks second on this list with residents earning an average annual income of $84,385. Furthermore, Massachusetts boasts the nation’s highest percentage of adults holding at least one bachelor degree degree or higher.

Connecticut and Illinois are two other wealthy states, thanks in large part to their business-friendly policies and thriving tech industries. But North Dakota may come as a surprise as its oil boom has made many residents very wealthy while also ranking highly for intergenerational mobility.

Wyoming stands out for having one of the lowest crime rates and being home to billionaires like oil and gas tycoon Harold Hamm; Arkansas boasts 0.76 billionaires per million residents; while Oklahoma tops the list when it comes to housing America’s most successful Americans.

2. New Jersey

New Jersey may not immediately spring to mind as one of America’s wealthiest states, but its residents certainly possess plenty of wealth. Indeed, New Jersey ranks second for both real per-capita income and state revenue, making it an attractive state for millionaires living nearby Wall Street or biotech and IT-driven industries to settle in.

Massachusetts and Florida round out the top five. Both states boast diverse economies and strong job markets due to the presence of high-tech firms like Apple and Texas Instruments – major contributors to each state’s GDP as well as being active participants in insurance, agribusiness, and clean energy industries.

Massachusetts stands out as a prosperous state with a healthy economy and relatively low poverty rate, offering its residents attractive salaries in its highly competitive job market and offering them access to an outstanding education system – with 39% of adults having earned at least a bachelor’s degree by age 35.

Alaska may come as a surprise, but its oil boom has contributed significantly to its success over recent years. Alaska boasts a diverse economy and many successful companies like ExxonMobil, Chevron and Shell are located here.

When identifying the richest states, it’s essential to take both median household income and state gross domestic product into account. State GDP measures how much money a state’s citizens bring in annually, with three out of the five states on our top list having large populations matching their high GDP scores.

3. Massachusetts

Massachusetts is the highest populated state in New England and boasts an expansive economy. Residents work in high-paying fields like information and finance that contribute to its citizens’ wealth, while its outstanding education system allows almost 39 percent of residents to earn bachelor degrees; hence many professional essay writers choose Massachusetts as their home state.

Nevada boasts one of the highest billionaire per capita ratios in the country. Nevada is home to three women listed in Forbes 400, including Walmart heir Nancy Walton Laurie ($9.3 billion), who runs supermarket wholesaler C&S Wholesale Grocers. Nevada also houses aerospace billionaire Eren Ozmen ($3.4 billion) and Panda Express cofounder Peggy Cherng ($3.1 billion).

Wyoming may come as a surprise on this list, but its mining and energy sectors have experienced unprecedented success and now rank third highest for median household income in America. Furthermore, Wyoming hosts some top universities like University of Wyoming and Colorado School of Mines.

This ranking takes into account various criteria, including real per capita personal income and poverty rates in each state. Data was provided by the Bureau of Economic Analysis; since per-capita state GDP doesn’t exist for comparison purposes, real personal income serves as an alternative indicator. Ranking is based on 2012 personal income data adjusted for inflation using chained dollars – including wages, salaries and tips as well as private and social security benefits as well as average home prices and percentage of families with college-educated adults in each family.

4. Delaware

Delaware was home to an annual median household income that exceeded 81 thousand US dollars and its gross domestic product nearly 1 trillion in 2022, driven mainly by strong business sectors and quality healthcare and educational systems. New Jersey fared quite well too on this list of wealthy states across America – it placed fourth with its high GDP per capita and low poverty rate.

Massachusetts stands out on America’s list of wealthy states thanks to its high per capita income and low poverty rate. Boston, the capital city, is a popular tourist attraction due to its rich cultural and historical legacy, while more residents tend to work in financial or information industries than elsewhere, further adding to Massachusetts’ wealth.

Connecticut may come as something of a shock on this list of richest states in America, given its relatively safe nature and one of the highest concentrations of millionaire households in America. Perhaps its low population density also contributed to Connecticut making this list.

Colorado ranks fifth, due to its robust economy, lower than average poverty rate and above-average per capita income levels. Furthermore, this state offers excellent educational systems as well as an inviting tax climate which make it attractive to wealthy individuals.

5. Colorado

Colorado may attract outdoors enthusiasts, but its residents are willing to shell out plenty of cash on housing – according to Zillow estimates, its median home value stands at $545,794. And although its median household income may not match up with other states on this list, Colorado boasts one of the richest counties in America according to Forbes.

Maryland boasts one of the lowest median household incomes on this list; however, its high ranking can be attributed to its proximity to Washington, DC where many residents work for government entities as well as leading corporations like Marriott International. Furthermore, Maryland hosts numerous companies in technology, aerospace, and defense industries.

New Hampshire New Hampshire stands out among America’s wealthiest states due to its low population density. The state does not impose income or capital gains taxes and offers one of the finest educational systems in the nation, as well as being home to major tech and energy firms like Amazon and Chevron.