Richest States In The US By Income: Top 10 Wealthiest

Richest States In The US

AlexandriaFebruary 23, 2023

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Richest States In The US By Income: Top 10 Wealthiest

Richest States In The US ,These Are America’s Wealthiest States According to American Community Survey estimates for one year, the median household income in the United States was $69,717 in 2021.

According to data from 2021, the highest-performing state had a median household income of over $90,000, while Mississippi had the lowest reported median household income, at $48,716.

The richest states in the United States are these ones.

Richest States In The US

1. Maryland

Median Household Income: $86,738

According to Statista, Maryland had the second-highest percentage of millionaires per capita as of 2020. The mid-Atlantic state also ranks as the 18th most populous state with slightly over 6 million residents. According to Zippia, Bethesda-based Marriott International is the state’s biggest employer. According to Zillow, the average home in Maryland is worth $384,928.

Although the typical home value in Maryland is lower than in many other parts of the country, the Old Line State has the highest median household income in the nation, making it the richest state in the union for 2022. Many of the state’s people work in Washington, D.C., which contributes significantly to its prosperity. The National Security Agency, other federal organizations including the National Institutes of Health, as well as Marriott International, the largest hotel chain in the world, are all located in Maryland. Also, two of the richest American cities this year are located there.

2. Massachusetts

Median Household Income: $85,843

According to the U.S. Census Bureau, Massachusetts has undoubtedly the highest per capita concentration of people with bachelor’s degrees, with a population of around 7 million. The Bay State’s leading industries include education, financial services, health care, and also technology. According to Zillow, the average home value in Massachusetts is $550,099.

3. New Jersey

Median Household Income: $85,751

With a population of almost 9 million, the-most populated state is home to numerous top biotech companies, including Merck and Johnson & Johnson. Many billionaires from the Jersey State commute to employment in finance in New York City because of its close proximity to the Big Apple. Despite being one of the top three richest states, New Jersey’s median home value, at $435,668, is significantly lower than that of other less wealthy states on this list.

4. California

Median Household Income: $80,440

With a gross state product of roughly $3 trillion, the Golden State has the largest economy in the United States. Moreover, it is the most populated state in the nation, with almost 40 million people living there. California’s main industries are particularly in the fields of agriculture, media, tourism, and technology. Living in the state with the fifth-longest ocean coastline (after Alaska, Florida, Louisiana, and Maine) is expensive; according to Zillow, the typical property value is $745,200.

Richest States In The US

5. Washington

Median Household Income: $78,687

Due to the presence of significant corporations like Amazon in the Evergreen State, wages have also increased along with living expenses. One of the priciest homes in the world is located in Washington, where Zillow estimates that the median home value is $582,732, up 36% over the previous year.

6. Hawaii

Median Household Income: $83,102

Although Hawaii is best known for its beaches and laid-back surfer lifestyle, living there is quite expensive. Zillow estimates therefore that the typical property value in Hawaii is a staggering $828,002. The island state’s two main industries are tourism and defense.

7. Connecticut

Median Household Income: $78,833

Darien, one of the top 20 richest towns in America, and one of the top 25 richest cities are both located in the Constitution State (Westport is ranked number five). Also, according to Statista, Connecticut has the third-highest percentage of millionaire households per capita. Glencore is the state’s biggest employer in the New England region, according to Zippia.

8. Colorado

Median Household Income: $77,127

Despite the fact that Colorado’s beautiful surroundings draw a lot of tourists, its residents are ready to spend a lot of money on their homes. The median property value is hovering at $545,794, according to Zillow. Although having a lower median household income than many of the other states on this list, Colorado is home to one of the richest counties in the nation, Douglas County, which has a typical household income of $122,867, or slightly over 59 percent more than the state’s median.

9. New Hampshire

Median Household Income: $77,933

The 1.4 million residents of the Granite State do not pay state income or capital gains taxes. Compared to the other top 10 wealthiest states, the cost of living is thus modest; according to Zillow, the typical home value is $405,600.

10. Virginia

Median Household Income: $76,456

Although Virginia has a low cost of living compared to other states on this list (Zillow puts the median house value in Virginia at $353,130), Loudoun County, Fairfax County, and Arlington County are some of the wealthiest counties in the nation. The areas in question are close to Washington, D.C., which draws educated Americans.

11. North Dakota

Median Household Income: $70,185

The GDP per person in North Dakota is $71,185, and the median income is $70,185. By the close of the 20th century, the gross domestic product of North Dakota witnessed a transition as a result of the dominance of services like contact centers, travel agencies, and financial corporations. Typically speaking, fossil fuels and agriculture provided the majority of the state’s revenue.

North Dakotan farms continue to produce a variety of grains, including mustard, along with wheat, flaxseed, corn, and sugar beets, which are grown for export, despite recent declines in agriculture. The state has one of the lowest unemployment rates in the nation, and residents benefit from first-rate healthcare and low crime rates.

12. Illinois

Median Household Income: $72,563

The twelfth-richest state in the US can fuel a variety of sectors, including food, computers and electronics, rubber, manufactured metals, and also chemicals, thanks to its abundant coal deposits.

The majority of the non-electrical machinery produced in the state’s industrial parks, which rank it as one of the top producers, is then exported to other countries. A significant portion of Illinois’ economic activity, including the Amtrak commuter rail service, the manufacture of automobiles, and the major financial institutions, including the Chicago Stock Exchange, are however centered in Chicago.

13. Delaware

Median Household Income: $64,805

Delaware is also one of the richest states in the US, with a GDP of $77,214 and an average household income of $64,805. As Delaware has a small population, the bulk of its workers—who work in banks, farms, educational institutions, and healthcare organizations—are employed by the government.

The state’s yearly median family income is strongly influenced by Delaware’s agricultural production, which also includes the cultivation of a range of fish, crabs, and snails as well as maize and soybeans and vegetables. Almost three-fifths of the companies listed on the Stock Exchange of New York are formed in Delaware due to its extremely lenient incorporation laws, which are home to thousands of American and foreign businesses.

Frequently asked questions

What is the wealthiest state in the United States?

California. With a gross state product of roughly $3 trillion, the Golden State has the largest economy in the United States. Moreover, it is the most populated state in the nation, with almost 40 million people living there. California’s main industries are particularly in the fields of agriculture, media, tourism, and technology.

What is the top 10 richest state in America?

Top Ten Richest States In The USA

California – 3,120,386 million
Texas – 1,772,132 million
New York – 1,705,127 million
Florida – 1,111,614 million
Illinois – 875,671 million
Pennsylvania – 788,500 million
Ohio – 683,460 million
Washington – 632,013 million
Georgia – 627,667 million
New Jersey – 625,659 million

Conclusion

The state with the highest per capita GDP and highest median household income, as well as data on poverty and education levels, were all taken into consideration when compiling this ranking. The wealthiest states have also evolved over time in a way that has been influenced by manufacturing, high technology, and agriculture. These industries have significantly aided in the development of these areas into what they are today.