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Richest States

Determining the richest states comes down to the residents' income and the local state government's revenue. In this article, we'll look at each state's median household income and GDP to determine the wealthiest states in the U.S.

The state's median household income varies significantly due to the job market, costs of living, and overall economic health. In 2019, the median U.S. household income was $65,712. The District of Columbia had the highest with $92,266, and Mississippi had the lowest with $45,792. Generally, educational attainment correlates with median household incomes.

GDP, or gross domestic product, is a reflection of each state's economy. The GDP refers to the state's overall distribution of goods. The GDP of the U.S. is $21.7 million. By state, the GDP ranges from $33,278 in Vermont to $3,120,386,000 in California.

Richest U.S. States by Median Household Income

1. District of Columbia

D.C. has the highest median household income of any state of $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%.

Richest U.S. States by GDP

Ranking 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.

Here are the 10 richest states:

  1. New York ($88,349)
  2. Massachusetts ($85,400)
  3. Washington ($81,059)
  4. Connecticut ($79,824)
  5. California ($78,771)
  6. Delaware ($77,214)
  7. New Jersey ($70,501)
  8. Maryland ($70,500)
  9. North Dakota ($70,185)
  10. Illinois ($69,667)

Richest States

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Richest States

State GDP per Capita GDP (millions $)
New York$88,3491,705,127
Massachusetts$85,400590,307
Washington$81,059632,013
Connecticut$79,824283,601
California$78,7713,120,386
Delaware$77,21476,468
New Jersey$70,501625,659
Maryland$70,500427,616
North Dakota$70,18554,044
Illinois$69,667875,671
Alaska$69,59750,413
Colorado$66,898394,271
Minnesota$66,485379,388
Nebraska$66,476129,761
Virginia$64,852557,986
Hawaii$63,89789,866
New Hampshire$62,90586,319
Wyoming$61,95436,000
Iowa$61,665195,353
South Dakota$61,61555,243
Pennsylvania$61,582788,500
Kansas$60,148175,465
Utah$59,995198,630
Texas$59,6071,772,132
Oregon$59,180253,849
Wisconsin$58,864344,500
Ohio$58,342683,460
Georgia$57,956627,667
Rhode Island$57,54261,081
Indiana$55,732379,293
North Carolina$55,520594,126
Nevada$55,091175,509
Vermont$53,39433,278
Tennessee$53,146369,063
Louisiana$52,859244,577
Missouri$52,819325,841
Michigan$52,523524,828
Florida$50,6561,111,614
Arizona$50,305378,297
Maine$49,55967,129
New Mexico$47,875100,777
Montana$47,86551,934
Kentucky$47,575213,169
Oklahoma$46,833186,883
South Carolina$46,510245,473
Alabama$46,221228,062
Idaho$45,99385,552
Arkansas$43,082130,709
West Virginia$42,14874,511
Mississippi$39,071115,900

Richest States