Richest States 2020
Determining which state is the richest overall is not as impossible as it may sound. It all comes down to the income of the residents, as well as the revenue accrued by the local state government. By looking at the average per capita income of each state in the US, we can figure out which state is the richest of them all. Since this would be a massive undertaking to attempt on an individual level, let's leave the research to the experts.
According to World Atlas, the richest state is Massachusetts. It is said to have an average per capita GDP rate of around $65,545. If you take the current population of Massachusetts and multiply that value by the per capita income estimate, you would find that the state has an incredibly large GDP per capita value.
Since the state of Massachusetts is currently home to about 6,902,000 people, this means that there is an influx of about $459,293,590,000 annually. This value is massive, and although Massachusetts is the richest state, many other states compare and come close to the GDP per capita value in Massachusetts. Another way of looking at richness among the nation is by taking a look at the median household income of each state. With this value in mind, the richest place in America would be the District of Columbia. Since DC is not considered a state but rather a federal district, the state with the highest average household income is none other than New Hampshire.
People who live in New Hampshire make an average of about $71,000 per year, give or take a few hundred dollars either way. With a poverty rate of around eight percent, most people live comfortably in New Hampshire, which contributes to its wealth overall. With average household incomes, poverty rates, and unemployment percentages in mind, the top ten richest states in the USA as of 2019 are...
The History of Wealth in the United States
The United States has witnessed a few recent and quite damaging dips in its economy. The Great Depression took place for just under four years, spanning from August 1929 through March 1933. Following the Great Depression, there were thirteen recessions, the most recent of which was the Great Recession.
It started in December of 2007 and was not resolved until June of 2009. Many states are still bouncing back from the drastic effects of the recession. Here is a look at the average financial situations of people in each of the fifty states over the past few years. These US dollar values represent the median household income of each state.