What Are The 10 Richest States In The US?
It's no secret that the United States of America's economy is one of the strongest in the world. As of 2022, the country boasts a total wealth of $139.86 trillion, with all the richest states in the US boasting median household incomes of above $88,000.
If you're wondering whether you live in the richest state, no need to wonder anymore. The following details the top ten wealthiest places across the nation.
10 Richest States In The US
We've ranked these states from the tenth richest to the richest of them all as of November 2023 data.
1. Connecticut
Median household income: $88,429
Connecticut reigned as the richest state from 1987 to 2019 by per capita personal income. However, 2020 saw it knocked from its top position by Massachusetts — but only by $10.
These days (early 2024), it sits as the tenth richest state. It's quite a fall from glory, but it remains the home of 15 companies on the 2022 Fortune 500 list spanning key industries like aerospace, insurance, pharmaceuticals, medical technology, and biosciences.
2. Utah
Median household income: $89,168
Utah's largest employers are the state government, Walmart, Intermountain Health System, and major universities like the University of Utah and Brigham Young University. All these companies and institutions employed an average of over 15,000 individuals, as data from the state suggests.
3. Colorado
Median household income: $89,302
Residents of Colorado benefit from the state's leading employment supersectors — trade, utilities, and transportation. According to data published in October 2023 by the Bureau of Labor Statistics, these markets employed almost 500,000 individuals.
4. New Hampshire
Median household income: $89,992
As of 2021, New Hampshire boasted the country's lowest poverty rate. This has certainly helped the state achieve its wealthy status. However, its median household income was affected by the 2020 COVID-19 pandemic, moving it further down the list.
Still, healthcare is one of the largest industries. State data indicates there were around 95,000 workers in this industry in October 2023.
5. Washington
Median household income: $91,306
Government jobs are the second biggest employment source in Washington, helping the state achieve a wealthy state status. The sector employs over 587,000 workers in the sector, according to estimates provided by the Bureau of Labor Statistics.
The trade, transportation, and utilities supersector is one the largest, though. It employed over 620,000 workers in October 2023.
6. California
Median household income: $91,551
San Francisco, Santa Clara, Marin, and San Mateo (four Californian counties) are among the richest counties, as a recent US News analysis shows. And it isn't surprising. After all, the median household income in Santa Clara is a whopping $140,258!
7. Hawaii
Median household income: $92,458
Hawaii boasts huge workforces in the trade, transportation, and utilities supersector, alongside the leisure and tourism sector. However, the public sector tops the list as the largest employer, with over 124,000 government workers living in the state as of late 2023.
8. Massachusetts
Median household income: $94,488
The biggest super sector in Massachusetts is education and health services. Throughout the state, there are over 840,000 workers employed in related fields, according to data offered by the Bureau of Labor Statistics.
9. Maryland
Median household income: $94,991
The latest Census Bureau estimates note Howard County in Maryland was the seventh-wealthiest county in the country, sporting a medium household income of a whopping $129,549.
The state's largest employer is the government, with a workforce topping the 530,000 mark.
10. New Jersey
Median household income: $96,346
Finally, the richest state in the US is New Jersey — a state that has three counties among the country's 15 wealthiest. Its richest part, Morris County, has a median household income of $123,727.
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Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.