The United States Of America (USA) is one of the richest and most powerful and peaceful countries in the world. They hold much of the world power accounted for by their Gross Domestic Product (GDP), GDP Per Capita, and Gross National Income (GNI); all of which are major economic determiners. The wealthiest states in the USA can be ranked based on the median household income of those states.
The richest states in the USA attain their wealth from the industries and companies in the country. The USA is one of the technologically advanced countries and has increased productivity in automobiles, service industries, textile, agriculture, among other industries. Some of the richest companies in Africa have their headquarters situated in these wealthy American states.
The median household income amounts from the residents’ income and the local and state government revenue. The wealthiest states in the US have variable median household incomes. This is because of the differences in their cost of living, job market, and the overall economy. Educational qualifications also add to the median household income, thereby projecting cities as some of the richest states in the USA.
The GDP shows the state’s overall economy based on the distribution of goods produced in those states. The median US household income and the US GDP are $65,712 and $21.7 million respectively.
We have listed some of the richest states in the USA under this post based on their median household income and GDP. Some of these cities are very popular and most of them are the commonly visited states in the USA.
Richest US States Based On Their GDP
The Gross Domestic Product value of a state is largely determined by the population of that state. Ranking the wealthiest states in the USA by their GDP means that the states with the highest GDP have a large population size.
However, there may be discrepancies to these assertions because the median household income also plays a role in accounting for the GDP of the richest states in the USA. This means that a state may have a high GDP but a lesser population than another state with a low GDP but a higher population.
California is the most populated state in the USA with a GDP of $3,120,386,000. California has the sixth-highest median household income of $80,440
Though Texas is the second most populated state in the USA having a GDP of $1,772,132,000; the state has a median household income that is way below the National Income. The median income of Texas is $64,034
New York is the third most populous state and one of the richest states in the USA with a GDP of $1,705,127,000. The state also has a median household income of $72,108.
Florida is the third most populated US state with a GDP that approximates 1 trillion. The GDP of Florida is $1,111,614,000 but has a median household income of $59,227; which is below the national median income.
Illinois is the fifth most populous state, yet one of the richest states in America and the state with the fifth-highest GDP. The GDP and median household income of Illinois are $785,671,000 and $69,187 respectively.
The Top Ten Richest States In the USA Based On Their Median Household Income
The following are the richest US. states ranked by their median household income:
- District of Columbia
- New Jersey
District of Columbia
DC is the richest state in the US based on the median household income. The state has the highest median household income of $92,226.
Regardless of these rates, the region has a high poverty rate of about 13.5%. This is the same state that has the highest educational attainment in the US, having 56.6% of their adults with at least a Bachelor’s Degree.
The state with the second-highest median household income in the US is Maryland amounting to $86,738. The poverty rate in Maryland is relatively low and is about 9%. 40.2% of the adults in Maryland have a Bachelor’s Degree or higher, showing that the state has high educational attainment.
Massachusetts is one of the richest US states with high-paying jobs and high educational qualifications. Massachusetts has a median income of $85,843 and is largely recognized for that sight-quality education.
The percentage of Professional degree holders in Massachusetts is 32.4% and 43.7% for the adults with at least a Bachelor’s Degree. Massachusetts is the most educated US state having the second-highest percentage of educational attainment in the country and one of the richest states in America.
New Jersey has a median household income of $85,751 and is the fourth richest state in the USA. The state had the fifth-lowest poverty rate, amounting to 9.2%. New Jersey has high educational attainment from among the other US states.
The number of adults with August least a Bachelor’s Degree in New Jersey is 38.9% and this approximates for the state with the fourth-highest percentage of educational attainment.
Hawaii is the fifth richest state in the US with a median household income of $83,102. Hawaii is one of the top US states with the highest cost of living. The poverty rate in Hawaii is 9.3% which is relatively low.
California has the sixth-highest median household income of $80,440. California also has a high poverty rate because it is the most populated US state however it is also rated as one of the richest states in the USA.
Ten Richest States In USA
Conclusively, the top ten richest US states by averaging the GDP and median household income is given below;
- New York: $88,702
- Massachusetts: $85,279
- Washington: $80,124
- Connecticut: $79,964
- California: $78,670
- Delaware: $76,574
- New Jersey: $70,531
- Maryland: $70,386
- Illinois: $69,953
- Alaska: $69,944
Which US state is the wealthiest?
California is America’s most populous state with the largest state GDP of 3,120,386,000 dollars. The median household income of California is $80,440.
What is the poorest state in America?
Mississippi is the poorest U.S. state. Mississippi’s GDP and median household income are $46,000 and $45,792 respectively, which are the lowest in the country.
Therefore, the richest state in the USA is New York while the poorest state in the USA is Mississippi
Where does America rank in poverty?
The poverty rate in the United States depends on the method used for determining the measurement. The official poverty rate in the U.S. is placed between 12.3% to 17.8%