20 Richest States in the United States

By PropertyClub Team
May 8th 2024
The United States is a land of vast economic diversity, with states exhibiting varying levels of prosperity and wealth. Let's explore the twenty richest states in America.

1. Maryland 

Median Household Income: $98,461

Maryland stands out among the wealthiest states in the U.S., showcasing a unique blend of innovation and government influence. The state's economic prowess is fueled by a robust healthcare sector, a thriving aerospace and defense industry, and its strategic proximity to the nation's capital. 

With renowned institutions like Johns Hopkins University and a substantial federal government presence, Maryland has become a hub for cutting-edge research, development, and policymaking. This convergence of factors has elevated Maryland's economic standing, making it a key player in the nation's wealth landscape.

2. New Jersey 

Median Household Income: $97,126

New Jersey secures 2nd place among the richest states in the U.S. through its diverse economic landscape. The state is a hub for pharmaceuticals, finance, and telecommunications. 

Its strategic location, sandwiched between major economic centers like New York City and Philadelphia, further enhances its economic significance. New Jersey's well-developed infrastructure and thriving industries contribute to its prosperity.

To learn about the most prosperous locations in the state, check out our article on the richest towns in NJ.

3. Massachusetts 

Median Household Income: $96,505

Massachusetts is synonymous with economic success, driven by prestigious universities and a thriving technology sector. The state is a global leader in biotechnology and healthcare, with numerous cutting-edge companies and research institutions. 

The synergy between academia and industry, along with a robust startup ecosystem, positions Massachusetts as a powerhouse in innovation and economic growth.

4. Hawaii 

Median Household Income: $94,814

Despite its small size, Hawaii is the fourth wealthiest state, largely thanks to its thriving tourism industry. The state's stunning natural beauty, unique culture, and diverse attractions draw visitors from around the world. Tourism plays a pivotal role in Hawaii's economy, contributing substantially to its wealth and making it a desirable destination for both leisure and business.

5. California 

Median Household Income: $91,905

California, the Golden State, shines brightly on the economic stage as one of the wealthiest states in the U.S. Its global influence is anchored in Silicon Valley, the epicenter of the technology world. 

Beyond tech, California's diverse economy encompasses entertainment, agriculture, and manufacturing. The state's innovation, cultural impact, and economic prowess make it a powerhouse, setting trends and driving progress on a global scale.

6. New Hampshire 

Median Household Income: $90,845

New Hampshire's wealth is evident in its high median income and low unemployment rate, making it one of the wealthiest states. Nestled in the heart of New England, this state's economic prosperity is marked by a combination of a strong job market and a high standard of living. Its residents benefit from a thriving economy that encompasses various industries, contributing to the state's overall financial well-being.

7. Washington 

Median Household Income: $90,325

Washington state emerges as an economic powerhouse with a focus on technology and innovation. Home to tech giants like Microsoft and Amazon, Washington has become a global hub for the technology sector. 

The state's aerospace and manufacturing industries also contribute significantly to its economic strength. Its strategic location on the Pacific Rim further enhances its international trade and economic influence.

8. Connecticut 

Median Household Income: $90,213

Connecticut secures 8th position among the wealthiest states through its close proximity to financial centers like New York City and a robust finance and insurance sector. 

The state's economic success is underscored by its high per capita income and well-developed infrastructure. Connecticut's commitment to education and a diverse economy further solidify its status as a key player in the nation's economic landscape.

9. Colorado 

Median Household Income: $87,598

Colorado's economic strength lies in its diverse and resilient economy. The state is home to a thriving aerospace and energy sector, attracting businesses and professionals alike. The focus on sustainability and outdoor recreation also contributes to Colorado's wealth. With a high quality of life and a dynamic job market, Colorado stands out as one of the richest states in the U.S.

10. Virginia 

Median Household Income: $87,249

Virginia's wealth is closely tied to its proximity to the nation's capital, Washington, D.C. The state hosts a strong presence of government contractors and a robust technology sector. 

Virginia's commitment to education and a business-friendly environment further contribute to its economic prosperity. With a diverse and dynamic economy, Virginia plays a crucial role in shaping the economic landscape of the United States.

11. Utah 

Median Household Income: $86,833

Utah stands tall among the wealthiest states, driven by a growing technology sector and a thriving outdoor recreation industry. The state's commitment to innovation and a business-friendly environment has attracted a surge of tech companies, fostering economic growth. 

Additionally, Utah's stunning natural landscapes contribute to a flourishing outdoor recreation industry, enhancing both the state's economy and the quality of life for its residents.

12. Alaska 

Median Household Income: $86,370

Alaska's economic prosperity is deeply rooted in its abundant natural resources, particularly oil and gas. The state's significant oil revenues contribute to the Alaska Permanent Fund, which plays a pivotal role in the financial well-being of its residents. Despite its remote location, Alaska's wealth is a testament to its strategic management of its valuable natural resources.

13. Minnesota 

Median Household Income: $84,313

Minnesota's economic success is marked by a thriving healthcare sector and a strong presence of Fortune 500 companies. The state's commitment to innovation, education, and healthcare has fostered a dynamic economy. Minnesota's quality of life, supported by its beautiful landscapes and cultural amenities, further enhances its appeal as one of the wealthiest states in the U.S.

14. New York 

Median Household Income: $81,386

New York, a global financial and cultural epicenter, is synonymous with economic prowess. The state's wealth is derived from its diverse economy, with strengths in finance, technology, and media. 

As the home to the world's financial capital, New York City, the state plays a central role in global finance and commerce. Its iconic cultural institutions and vibrant arts scene also contribute significantly to its economic vibrancy.

15. Rhode Island 

Median Household Income: $81,370

Rhode Island, despite being one of the smallest states, boasts a strong economy driven by healthcare, education, and manufacturing. 

The state's commitment to education and research, particularly through its renowned universities, contributes to innovation and economic growth. Additionally, Rhode Island's manufacturing legacy endures, supporting a diverse economy that solidifies its place among the wealthiest states in the nation.

16. Delaware 

Median Household Income: $79,325

Delaware's economic strength is closely tied to its reputation as a corporate-friendly state and a popular corporate tax haven. The state's business-friendly environment has attracted a significant number of corporations to incorporate there. 

Delaware's commitment to providing a favorable regulatory and legal environment for businesses has led to a robust financial and legal services sector, contributing significantly to the state's economic prosperity.

17. Illinois 

Median Household Income: $78,433

Illinois' wealth is anchored in its central location and a diverse economy that includes finance, manufacturing, and technology. The state's economic success is fueled by its status as a major transportation hub, with Chicago serving as a key center for finance, trade, and industry. 

Illinois' manufacturing legacy, combined with its modern tech sector, creates a balanced and resilient economy that positions it among the wealthiest states in the U.S.

18. Oregon 

Median Household Income: $76,632

Oregon's economic prosperity is characterized by its commitment to sustainable practices and a thriving technology industry. The state's emphasis on environmental consciousness has fostered a robust green economy, attracting businesses and professionals dedicated to sustainability. 

Additionally, Oregon's technology sector, with a focus on innovation and creativity, contributes significantly to the state's wealth, making it a key player in the Pacific Northwest's economic landscape.

19. North Dakota 

Median Household Income: $73,959

North Dakota's wealth is deeply rooted in its abundant natural resources, particularly oil. The state's oil industry, driven by the Bakken Formation, has been a major contributor to its economic success. North Dakota's strategic management of its energy resources has led to a stable and prosperous economy, providing opportunities for residents and businesses alike.

20. Texas 

Median Household Income: $73,035

Texas, renowned for its "everything is bigger in Texas" mantra, is the last state on our list of wealthiest states in the U.S. The state's economic strength is largely derived from its diverse economy, including the robust energy sector, technology, and a strong manufacturing industry. 

Texas' pro-business environment, combined with its vast resources, has attracted a surge of businesses and professionals, contributing to its status as an economic powerhouse in the nation.