News — 2 years ago

The Wealthiest States in America

by Arthur B.

Wealthiest States in the US, Wealthiest States in America

The Wealthiest States in America

Does wealth make you happy? Not necessarily. But wealth sure does make life a lot easier. We rank below American states on the basis of their median household incomes in order to assess the wealthiest states in America. Other factors like the unemployment rate, instances of poverty, health insurance coverage and the number of millionaire households per state are also taken into account. One is surprised by the results that are thrown up. New York fails to make the Top 10 Wealthiest States in America while Alaska manages to secure a spot. Let's take a look at some of the other rich states in the country-

  • Maryland – Maryland is well off. The median household income here is $75,847. It also has the highest concentration of millionaire households in America. A good percentage of Maryland’s residents are college-educated. The unemployment rate is low here too. Many residents of Maryland are engaged in high paying government jobs.
  • Hawaii – Hawaii comes second in our list. It is an expensive place to live in, but its thriving tourism sector has given a boost to its median household income, i.e., $73,486. It houses around 75,000 U.S. Department of Defense personnel on the island – defense being the second major employer. The island state boasts of a low-unemployment rate and correspondingly low poverty rate.
  • Alaska – Alaska is a bit of a contradiction. It ranks highest when it comes to the unemployment rate, but the fraction of people living in poverty is quite low. Its oil industry can be attributed to its high median household income – a whopping $73,355. Reliance on tourism and fishery also helps contribute to the local economy.
Wealthiest States in the US
  • New Jersey – New Jersey is among the most crowded states in America. While the cost of living here is also quite high, its residents can afford it. The median household income here is $72,222. Almost 40% of adult residents here have a college degree and over 10% of them make more than $200,000 annually. Transportation, manufacturing, and biopharmaceuticals are the dominant industries employing the majority of people in this state.
  • Connecticut – Connecticut too has a good number of college pass-outs among its residents. More than 10% of its households earn an annual income exceeding $200,000. It is split midway between economically poorer and well-off sections. At the end of the day, its high-earners facilitate its spot on this list. Connecticut’s median household income is $71,346.
  • California - The most populous state in the nation is also one of the wealthiest states in America that is home to celebrities and also the richest people in the country. The median household income in California is $71,805, but there are areas in the state where the average income is much higher. For instance, the median household income in Atherton, located in San Mateo County is nearly $500,000.
  • Washington - Another one of the wealthiest states in the U.S. is Washington, with a median household income of $70,979. One of the reasons that make Washington one of the wealthiest states in the U.S. is that it has no income tax, so residents bank in a little more each month. The no income tax is also upheld in six other states - Florida, Alaska, South Dakota, Nevada, Texas, and Wyoming.

    Wealthiest States in America

  • Massachusetts – Massachusetts has a median household income of $70,628. Massachusetts residents have the most college degrees than anywhere else in the country. It is home to some of the finest universities in the whole of U.S. The median home value here is quite high, but 10% of its residents earn over $200,000 annually – so it is not so much of a problem for them. The state's economy runs on its medical, technological and financial industries.
  • New Hampshire – New Hampshire not only has the least number of people living under the poverty line, but its unemployment rate is also significantly low too. Its median household income is $70,303. Another well-educated state, New Hampshire’s leading industries are tourism, healthcare, and manufacturing.
  • Virginia – Virginia has a median household income of $66,262. Its unemployment rate is lower than the national average. It also has a good concentration of millionaire households. Only a small percentage of its population earns less than $10,000 annually. IT jobs figure among some of the highest-paid in the state.

The list above considers the average living standard of a middle-income person in these states. Surprised about the results? Tell us what you think.

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