keep more moneyThe richest states in America are Connecticut, Maryland, Massachusetts, New Jersey, and Virginia. These states have a median household income of over $70,000. There are a few reasons why these states are so affluent. For one, these states have a high concentration of wealthy people.
These states have a lot of high-paying jobs. The cost of living is also relatively high in these states, which means that people have to earn more money to live comfortably. Finally, the tax laws in these states are favourable to high-income earners. This helps to keep more money in the hands of the wealthy residents. As a result, the rich continue to get richer while the poor get poorer.
The Richest States In America 2019
Median Income: $57,808
Unemployment Rate: 4.4%
Poverty Rate: 11.4%
Vermont. With a median household income of $64,594 and a GDP per capita of $59,352, it is no wonder that Vermont ranks as one of the richest states in America. What’s even more impressive is that Vermont has managed to maintain its rank as the richest state despite having a population of only 624,594 people.
Rounding out the top five are Maryland, New Jersey, Connecticut, and Massachusetts. All of these states have a median household income above $60,000 and a GDP per capita above $50,000.
Median Income: $60,938
Unemployment Rate: 4.7%
Poverty Rate: 11.1%
The richest states in America tend to be concentrated in the Northeast and California, but there are some outliers. Wyoming, for example, is one of the richest states in the country with a GDP per capita of over $74,000. This is largely due to the state’s vast mineral resources, which include coal, natural gas, and oil. Other wealthy states include New Jersey, Connecticut, and Massachusetts.
Median Income: $74,167
Unemployment Rate: 6.0%
Poverty Rate: 11.1%
Massachusetts is the 7th richest state in America, with a median household income of $75,297. Despite this, the cost of living is high in Massachusetts, and the state has one of the highest levels of taxes in the country. The main industries in Massachusetts are healthcare, education, and technology.
Median Income: $68,766
Unemployment Rate: 5.5%
Poverty Rate: 11.2%
Virginia is one of the richest states in America and it is ranked number six on the list. The median household income in Virginia is $76,691 and the median family income is $96,574. The unemployment rate in Virginia is just 3.7% and the poverty rate is only 10.5%. The cost of living in Virginia is also relatively low, which helps to contribute to the high standard of living in the state.
Median Income: $65,325
Unemployment Rate: 4.4%
Poverty Rate: 11.0%
Utah is the richest state in America, with a median household income of $68,358. The state’s strong economy is driven by its thriving technology and tourism sectors. Utah’s unemployment rate is just 2.8%, and the state has one of the lowest poverty rates in the country. Despite its wealth, Utah is a relatively affordable place to live.
The cost of living in Utah is 9% below the national average. Housing costs are particularly low, with the median home value just $239,400. Utah’s economy is expected to continue growing in 2019, thanks to strong job and population growth. The state’s unemployment rate is projected to stay below 3%, and the median household income is forecast to rise to $72,000.
Median Income: $78,916
Unemployment Rate: 6.1%
Poverty Rate: 9.7%
Maryland is the richest state in America, with a median household income of $78,614. Despite this, Maryland has one of the highest poverty rates in the country, with 17.4% of residents living below the poverty line. The state’s high cost of living may be to blame; Maryland has the sixth-highest median home value in the country, at $302,100.
4. North Dakota
Median Income: $61,285
Unemployment Rate: 2.7%
Poverty Rate: 11.0%
North Dakota is the richest state in America when it comes to median household income. With a median household income of $80,712, it’s well above the national median of $57,617. North Dakota also has one of the lowest poverty rates in the country, at just 10.7%. The state’s unemployment rate is just 2.8%, well below the national average of 3.9%. There are a few reasons for North Dakota’s high median income.
The state is home to energy companies such as Hess and Continental Resources, which have been thriving in the current oil boom. The Bakken Formation, located in western North Dakota, is one of the largest oil reserves in the world. In addition, North Dakota has benefited from its location in the middle of the country; it’s close to both coasts and has access to transportation routes that are important for shipping goods.
Median Income: $74,923
Unemployment Rate: 4.9%
Poverty Rate: 10.3%
Hawaii is the richest state in America with a median household income of $74,611. This is largely due to the high cost of living in the state. Hawaii has the highest taxes in the country, and the prices for basic necessities are significantly higher than the national average. Despite these challenges, many residents enjoy a high quality of life thanks to Hawaii’s beautiful beaches and warm climate.
Median Income: $65,699
Unemployment Rate: 4.3%
Poverty Rate: 10.5%
In America, there is a wide range of wealth distribution. According to 24/7 Wall St.’s report of the “Richest States In America 2019”, Minnesota ranks as the 7th richest state. The report defines the rich as having a median household income of at least $71,919.
Minnesota’s ranking is due in part to its high median household income of $73,594. The state has a low poverty rate of 10.8% and a high workforce participation rate of 67.5%. Additionally, Minnesota has one of the lowest unemployment rates in the country at 2.8%.
Notably, Minnesota is one of only 11 states where the typical household earns more than $70,000 annually. However, while Minnesota is relatively affluent overall, there is significant variation in incomes across the state.
1. New Hampshire
Median Income: $71,305
Unemployment Rate: 4.5%
Poverty Rate: 8.1%
The state of New Hampshire ranks as the richest state in America for 2019. The median household income is $76,000, and the median net worth is $442,000. This is largely due to the high concentration of millionaires and billionaires living in the state. Nearly one-third of all households in New Hampshire has a net worth of at least $1 million. The state also has a low unemployment rate and a strong economy.
Other states that rank high on the list of richest states include Connecticut, Massachusetts, and Maryland. These states are all home to a large number of wealthy residents and have strong economies. Meanwhile, states such as Mississippi and West Virginia ranked at the bottom of the list due to their lack of wealth and economic stability.