Welcome to our countdown of the top ten richest states in America, the melting pot of the world. America or the United States, is a continent which is divided up into 50 states. There are different ways to measure a states affluence: The GDP, Household Median, or GDI. The GDP is the amount of product produced, and the GDI is the Genuine Progress Indicator.
In this countdown, we are going to look at the top ten most affluent states in the union, basing that on the median household income. In other words, how well the majority of the population is living, their standard of living. No matter how high a states Gross Domestic Product, if the citizens are not living well, it is not a truly affluent state.
Table of Contents
Here are the richest states in USA right now
10. Washington State
Coming in at number 10 of our countdown of the richest states in America is Washington State, not to be confused with Washington DC, our nations capital. Named after Americas first president, George Washington, Washington is one of seven states that have no personal income tax for its residents. The average household income is around $64,129. Some of the top contributing businesses in Washington is Boeing, Microsoft, Amazon, and Star Bucks. It may surprise you to know that Washington is the host to many important companies in the gaming industry, such as Nintendo and Valve. Washington is also well known for it’s wine production, second only to California.
When you think of California, you think of many things, such as beautiful weather, the home to some of the best entertainment in the world, good food and endless opportunity. Free spirited, smart and forward thinking people, California is home to median family household income of around $64,500 per year. Indeed, as a state measured on its own merits, California is so successful, that if it were a country, it would have the sixth largest economy in the world. Tourism is a huge industry in California, as people come from all over the world to visit Disneyland, San Francisco, Malibu and the magical world of Hollywood. As for wine? Well, California is the leader there as well, being the top producer of fine wines in America.
Virginia is known as the ‘Mother of Presidents’ due to having been the birthplace of eight U.S. presidents, and is among the top states in the Union with the wealthiest counties, located up in Northern Virginia way. While we often think of California and Silicon Valley as being Tech Heaven, few people realize that Virginia is also a state that prides itself with a high tech workforce. The median income for a Virginia household is approximately $66,262, one third of Virginians are employed in the service sector, while military, agriculture and business add to the till, and 20 Fortune 500 businesses are headquartered in Virginia including Capital One, AES Corporation, and Booz Allen Hamilton Holding Corp, among others.
7. New Hampshire
New Hampshire has great historical significance for America being the first colony to declare independence from Britain, as well as currently holding the important New Hampshire Presidential Primaries. It is also interesting to note, that New Hampshire has no general sales tax or personal state income tax, yet retains a high standard of living for its citizens with a median household income somewhere around $70,303, along with a low unemployment and poverty rates. New Hampshire is located in the New England region, and has quite a large tourist industry which is responsible for bringing in about 3.5 billion dollars a year. People flock to this rather small state up north to enjoy its mountaineering, motor sports and snow sports as it boasts some of the best ski mountain terrain on the East Coast.
Massachusetts is a state which signifies much of America’s cultural heritage, centering around the great city of Boston. Boston, Massachusetts is a pretty special city, as it can be considered a birthplace of early American industry and education. Today, the state of Massachusetts is the proud home to engineering, finance and maritime trade industries, plus twelve Fortune 500 companies such as EMC corporation, Staples, and Liberty Mutual. The median household income for those in Massachusetts is around $70,628. Just recently, in January 2017 Massachusetts decided to raise the minimum wage to $11.00 an hour.
While California is the leader in wines, entertainment and innovation, it is Connecticut which harbors a good majority of the Financial and insurance industries of America. Companies such as The Hartford, Aetna, and Cigna are among the many that call Connecticut their home. Real estate and manufacturing also keep Connecticut on its toes with plants like Sikorsky Aircraft and United Technologies Corporation. Connecticut is also a world leader in the production of firearms with gun manufactures, Colt, Mossberg and Rugers headquartered there. The median household income for this sate is around $71,346, and for sports enthusiasts, ESPN is also housed here.
4. New Jersey
Famous singer Frank Sinatra and actress Sandra Dee are but a few of the famous faces that have called New Jersey their home. This much loved state is actually a peninsula, as it is bordered by New York, the Atlantic Ocean and Delaware. The industries which help New Jersey reach the number four on our list include the chemical, financial, telecommunications and pharmaceutical industries. Agriculture exports also play a part. During Thanksgiving, there is a good chance that cranberry sauce came from New Jersey cranberry farms. A high tech state that houses a well educated population help to make Jersey a state in the top ten most affluent with a median household income of $72,222.
Alaska is a state of wonder and wilderness, with much of its interior left untouched. The Denali National Park and Mt. McKinley, wild moose, bear and a vast variety of plant life draws a good amount of tourists each year. Alaska is that large land mass up north, cold and frosty that America obtained through a purchase agreement with Russia in 1867, and is America’s largest state. What makes Alaska so wealthy is the petroleum industry. Over 80 percent of Alaska’s revenue is collected from the gas and oil industries, with other industries such as seafood, logging, and the mining and export of precious metals such as gold and zinc rounding out the other 20 percent. The median household income for Alaskans is $73,355, the unemployment rate is 7 percent and only 10 percent are below the poverty line.
Can there even be a question regarding the magnificence that is Hawaii. The lush exotic greenery, gorgeous variety of flowering plants, waterfalls, volcano’s, as well as crystal clear waters nestled among a culture of kind and generous people. Maui, Oahu and Honolulu are just a few of the treasures this state holds for you. Indeed, you will be hard pressed to find a state as perfect as this with regards to climate, warm and welcoming population, and rich, vibrant Polynesian culture. With all of these benefits, it is not hard to guess that Hawaii’s largest industry is tourism. Other important industries are exports such as pineapple and sugarcane. The median household income is around $73,486, most of which is due to the tourist trade which employs a good amount of Hawaii’s citizens.
The number one, most affluent state in our countdown is Maryland. Like Hawaii, Maryland has adopted the use of the Genuine Progress Indicator to gage the affluence and standard of living for its citizens. That being said, with a household median of around $75,847, it can be said that they have the wealthiest citizens of any state. Maryland is also known as having low poverty and unemployment rates. Maryland has taken advantage of being close to our nations capital, and receives much revenue from connections with the aerospace industry and tech industries in general, such as defense contractor Emergent BioSolutions. Tourism is also a revenue grabber due to the beautiful beaches, natural environment and attractions.
There have it, our countdown of the top 10 richest states in America based on the quality of living of their citizens. Each state has its own flavor and personality, which is very suitable for a country of rather free spirited people, as each individual can choose where and how they wish to live. Those with high tech gaming skills might wish to seek employment in Washington, while those we love beauty, travel and the tourism industry might choose to set up shop in Hawaii. America is a country that has something for everyone.