Right Now, These 15 US States Have the Most Money

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As the owner of 30% of the world's wealth—more than $126 Credit Suisse's Global Wealth Databook for 2021 estimates that this number is $3 trillion. It also has the highest percentage of millionaires (40%) of any country in the world. This person is older than 21. That's roughly 2 million grown-ups.

Nonetheless, not everyone in the United States is doing well financially; in fact, the country as a whole is plagued by a massive income gap.

To determine the most prosperous states in the United States, statistical research is required. The good news is that we have already taken care of that. One of the best indicators of an area's prosperity, the median household income shows us how well off the locals are on average.

One can assess a country's prosperity in a number of different ways. In spite of its widespread use, the GDP fails to take into account the income inequality we discussed in the previous section as a measure of an economy's health.

Finally, the mean income value, which is simply the sum of all incomes divided by the total number of incomes in the relevant dataset, also fails to address the discrepancy in incomes.

However, the median income value provides a more representative snapshot, showing the middle ground between the highest and lowest earners, so we opted for that.

Now that you have a basic understanding of the metrics we used and the methodology behind these rankings, it's time to learn which 15 states in the United States currently boast the highest per capita incomes.

15th, at ,169, is Rhode Island.

Photographed in Providence, Rhode Island (stock photo by demerzel21) adobe com

With a median household income of ,169, Rhode Island is currently the 15th wealthiest state in the United States. It has the lowest population of any state in the United States and the lowest population per square mile, at just under 1 1,000,000. by the year 2020 Yet, it also has the second highest population density of any state.

Over the past few years, the country's standard of living has improved, resulting in a decline in the poverty rate from 13 to 12 percent. 9% to 11 58% It had a problem finding people work, but things have improved slightly over the past few years. Rhode Islanders used to rely heavily on welfare and food stamps.

The approximate age was 16 In 2015, the state's median household income was just $58,073, significantly lower than it is now by 2%. This graph shows that the median U.S. S Better than previous years, Rhode Island's median household income of ,169 in 2021 is below the national median of ,900.

New York, 14th place: ,108

Pexels photo by Roberto Vivancos of the New York skyline. com

New York ranks only 14th among the states in terms of median household income, with ,108. A state with a population of 20 New York, with its 2 million residents, used to do better in the past, when its annual household income was above the national average.

According to the most recent data, from 2021, it is now lower than that mark, likely as a result of the pandemic's effects, which brought about many changes, particularly in the unemployment rate, which is now at 7 percent. 0.1% versus 5.0% In 2015, it was 3%.

The state of New York has 13 The current rate of 58% is up significantly from the 15% seen just a few years ago. 4% The cost of living is significantly higher than in most other states, which contributes to the region's relatively high income inequality. Also, the cost of living is higher in New York than it is in the rest of the country, with some estimates putting the cost of living there at 15 percent The cost of living here is 7% higher than the national average.

The median home price in this state is $373,075, which makes homeownership a pipe dream for the vast majority of residents. Rent is the most common solution, but this leaves very little money for food, transportation, and other necessities.

Thirteenth in the nation: Minnesota, with ,593

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Minnesota, a state in the upper Midwest, has a population of over 5 million, making it the 22nd most populous in the United States. 75,000,000 individuals It has improved economically over the past few years, with a median household income of ,593; however, this is now less than the median annual income of the entire country.

Minnesota's abundance can be attributed in large part to the state's thriving agricultural sector and extensive farmland. 3.0% Joblessness 7%, ranking it 39th out of the 50 states; this is much better than the majority of them.

The extremely low poverty rate in Minnesota is another factor. At 33%, Nevada is the 48th highest in the nation. These results can be partially attributed to the astounding 34 Only 7% of the population has a bachelor's degree or higher.

Minnesota is an excellent choice if you're considering a relocation.

$12. Alaska - ,463

Pictures of Juneau, Alaska, courtesy of David Mark and pixabay. com

Alaska's oil industry has thrived over the years, and the state's other natural industries—mining, forestry, fishing, and agriculture—have also contributed to the state's relative stability. In 2021, the median household income was ,463, which is nearly the same as in previous years with only minor variations.

Also, the unemployment rate in Alaska is currently at 6. 3%, which is essentially unchanged from 2015 levels, and is supported by having one of the lowest poverty rates in the US, at only 10%. 34%

11. Utah – ,780

SLC, UT / Photo by Brent Pace / unsplash com

The state of Utah has become increasingly prosperous over the past few years, with a median household income of ,780 (just below the top ten).

That Utah has the second-lowest unemployment rate in the country, at just 2. 4%, and its poverty rate is third-lowest in the world at 9% A combination of these two factors (13% total) would help close the wealth gap.

Despite being one of the most prosperous states in the US with a robust job market, housing costs in this state average around $330,000.

According to Forbes' "Best States for Business" rankings from 2007 and 2014, Utah is the most economically dynamic state in the country. That alone is sufficient evidence of its economic success.

Tenth, Virginia: ,456

Bruce Emmerling / pixabay / The Richmond, Virginia, skyline com

Because it is home to some of the wealthiest regions in the country and has one of the highest percentages of adults with a bachelor's degree (over 37%), Virginia ranks as the tenth wealthiest state in the United States.

In 2021, its residents had a median income of ,456, up from ,013 the previous year. With an unemployment rate of 8% and a total of 10 With a poverty rate of 0.01%, the road to success is clearly mapped out.

The concentration of wealth in the state of Virginia is largely due to its proximity to Washington, DC, which draws many highly educated Americans.

The ninth-highest state in terms of money spent is Colorado, at 127.

Unsplash photo of Denver, Colorado, taken by Acton Crawford com

With a median household income of ,127 and a declining number of households receiving food stamps (now called SNAP, or Supplemental Nutrition Assistance Program) aid, the Rocky Mountain state has become a better place to live for many people in recent years.

The unemployment rate has increased slightly, from 3% to 3%, since 2015. 9% to 5 A decline in poverty rate from 11% in 2010 to 6% in 2021 5% to 9 78%

Douglas County, Colorado is home to some of the country's wealthiest people, but the state's median home price is still quite high at $397,820. whose median family income is 37% higher than that of the whole USA

In eighth place, New Hampshire brings in ,933

Pictures of Concord, New Hampshire, taken by Wangkun Jia and made available for stock adobe com

With a median home price of around $290,000 and a median household income of ,933, New Hampshire has a relatively low cost of living in comparison to some of the other states on this list.

The unemployment rate in this state is also quite low. 9 percent, and a poverty rate that's lower than anywhere else in the U.S., at 7 42% The combination of a high standard of living and low prices has made this region very successful.

New Hampshire's many highly regarded educational institutions put it in a class by itself when compared to other states.

State of Washington: ,687

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Washington is home to many large corporations such as Amazon, which naturally raises the state's median household income, but also raises the state's costs of living, most notably the median home price, which has risen to $409,228. When compared to the costs of other places to call "home," it ranks #4.

Washington has a median household income of ,687, which is slightly lower than the national median. It ranks moderately well in terms of access to jobs and the low 10 percent poverty rate. 19%

Among the top ten states, Connecticut ranks sixth with a median household income of ,

Photographed in Hartford, Connecticut, by f11photo, for stock adobe com

To the east of Washington, Connecticut has a slightly higher per capita income of ,833 than the national average of ,832, but it is still below the national median by $1,000. Many major companies in important industries, like goods and pharmaceuticals, are headquartered in this state, contributing to its wealth and raising the average income of its citizens.

There has been steady growth in Connecticut over the past few years. It also has the third-highest per-person concentration of millionaire households. The median house price is only $255,555, making living expenses cheaper than in most other states. When factoring in the area's low poverty rate, it's clear that this is a desirable place to call home.

$5. California, ,440

Stock photo of the Los Angeles skyline, taken by Alonso Reyes adobe com

The Golden State of California has a gross state product of nearly $3 trillion, making it the largest contributor to the US economy. It has more people than any other state and is the third largest in terms of land area in the USA.

Agriculture, technology, tourism, trade, and the media are the main economic drivers. However, it shares Nevada's unfortunate distinction of having the highest unemployment rate in the United States. 5% The median house cost $554,886 in 2020, adding to the already high cost of living.

Due to its massive population and highest unemployment rate, California's wealth is unevenly distributed. The average family earns ,440 a year.

A total of ,102 for the state of Hawaii

Unsplash photo of Kauai, Hawaii, by Karsten Winegeart com

Most people's mental images of Hawaii include picture-perfect palm-fringed beaches, a carefree vibe, surfers, and a carefree way of life. Despite all of this, Hawaii remains the most expensive state in which to settle down in the United States, with a median house price of an unbelievable 6,451.

The tourism and defense industries contribute significantly to this affluence, helping to push the median household income up to ,102. Hawaii has a very high unemployment rate but a very low poverty rate relative to the rest of the country.

Third-place New Jersey, with ,751

A view of the New Jersey skyline, taken by Tomas Martinez and published on unsplash com

New Jersey ranks third in terms of per capita income in the United States, at ,751. Its residents benefit from being close to New York City because many of them have jobs there, bringing in higher incomes than the typical New Jersey resident.

The state of New Jersey boasts a low poverty rate, at just 9 Despite having one of the lowest poverty rates in the country (67%), New York State has one of the highest unemployment rates in the country, suggesting that there is significant income disparity within the state despite the large number of people who find gainful employment in New York City. The cost of living is comparable to that in New York City, which can be a challenge for some.

Second, ,843 in Massachusetts.

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Massachusetts is the second wealthiest state in the United States for good reason: it is a center for higher education and healthcare, employing more people in these fields than any other state, and boasting the highest number of residents with bachelor's degrees. with a typical family making ,843 a year

It has the third highest median home price, at $422,856, indicating very high living costs.

Financial services and technology are booming in Massachusetts, joining the state's thriving education and healthcare industries.

1. ,738 in Maryland

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With a median household income of ,738 and a larger share of the country's government workers, Maryland is the wealthiest state in the United States.

In addition, its 9 percent poverty rate is second lowest in the nation. With a median home price of $308,041 (just below New York) and a price growth rate of 0.2%, Florida ranks second among the 50 states

More than 38% of adults there have a bachelor's degree, making this a nation with a high rate of education attainment. The epidemic has likely contributed to a rise in the unemployment rate over the past few years.

Conclusion

As you might expect, there is a positive relationship between level of education and salary, but other factors, such as location near high-paying employers, also play a significant role.

It is fascinating to observe how Alaska has remained stable over time, a phenomenon likely attributable to the state's isolation, which fosters a closer-knit community where people are more willing to pitch in and support one another.