What Is The Richest State In Usa

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Despite the fact that they are all part of the same country, US states vary significantly in wealth. For example, California’s GDP of $2.94 billion (gross domestic product) was 25 times that of Mississippi in the same year. Although Mississippi’s population is 13 times smaller than California’s, the fact remains: states are not equal when it comes to gross real estate.

What Is The Richest State In Usa

What Is The Richest State In Usa

To illustrate wealth differences between states, we ranked the wealth of all 50 using 6 variables, including real personal income per capita, consumer spending per capita, poverty rate, state and local General income, per capita spending and state resident population. should count as part of its top 5 percent.

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The results are telling, showing regional clusters at the top, middle and bottom of the hierarchy. However, there are a few surprises and you might be interested to know where your state falls on this list.

The nation’s least wealthy states are mostly concentrated in one geographic region: the South. Eight of the 10 poorest states are located in the South, as are 12 of the top 15. Most are also in the Southeast, with Oklahoma (number 41) and Arkansas (number 42) being the farthest west.

These states are characterized by exceptional scores on all variables, including low real per capita income, low per capita government spending (with the exception of West Virginia), and poverty rates well above the US average.

While the bottom 30% of the list of US states in terms of wealth are almost exclusively southern states, two southwestern states, New Mexico (n° 37) and Arizona (n° 43), along with Idaho (n° 47) in the Pacific Northwest. included .

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As with the poorest states, one American region stands out among others for its wealth: the Northeast. Half of the 10 richest states are from this region, along with 9 of the top 15. In addition, the Northeastern states did not appear in the bottom 20, and Maine fell to the lowest number 30.

Prominent characteristics of wealthy northeastern states include high per capita income, low poverty rates, and high average state per capita income. The median personal income in 2017 for the top 15 Northeast states was 53,574, 10% higher than the average for all states (not adjusted for population). Additionally, only one of the 15 northeastern states, New York, matched the national poverty rate of 11.8 percent.

The short answer is yes. Total wealth ranking 8 of the 10 countries with the highest poverty rates are in the top 10 poorest countries, while the remaining 2 are in the top 15 poorest countries.

What Is The Richest State In Usa

The correlation is less strong for the 10 states with the lowest poverty rates, but still exists: 4 of them are among the 10 richest states, while another 2 are among the top 15 richest states. .

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However, there are some interesting exceptions. Utah, whose 3-year poverty median of 7.9% is the third lowest in the nation, is only the 31st wealthiest state. The Bee State’s real per capita income and government spending numbers are average, indicating that Utah does not have a large population of high-spending wealthy people, but it does have a large population of low-income people. or

Additionally, 2 of the richest states, New York and Alaska, have higher poverty rates than expected, reflecting an above-average gap in wealth inequality between the states’ richest and poorest citizens.

Alaska is the fourth richest state overall with the highest real per capita income and the 19th highest poverty rate with the highest per capita consumption of any state, at 12.2%, higher than the national average. New York, the third richest state, is also marked by poverty higher than other variables: its rate is around the national average of 11.8%.

As mentioned before, 50% of the 10 richest states in the US are from the Northeast, while the remaining 5 are spread across the country. Let’s take a closer look at each of them.

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At number 10, Minnesota is the second richest state in the Midwest, 9 spots higher than Illinois (number 19), the third richest state in the region. The Land of 10,000 Lakes rises above its major metropolitan area, the Twin Cities area of ​​Minneapolis-St. Paul, which is among the 20 wealthiest metros in the country, but also boasts affordability and job opportunities.

Minnesota’s wealth is impressive but not extravagant. The state’s residents are mostly middle or upper middle class, and its poverty rate of 8.7% is the second lowest of any state in the top 10.

A prominent state as the only mountain state to make the top ten, sparsely populated Wyoming boasts the highest real per capita income, the highest per capita state spending, and the highest per capita state income at 15,370.

What Is The Richest State In Usa

Wyoming is also somewhat notorious for its wealth inequality: Metro Jackson, characterized by large resorts and ski areas, is the most unequal place in the United States as the top 1 percent compared to the rest of the population. Win 132 times more.

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As a remote island island in the Pacific, Hawaii is literally cut off from humanity. The state’s wealth statistics are unique: Hawaii’s real per capita income of 42,507 is by far the lowest of any state in the top 10. However, poverty is also low, and per capita, state spending and State income are high. .

Hawaii is getting a boost from its lucrative tourism industry: the state welcomed a record 9.95 million visitors in 2018. Overall, visitors to the state spent a total of $17.82 billion, up 6.8 percent from last year.

Because of its size and mid-Atlantic location, Maryland has a mixed identity with characteristics of southern and northern states. Although Baltimore, the state’s largest city, often makes headlines for its crime and poverty problems, Maryland is still one of the wealthiest states in the country.

In fact, Maryland has the most millionaires of any US state, with 178,003 millionaires. Much of the state’s wealth is concentrated in wealthy suburbs around Washington.

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At number 6, North Dakota earned the distinction of being the wealthiest state in the Midwest. In addition to high real per capita income and government spending, the state generates the second highest per capita government income of any state, 14,636.

Once one of America’s poorest states, North Dakota has experienced an oil boom over the past two decades, creating wealth for many of the state’s residents and increasing job opportunities in the state. In 2019, North Dakota had the highest intergenerational mobility rate of any state.

Although New Jersey is not generally considered a rich state, it is actually the richest state in the country and ranks among several very rich regions. The city-state is home to some of the wealthiest counties in America, including Monmouth and Bergen, where the median household income exceeds $150,000.

What Is The Richest State In Usa

Overall, New Jersey is doing very well, boasting the same high real per capita income and state revenues as its neighbors New York and Connecticut.

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Alaska is a land of contrasts: The 49th state has the highest rates of violence and property crime in the United States, but it boasts one of the highest concentrations of millionaires in the country.

Being rich in Alaska helps a lot because it is one of the most expensive states in the country in terms of goods typically purchased due to its remoteness and the cost of shipping goods within the state. Apparently, Alaska has the highest per capita state spending in the country at $13,171 because the state’s residents spend more on getting necessities than other states.

Don’t be surprised that New York is one of the 3 richest states in the country, due to the large amount of wealth concentrated in New York. In fact, the Big Apple is home to more millionaires than any other city in the world, with nearly 1 million millionaires.

The net wealth of the wealthiest New Yorkers is enough to offset those in lower income brackets, even though the poverty rate is higher than any other state in the top 10, except Alaska.

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Massachusetts is extremely wealthy, earning the second highest real income per capita and the highest personal consumption per capita of any state. For a city of its size, Boston is very wealthy despite a widening wealth gap, and the surrounding suburbs are among the wealthiest in the country.

Although many of its residents are moderately wealthy, the Bay State is also home to some of America’s wealthiest people, including billionaires.

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