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Top 10 Richest US States In 2023

This list of the richest US states in 2023 outlines and reveal the top state in the United States of America according to their median household income

Published

1 year ago

April 10, 2023

Oluwafemi Afolayan

The truth is the United States is the most powerful nation on earth not only that, but it is also rich in human resources and its economy is fueled by high productivity, transportation infrastructure, and extensive natural resources and it is one of the wealthiest countries in the world but also do you know that the richest US states in 2023 are some of the richest in the world and how they have come to be so rich.

Additionally, being one of the most blessed nations on earth, the United States has been able to harness all this prosperity and resources and make a fortune out of them, also, for many nations and people, the US is home of opportunity, something like the promised land where people can easily flourish because of the diverse opportunity that the society has made available.

So, in this list, we will be discussing some of the richest US states, how they have become so rich, and some other necessary information about these states and how wealth is distributed among the general masses, also the richest US states in this list is calculated by the median household income of people in this states.

1. Maryland

The richest state in USA

Maryland is the richest state in the United States, as well as home to the National Aquarium. The state which is located in the Mid-Atlantic region borders Virginia, West Virginia, and Washington, D.C. As of 2023, Maryland has a median household income of $90,203. Likewise, its county is some of the wealthiest in the country with Maryland’s Howard County, having a median household income of $124,042 between 2016-2020 and the state having a state unemployment rate of 4.6 percent. Additionally, Maryland’s state prospers from transportation, agriculture, biotechnology, tourism, and healthcare with the Port of Baltimore being its major source of revenue.

2. Massachusetts

Massachusetts is the 6th smallest state by land area and one of the most populated states in the United States with a population of over 6 million people living in the state. The state is considered a hub for higher education and healthcare and was ranked by Bloomberg as the most innovative state in America. Massachusetts has a median household income of $89,645. Among many, drive for the economy of Massachusetts, the state flourishes from agriculture, taxation, energy, and transportation.

3. New Jersey

Wealthiest states in the US per capita

New Jersey has a state had a gross state product in the third quarter of 2022 to be approximately $753 billion according to the U.S. Bureau of Economic Analysis. The state is among the richest as well as the most densely populated state in the US in terms of population and land area. It has a median household income of approximately $89,296. Among many contributors to the stable GDP as well as wealth distribution among its citizens are the pharmaceutical industry, biotechnology, and information technology, including twenty-four Fortune 500 companies and more.

4. New Hampshire

Unlike some of the states on this list, New Hampshire is among the list populated states in the US, bordering Massachusetts. New Hampshire is among the top richest state in the United States with a median household income of $88,465. In this state, unemployment is relatively low, with approximately about 2.4% of the whole population’s workforce.

5. California

Richest US states

Being the third largest state by land area, California is the most populated state in the United States with approximately 38 million people living in this state, having the largest economy in the United States, with an economy bigger than many countries in the world, if California was a state it would be the fifth-largest economy in the world. Currently, California boasts $84,907 as the median household income. The top contributor to the prosperity of California is trade, transportation, and utilities; government; professional and business services; education and health services; agriculture, and leisure and hospitality.

6. Hawaii

The Aloha State is the sixth-richest on this list. Known for its beautiful beaches, Hawaii is also called the Paradise of the Pacific, the Island of Aloha, or simply, paradise. Hawaii’s economy is driven by tourism, agriculture, and defense programs. Additionally, the median household income in Hawaii is approximately $84,857.

7. Washington

Richest states in the USA

The Evergreen State is distinct from Washington D.C which is a district. Wahington has one of the strongest economies for a state in the US, and it is home to some of the largest corporations in America and the world, such as Amazon, Starbucks, Microsoft, and Costco. According to Wikipedia, “As of July 2022, the state’s unemployment rate was 3.7 percent”. Also, Washington has a median household income of $84,247, with a GDP of about $696,748,000,000.

8. Connecticut

Connecticut is having a median household income of $83,771 and a GDP of $308,671,000,000, ranking as #23 in the United States. The state had the third-largest number of millionaires per capita in the United States in 2018. Real estate is among the major driver of the economy of the state as well as, industries such as Hartford, Travelers, Harman International, Cigna, Bank of America, Realogy, Bridgewater Associates, and Berkshire Hathaway among many others. Also contributing to the prosperity of Connecticuts is tourism with the state making approximately $9.3 billion in tourists in 2017.

9. Colorado

Richest states in America

Aside from being one of the richest US States, Colorado is also known as one of the states for business and one of the top employers of labor among the 52 states of the United States of America. Colorado’s median household income is $82,254 but not only that, but it is also home to several federal facilities including NORAD, the United States Air force academy, and many others as well as a place for tourist attraction, with the state generating $22.3 billion in 2018 from tourists.

10. Virginia

Taking this spot, Virginia which is sometimes referred to as the Old Dominion, Mother of States, or Mother of Presidents is having a median household income of $80,963. According to Wikipedia, “Approximately 12% of all U.S. federal procurement money is spent in Virginia, the second-highest amount after California”. Virginia is home to hundreds of thousands of businesses which have contributed also to its vast wealth and also, and agriculture has remained a top driver of the state’s economy.