The United States of America is one of the Richest countries in the World, and its wealth is shared unevenly among its states. From investments by large companies and industrial giants, average cost of living and provision of world-class infrastructure within a state, contributing to its wealth, some states are just richer than others. To determine how wealthy a state is, we’d have to look at its median resident income, GDP which is the state’s government revenue.
In recent times, America has seen massive growth in some states, which has affected the job market in the state, increasing its cost of living, and general economic status. This helps us accurately determine how well a state has developed, and calculates its wealth. Some States contribute more to the economy of the country through their local production, educational improvement and industrial development. These states are the Richest in the country, like in 2019, when the District of Columbus contributed most to the country’s economy, and had a median resident income of $92,266 making it the wealthiest state then.
Despite the uncertainty in the American economy, some states have some good news, especially those home to tech and crypto giants or a mass population with high working rate, which has increased the median salary of residents and improved the state’s GDP. Now that there’s knowledge on the factors that makes a state so wealthy, let’s look at the top 10 richest states In the U.S.
Median Household Income: $68,428
With a diverse array of industrial strength in mining, agriculture, technology and financial institutions, Illinois is one of today’s richest American States.
The farmers in the state takes full advantage of the Illinoisian black soil, on which soybean and corns grows, Whitestone producing livestock livestock diary products. The wtates has a big coal bank reserve, enough to power industries like rubber, fabricated metals, chemicals and even food product, promoting the use of non-electric machineries. These products are one of its largest exports and generate the most revenue for the state and it’s contribution to the American economy at large.
Median Household Income: $65,315
North Dakota takes it name from the native Americans Sioux. It derives about 85% of its Income from agriculture and fossil fuel. Although the Agricultural sector witnessed a huge derail in the 20th century, it still produces quite an impressive amount of corn, wheat, sugar beers, which are readily exported in the state.
Microsoft and Amazon has huge facilities in the state, making it a tech inclined city, with the least amount of unemployment rate in the country. Some also call the state the “Saudi Arabia of Wind Energy”, thaks to its huge investment in green and renewable energy as a replacement for its tradition fossils.
Median Household Income: $86,738
With a median household income well above $80,000 and GDP of about $71,000, Maryland is one of the Richest states in America. The Port of Baltimore at its bay handles most of the state’s raw materials and other bulk commodities in use.
Maryland is a heavy producer of metals, chemicals, electronics and food products. The variety of food especially from the sea also attracts tourists looking to try out new types of dishes, the beach and islands in the state. This along with the very many biotechnological companies within the state brings in alot of economic progress to the state,
Median Household Income: $85,751
Situated to the north border of New York lies one of the 13 original states in America, New Jersey. It might not be the largest ( it is the smallest state in the country) but when it comes to wealth and average revenue, New Jersey sure brings in alot of money.
The city is filled with biotechnological, pharmaceutical and financial industries dominating its labour force. Most of the city is surrounded and occupied by large forest areas, hence it’s venture into agricultural research, preservation and production.
Median Household Income: $69,110
The first state in the country by constitution is no other than the beautiful stae of Dalaware. With a Geoss Domestic Production of $77,214, it stands as one of the richest states in the United States of America today.
The state has an even population which has made it easy for management, splitting resident between the public government section, finacials and the private sector. It is located on the Seaboard, which makes it easily access by metropolitan. To the north of the city, the chemical industry has severely grown, providing employment and job opportunities for the New Castle County.
Median Household Income: $80,440
The most populous state in the United States, making its name from it’s huge impact in the entertainment industry, with most of the top celebrities and entertainers living in Hollywood. As the most populous city, California is well equipped with a labor force, working in sectors like health care, construction, agriculture and tech.
The city also derives some of its Income from tourists who usually visit to see firsthand the famous Hollywood hills, Silicon Valley, where tech giants like Apple, PayPal, Google, yahoo have large infrastructures. The state has some of the highest paying Jobs and therefore huge salary earners which makes it a very wealthy state.
Median Household Income: $78,833
Connecticut is another state who shines bright in its Median residents Income and annual GDP. The state is home to prestigious universities like Yale, which gives the city a high standard of living.
Connecticut prospers through the banking and finance sector, with a dominant workforce offering financial and insurance services. However its agricultural glory days are not yet over, as the likes of livestock, animal rearing and shade grown tobacco for cigar wrappers are also largely grown within the state. An even stronger evolution came around in the 3010’s as bug tech giants took over the city, manufacturing weapons from General Dynamics, Lockheed Martin and Raytheon Technologies also greatly vontrivure to the state’s wealth.
Median Household Income: $78,687
Located on the upper east coast, Washington of the District of Columbus was named after the first president of the country. It is not just the capital state of the United States, but also one of the richest states in the United States. Farmers in the city grow a lot of grapes and wine fruits, making them one of the biggest wine producers.
Most of the state’s wealth can be accredited to it’s early production and sales of agricultural produce, which includes; dry peas, barley, lentils and other vegetables, and also forestry. Most of the Land space in Washington is used for. commercial timber production, and others preserved as national parks. Apartcrom being the capital city and home to America’s political elites, it is also home to billionaires and business moguls like Jeff Bezos and Bill Gates.
Median Household Income: $85,845
One of the oldest and founding states in the United States, upon which the American core value of ‘Freedom and Liberty’ was formed Is Massachusetts. The States has always been one of the leading in the country, right from initial settlement when Massachusetts was thriving in production of agricultural produce and now it kings in technology research and Development.
The Massachusetts economy is deep rooted in the seas and its resources. The maritime industry has always been its major source for exploitation, and was a key player in the 19th century Whaling boom. As a major centre for capital investment in the country, most of its wealth comes from biotechnology and financial sectors. The state has a Median income well above $80 000, with most of the residents employed in the health care, tourism and manufacturing sectors.
Median Household Income: $71,855
It is no surprise that New York is the richest states In America, after all it is home to some of the top celebrities and billionaire moguls. New York is home to some of the best higher institutions in the country, which forms a major part of the Wall Street, media, tech and entertainment workforce.
Even some power media houses are headquartered in the state, the likes of Spotify, Behave and Squarespace are based in New York’s Silicon Alley. New York, which is also known as “The Big Apple” is a popular destination for tourists. The nice city view, iconic skyscrapers and leading hardware companies like IBM, LG Electronics and Hawaii brings in millions of travelers/visitors each year.