There are a number of ways to measure wealth, so it can be hard to rank the country’s states objectively. This article uses the data collated by the American Community Survey, which focused on each state’s median household income.
In a country where there are big wealth gaps between the richest and poorest states, as well as between counties this data shows us where the majority of the wealth is concentrated.
Some of these states have businesses on the 2024 Fortune 500 list, whilst others have made their wealth from trade, the insurance sector, or health care.
10. Connecticut
With a median household income of $91,665, it’s fair to say most people in Connecticut enjoy the finer things in life. The state has made its wealth from a range of industries, like pharmaceuticals, insurance, bioscience, and even aerospace.
The state is also home to 15 companies on the Fortune 500 list. CT Mirror reports that before 2020 the state frequently ranked as the wealthiest US state per capita income. In recent years it has lost its spot to Masschussetts and other states.
Sadly, it is also one of the states that has the most unequal distribution of wealth. Some counties, like Windham County, have a much lower household median income than the state’s average.
9. Colorado
Well known for its breathtaking snow-topped mountain ranges, Colorado isn’t only wealthy in natural landscapes. The state also has one of the country’s highest median household incomes, sitting at $92,911.
The state has made most of its wealth from trade, health care, and transportation. Many households also make their money through the real estate sector and technical services.
Tourism also contributes significantly towards Colorado’s economy, with people visiting from other states and further afield. The state has a very low unemployment rate, which in 2025 it’s as low as 4.3% according to IBIS World.
8. Utah
Ranking amongst the wealthiest states in the US, Utah’s median household income sits at $93,421. The state’s gross state product reached a whopping $224.6 billion in 2024.
According to IBIS World, Utah’s biggest wealth generating industries are car dealers, software publishing, and hospitals. These top three sectors are closely followed by colleges and universities.
The major universities like Brigham Young University and the University of Utah are some of the state’s biggest employers, alongside Walmart and the Intermountain Health system.
7. Washington
With a median household income of $94,605 Washington is close to the top on the country’s wealth charts.
The state of Washington relies heavily on government jobs, which are the second largest employment sector in the state. According to the Bureau of Labour Statistics, it’s estimated that in 2024 the government sector generated 605,000 jobs.
They also found that trade, transportation, and utilities were crucial for the state’s economy and generated some 617,000 jobs. Overall Washington has an unemployment rate as low as 4.3% in 2024 according to the AWB Institute.
6. Hawaii
The island state of Hawaii has a median household income of $95,322. Despite not being home to any of the companies on the Fortune 500 list, Hawaii has a large public sector that generates a big proportion of the state’s wealth.
According to the Bureau of Labor Statistics in 2024 the public sector employed 126,000 government workers alone. IBIS World reports that in 2024 the state’s gross state product reached a staggering $89.4 billion.
Hawaii is an increasingly sought-after holiday destination that has a large influx of tourism. Thanks to this, the hotel and motel industry is one of the biggest wealth generators in the state.
5. California
The median household income in California is pretty high. But the numbers are definitely swayed by the fact that California is home to some of the country’s richest counties. Most homes have a median household income of about $95,521. However in counties like San Francisco, Marin, San Mateo, and Santa Clara the averages are much higher.
In fact, in the county of Santa Clara the median household income is the second-highest in the US. It sits around $159,674 according to the Census Bureau estimates of 2019 to 2023.
California’s biggest industries are pharmaceutical, health insurance, and car sales according to IBIS World’s latest figures.
4. New Hampshire
With a median household income of $96,838 the state of New Hampshire just misses the mark to rank amongst the top 3 wealthiest states in the US.
One of the largest industries is health care. The state estimates that some 102,000 employees work in this sector as of 2024. That same year, IBIS World estimated that New Hampshire’s gross state product reached $92.5 billion.
The largest industries are insurance, car dealers, and public schools and universities. Amongst its biggest employers are Dartmouth Hitchcock Medical Center and Clinics, DeMoulas Supermarkets, and Walmart.
3. Maryland
Maryland ranks as the third wealthiest state in the US, with a median household income of $98,678. It’s not surprising seeing as three companies included in the 2024 Fortune 500 list are based there – Lockheed Martin, Constellation Energy, and Marriott International.
Government jobs make up a significant proportion of the labour market. The Bureau of Labour Statistics estimates the government employs more than 538,000 people as of 2024.
The state’s median is definitely raised by county’s like Howard, where the median household income sits at $146,982 according to the Census Bureau estimates of 2019 to 2023. Making it the 6th wealthiest county in the US.
2. New Jersey
With a staggering median household income of $99,781 New Jersey ranks as the second wealthiest state in the US, trailing just behind Massachusetts. In 2024 New Jersey’s gross state product reached $666.9 billion according to IBIS World.
The trade, transportation, and utilities sector hire a significant number of employees. Estimated to be around 920,000 people as of 2024 according to the Bureau of Labor Statistics. They also found that overall New Jersey’s businesses employed a total of 4,973,482 people in 2024.
Hunterdon County is the richest county in the state, with a median household income of $139,453.
1. Massachusetts
Home to 16 companies on the 2024 Fortune 500 list, it’s hardly surprising that Massachusetts is the wealthiest state in the US. With a median household income of $99,858 the state just surpasses New Jerseys median.
The state’s largest employer is the education and health care services sector, which employs nearly 850,000 people as of 2024 according to the Bureau of Labor Statistics.
What’s more, in 2024 Massachusetts gross state product reached $638.3 billion according to IBIS World. They also estimate that the unemployment rate across the state was as low as 3.6%.
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