The United States of America is one of the strongest nations worldwide. Gigantic buildings, cosmic infrastructure, technological advancements, and a literate population make this country one of the most developed nations on the planet. America has been witnessing remarkable developments for decades.
America is considered the seventh wealthiest country worldwide. The rate of poverty in the US is relatively low. According to a recent report by Forbes, only 10.5 percent of the total population of the country lives in poverty. The remaining portion produces a gross wealth of more than $100 trillion. Yes, you heard it right. Most of the income in the country comes from healthcare, real estate, and technology.
What are the Richest States of America?
Want to know which are the wealthiest or Richest states in the US? Well, here is the list:
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Washington
Washington State finds its place among the top ten richest states of America. It has the highest population in the country. The typical household income raises to $64,129 per year. However, overall, the state still struggles with the highest unemployment rate. Besides this, the people above the poverty line enjoy a good standard of living.
According to the recent news, the higher income in the state is attributed to the high 34.2 percent of the adults who possess a Bachelor’s degree, thus driving the state to be wealthier if compared to others. Currently, Washington State is also running at a 3 percent higher food stamp recipiency rate.
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Illinois
Illinois is another wealthy state in the United States of America. The chief source of revenue in the state comes from WAGERS. It pays its income tax regularly to the government. The value is further added to the income by the primary and secondary sectors of the fields like income, manufacturing, and agriculture.
This state is famous for its abundance of natural resources, small-scale industries, and agriculture. Because of these factors, Illinois happens to be a famous spot of residence not only among the locals but immigrants too. Even if you do not have an academic degree, your survival and lifestyle may still be managed. Thanks to the multitude of career options available for people of all ages.
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California
The median household income of California ranges up to $64,500. It has the highest population of all the states in the US. The growing population also highlights the obvious disparity in the distribution of wealth in the state. Being one of the wealthiest states in the country, California also happens to have a high poverty rate of 15.3 percent. The unemployment rate in the country is 6.2 percent.
The big shots and earners in the country call this place their home. But life in California becomes difficult for those whose income falls under poverty. They barely make ends meet. And because of the rising incomes, the home values are more than twice when compared to purchasing a property in other nations. For all the average income earners, survival in California is a little challenging.
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North Dakota
The primary source in this state comes from the energy industry. North Dakota entertains large reservoirs of oil and coal. Besides this, it also produces shale gas. To talk more about its natural resources, North Dakota also has large lignite coal reserves. All these reasons certainly make it one of the ten wealthiest states of the United States of America.
This place was popularly known for the general laborers, immigrant farmers, and families who majorly came from the nations like Iceland, Norway, Sweden, Germany, and the United Kingdom. As it happens to be one of the richest states of the country, the rentals here are quite expensive.
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Virginia
Virginia has the twelfth highest population in the country, extending up to 8,382,993 residents. The typical household income in the state is much higher than the national average income. It is because the literacy rate in the state is very high. When compared to other states, especially California and Washington, the literacy rate in Virginia is 12 percent higher.
Almost 37 percent of adults in the state have a bachelor’s or higher degree. It means the state has better job opportunities for them. This factor further adds to its GDP. Some statistics also reveal that there are higher numbers of households that earn more than $200,000 per year. The lower number earns around $10,000 per year or even less. Virginia has a total unemployment rate of 4.4 percent, which sadly is the 17th lowest in the country.
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Massachusetts
Massachusetts has the fifth-highest population concentration in the state. The unemployment rate here is 5 percent, and the poverty rate ranges to 11.5 percent. As Massachusetts has some of the most renowned and celebrated institutions in the nation, it urges the residents to focus more on their academics rather than other aspects of career. It is revealed that 41.5 percent of all the adults in the state have at least a bachelor’s degree.
The impressive figure further states that almost 10 percent of the total households in the state earn $200,000 per year or even more. The median home value in Massachusetts ranges up to $352,100, thus making it one of the most expensive states to live in and buy a home. Besides this, the state is known for its excellent healthcare and infrastructure facilities.
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New Jersey
New Jersey has the eleventh highest population among all the states of the United States of America. New Jersey is home to 8,958,011 people. Around 12 percent of the total households in the state have a good quality of life as their annual income touches $200,000 per year. Indeed, New Jersey is one of the wealthiest states in America. The unemployment rate in the state is relatively low when compared to others. Only 10.8 percent of the total population is jobless.
Around 38 percent of the residents living in New Jersey have their bachelor’s degree, which highlights a good standard of living here. Even the people who fall below the poverty line do not struggle with earning bread and butter. However, owing to the median household income of $72,222, buying any property here is quite expensive. Besides this, the cost of living in New Jersey remains 14.5 percent higher than the national average.
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Delaware
Another wealthy state on our list is Delaware. The best thing about living in this state is that there is no sales tax generated in Delaware. The primary source of income is generated from the personal and corporate income tax. It is the biggest reason why this state is wealthier than others.
This state has derived its name from the nearby river, Delaware, named after Thomas West, 3rd Baron De La Warr, an English nobleman and first colonial governor of Virginia. Apart from being one of the wealthiest states in the country, this state has other highlights as well. It is known for its clean beaches that have crystal clear water. It is also recognized as the first state to ratify the American Constitution. Because of it, Delaware is sometimes addressed as ‘the first state’.
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New Hampshire
This state has the tenth lowest population in the country. In figures, the overall population of New Hampshire is 1,330,60 only. The typical household income in the state is $15,000 higher than the median household income in the rest of the country. This feature makes New Hampshire is one of the wealthiest states in America.
As the median household income of the state is higher, so is the standard of living of the locals. If you are planning to buy a property here, get ready to invest some more money compared to others as the property rates here are quite expensive. New Hampshire has the lowest poverty rate in the country ranging only 8.2 percent of the total population. Of all the adults living in the state, 40 percent have earned a bachelor’s degree, and the rate has gone higher in the preceding years. This state is also home to some of the most prestigious school districts and institutions of higher education.
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New York
When talking about the wealthiest states of the United States of America, the mention of New York is a must. It is one of the most desirable states to live in the whole of America. The primary source of income comes from the tertiary sector. Besides this, a lot of revenue comes from finance, advertising, banking, and the entertainment industry.
To tell you more, the tourism of New York, too, contributes to its overall GDP. The city is a hub for many impressive tourist sights. New York is known for its incredible development in the advertising, financial, as well as entertainment sector. The standard of living of the New Yorkers is high, and life here is full of glamor.
While some of these places are liveable for people with all income types, others are only meant for the big shots and good earners. The disparity is large. The United States of America needs to work to close down the gap to offer all its people a better standard of living.
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