The Unites States of America is itself one of the richest, powerful and most-developed countries of the world.But do you know about the states that are the richest in America and how did they get so rich? If not, you can find in this article about the top 10 richest states in USA 2023 along with basic information about these states.
The data and statistics in this article are referenced from the US Census Bureau for maximum ingenuity.
Top 10 Richest States in USA 2023
Here’s the list of the richest states in USA in 2023. Median household income is the parameter taken here for ranking the richest state in the US.
- New Jersey
- New Hampshire
Now that you know the richest states in USA 2023, let us learn a little bit more about their median household income and what the major sources of their economy are (industry, business, agriculture and others).
With a median household income of $87,063, Maryland is by far the richest states in the USA. It derives its economic advantage from its proximity to the federal government in Washington, DC.Fishing, agriculture, biotechnology and tourism are other major income source in Maryland. The Port of Baltimore also derives huge economy to this state.
Massachusetts is one of the most populous and the second richest US state with a median household income of $85,843. More than a dozen fortune 500 companies are located in Massachusetts and it is also one of the best states in the US for business.Agriculture and energy generation are the other major source of Massachusetts’ flourishing economy.
3. New Jersey
With a median household income of $85,751, New Jersey ranks third in this list of Top 10 Richest States in USA 2023. Also, New Jersey’s per capita gross state product regularly ranks among the highest in the United States.From pharmaceutics, biotechnology, information technology to printing and publishing, industries contribute a lot toward the economy of this state along with agriculture, tourism and energy generation.
One of the richest US states, Hawaii is known for its beautiful beaches, colored sands and delicious cuisines. Tourism is one of the major sources of state’s economy followed by military and education. Export of clothing and food also plays a significant role in the Hawaiian economy.The median household income of Hawaii stands at $83,102.
California has an economy larger than many countries and continents and the state carries one seventh of the gross domestic product of the nation. Trade, government services, business, education & health and hospitality are the five largest sectors of employment in the state. California has currently the median household income of $80,440.
Connecticut has a median household income of $78,833 and ranks fifth in this list of top 10 richest states in USA 2023. Many top employers from education, health and social services sector operates their company in Connecticut and the state is also the home of top real estate and banking and financial services companies.
The government of Washington is one of the most prominent employers in the state, with more than 550,000 employees working in that sector. Other important industries within the area include aircraft design and manufacture, computer software development, mining, real estate, tourism, etc. The median household income of Washington is approximately $78,687.
8. New Hampshire
Liberty Mutual, Dartmouth College, Fidelity Investments, Southern New Hampshire University, Elliot Hospital and others are the largest private sector employers in New Hampshire. More than 86% of the total workforce in New Hampshire is employed in the private sector. Industry and tourism are other major employment sector and the state has a median household income of $77,933.
Colorado is recognized as one of the top states for business and business is a major economic force in the state followed by federal government jobs. Large number of tourists pouring every year to see the majestic landscape of Colorado also adds significantly to the economy of the state. Colorado has a median household income of $77,127 and is the ninth richest US states.
With a median household income of $76,456, Virginia ranks tenth among the richest states in US in 2023.The economy of Virginia is derived from diverse sources including local and federal government, military, agriculture and technology.Central Intelligence Agency, National Science Foundation, U.S. Geological Survey, etc are a few large federal agencies situated in Northern Virginia.