Check out the below list of Top 10 Richest US States by 2017, The fifty states that comprise the United States of America spread throughout a majority of North America. It has a population exceeding 324 million people and 3.8 million square miles of land, placing at as the third largest country by total area. It records one of the highest GDPs in the world, of about $18.561 trillion. Its economy is mainly supported by Services, Industries and agriculture. Its economy amounts to 17% of Gross World Product. It has abundant natural resources, well-developed infrastructure and high rates of productivity. The country has a labor force of about 159.643 million and about 13.66% of the population is estimated to be below poverty line. It is one of the leading exporters of machines, industrial supplies, consumer goods, motor vehicles, food and beverages. It has been one of the largest national economy in the world since at least the 1890’s.
Here is a list of the top ten richest US states according to the average household income:
10. Alaska- $60,287
Alaska, the largest state of America, is also the least populated state. This may be due to the harsh weather that the state experiences. Its economy is dominated by industries like fishing, natural gas, and oil. Tourism also fuels the economy to an extent. The total state product in the year of 2007 was recorded to be $44.9 billion. The product that is exported in large extent is seafood consisting primarily of salmon, cod, Pollock, and crab.
9. Minnesota- $61,814
The state of Minnesota was once a producer of raw materials which is what its economy was dependent on. Currently, it has transformed its focus to providing finished products and services. The gross domestic product of its economy was $262 billion in 2008. In the same year, 33 of 1000 publically traded companies had headquarters in the state of Minnesota which included Target, UnitedHealth Group, General Mills, and Valspar.
8. Hawaii- $62,814
The most recent state of the United States of America, Hawaii, is dependent upon tourism as the chief income generator. The gross output of the state in 2003 was $47 billion. Some of the industries other than tourism that the state partakes in are whaling, sugarcane, pineapple, macadamia nuts, and honey. The most valuable of these is honey if the value is calculated on the weight. The taxation in Hawaii is comparatively higher than all the other states, but the Senator Sam Slom says that it is due to the state having to handle education, health care and social services.
7. Virginia- $62,881
The state of Virginia is known as an employment-at-will state, and one-third of the people employed work in the service division. The unemployment rate was 4.8% as of December 2014, which is fairly low compared to other states. Its gross domestic product was $452 billion in 2013, and it has the record of having the most counties in the top 100 wealthiest counties of 2007. The highest amount of defense spending on a state per capita is spent on Virginia. There are about 900,000 jobs that are supplied with this money.
6. New Hampshire- $64,712
In the past, New Hampshire’s economy was dependent upon manufacturing of textiles, shoe making, and small machining shops. Now, those industries contribute a very small amount to the economy due to cheaper labor in the South as well as obsolete plants. This state has no general sales tax and no personal state income tax. This causes the overall tax burden of the state to be fairly low. As of 2010, the unemployment rate was 5.4%.
5. Massachusetts- $64,859
Massachusetts’ gross state product in the year of 2013 was $446 billion. 13 of the Fortune 500 companies are situated in this state, and the largest are the Liberty Mutual Insurance Group and MassMutual Financial Services. The divisions that are most important to the economy of this state are higher education, biotechnology, information technology, finance, tourism, and defense. Some of the agricultural products of Massachusetts are sweet corn, cranberries, and apples. This is one amongst the Top 10 Richest US States 2017.
4. Connecticut- $65,753
Connecticut’s gross state product was $229.3 billion in the year 2012. The state has a very high per capita personal income; however, it has the second largest gap between the average incomes of the top 1 percent and the other 99 percent. In 2013, this state had that third-largest number of millionaires in America. The poorest town in Connecticut had a per capita income of $13,428 in 2000. The unemployment rate in May of 2016 was 5.7 percent.
3. California- $67,458
California, the state with the most population, is the third riches state of America according to median annual household income. The gross state product of California is approximately $2.514 trillion which is the largest in the country. Trade, Transportation, health services, government, and manufacturing are the top divisions of the state’s economy. About a fourth of the state’s economy is dependent upon trade and international related commerce. In 2010, California had more than 663,000 millionaires which is the highest of the nation.
2. New Jersey- $69,825
The state of New Jersey is fairly small in relation to other states but it is one of the most populated. The gross state product in 2010 was estimated at $487 billion. As of the year 2013, this state had the second largest amount of millionaires per capita. Some of the industries which make up a large part of its economy are the pharmaceutical industry, the financial industry, chemical development, printing, publishing, tourism, and seafood.
1. Maryland- $70,004
In the year of 2012, Maryland’s gross state product was approximately $317.7 billion. The U.S. Census Bureau classifies Maryland households as the wealthiest in the country. It ranked number one for having the most amount of millionaires per capita in the year of 2013. The state’s poverty rate is 7.8%. A fourth of the work force is made up of business technical and administrative workers due to the close proximity of the state to Washington D.C. Transportation, agriculture, and fishing also play major roles in the economy.
With its stable mixed economy, the United States of America has always been one of the super economic powers in the world. Also, it has one of the most influential financial markets in the world. This was the list of the Top 10 Richest US states 2017, along with a sneak peek into the economic activities of the states. Stay in touch with this space for many more latest and trending topics from around the world.