Which State Is the Richest in the United States? A Comprehensive Economic Analysis

When evaluating which state is the richest in the US, economists and financial analysts examine multiple indicators beyond simple rankings. Understanding what makes a state economically prosperous requires looking at gross domestic product (GDP), median household income, poverty rates, and other key metrics. These factors combined provide insight into which states have built the strongest economic foundations.

Understanding How State Wealth Is Measured

State wealth differs fundamentally from national wealth measurement. According to the U.S. Department of Commerce’s Bureau of Economic Analysis, gross domestic product cannot be applied uniformly across states the way it is measured nationally. This is because each state encompasses a diverse range of goods and services. As a result, state economists measure prosperity using total expenditures and income levels rather than a single metric.

To identify the richest states in the US, GOBankingRates analyzed data on five critical factors: state GDP, median household income, poverty percentage, average home values, and tax revenue per capita. By scoring each indicator and combining the results, researchers created a comprehensive ranking of America’s most economically robust states. The data analyzed reflects statistics from 2022-2023, providing a snapshot of state-level economic performance during that period.

The Top Economic Powerhouses

The states ranking highest for overall wealth and economic strength demonstrate consistent prosperity across multiple measures. These leaders in the richest state rankings typically show strong GDP figures, elevated median incomes, and lower poverty rates compared to national averages.

1. California leads as the richest state in the US with:

• Gross state product: $3.6 trillion
• Median income: $84,097
• Poverty rate: 12.3%

2. New York follows closely with:

• Gross state product: $2.53 trillion
• Median income: $75,157
• Poverty rate: 13.5%

3. Texas demonstrates significant economic output with:

• Gross state product: $2.4 trillion
• Median income: $67,321
• Poverty rate: 14.0%

Upper-Tier Wealthy States (Ranks 4-10)

The next tier of prosperous states shows strong individual performance metrics, particularly in median household income and low poverty rates:

4. Massachusetts - $688.3 billion GSP, $89,026 median income, 9.9% poverty rate

5. New Jersey - $745.4 billion GSP, $89,703 median income, 9.8% poverty rate

6. Washington - $726 billion GSP, $82,400 median income, 10.0% poverty rate

7. Maryland - $470.2 billion GSP, $91,431 median income, 9.2% poverty rate

8. Connecticut - $322 billion GSP, $83,572 median income, 10.0% poverty rate

9. Colorado - $484.4 billion GSP, $80,184 median income, 9.6% poverty rate

10. Virginia - $649.4 billion GSP, $80,615 median income, 9.9% poverty rate

Mid-Range Strong Performers (Ranks 11-20)

These states round out the richest state rankings in the US, each demonstrating solid economic indicators:

11. Illinois - $1.03 trillion GSP, $72,563 median income, 11.8% poverty rate

12. Minnesota - $446.5 billion GSP, $77,706 median income, 9.2% poverty rate

13. New Hampshire - $104.4 billion GSP, $83,449 median income, 7.4% poverty rate

14. Utah - $248.2 billion GSP, $79,133 median income, 8.8% poverty rate

15. Oregon - $299.1 billion GSP, $70,084 median income, 12.1% poverty rate

16. Rhode Island - $71.4 billion GSP, $74,489 median income, 11.3% poverty rate

17. Delaware - $87.5 billion GSP, $72,724 median income, 11.4% poverty rate

18. Alaska - $63.6 billion GSP, $80,287 median income, 10.4% poverty rate

19. North Dakota - $73.3 billion GSP, $68,131 median income, 10.7% poverty rate

What These Rankings Reveal About State Economics

The richest states in the United States don’t always correlate perfectly with highest median incomes or lowest poverty rates. California, despite ranking as the wealthiest by total GDP, has a higher poverty rate than states like Maryland or New Hampshire. This demonstrates that different measures of prosperity tell different stories about a state’s economy.

States with the highest median household incomes—Maryland ($91,431), New Jersey ($89,703), and Massachusetts ($89,026)—provide clues about workforce quality and economic opportunities. Meanwhile, states with the lowest poverty rates, such as New Hampshire at 7.4% and Utah at 8.8%, suggest more balanced economic growth benefiting broader populations.

The economic diversity represented in these rankings reflects America’s varied industrial base—from technology and finance hubs to agricultural and manufacturing centers. Understanding which state is the richest in the US depends largely on which metric you prioritize: total economic output, per-capita income, or broader quality of life indicators.

Data Methodology: This analysis combines state GDP data from U.S. Census regional statistics, median household income from the American Community Survey, poverty statistics from Census records, home value data from Zillow, and tax revenue figures from the Tax Policy Center. All information reflects data current as of June 2023 and represents the most comprehensive economic assessment available for that period.