When money speaks, no one judges the grammar. Not only individuals but even states are also judged by their capital power. For example, the richest states in North America get a lot of appreciation due to their impressive financial status.
North America has a nominal GDP of around 30 trillion US dollars as of 2023. The top 10 richest states in North America are the major contributors to this whopping amount. So, let’s talk about these money-equipped states in detail.
Table of Contents
The second highest median income in America is produced by Maryland, which is around 87 thousand US dollars. Equipped with a strong educational system, Maryland’s literacy rate is quite good. Around 40 percent of its population have a Bachelor’s degree or even other higher qualifications.
This boosts the country’s financial power as educated people usually work and earn. In fact, Maryland’s poverty rate is only around 9 percent, which is one of the lowest figures in the United States of America.
2. New Jersey
New Jersey’s median household income is more than 85,100 US dollars. Most of the people here are quite educated.
Around 39 percent of New Jersey’s population has a Bachelor’s degree certificate. With a high literacy rate due to an organized educational system, the country has only a 9.2 percent poverty rate. As of 2023, New Jersey’s per capita GDP stands at around 810 billion US dollars.
Read more: The poorest states in North America
With a gross domestic product of $688 billion as of 2022, Massachusetts is one of the richest states in North America. It has a median household earning of more than 84 thousand US dollars.
The state provides its residents with handsome salaries through high-paid jobs. The education system is pretty strong and allows around 43% of its population to pursue a Bachelor’s degree.
One of the richest states in North America, Hawaii, has a gross domestic product of around 75 billion US dollars as per a 2022 report. Hawaii’s household median income breaches 83 thousand US dollars.
The cost of living here is quite high, too, and people need to earn a lot and be rich to afford a significant lifestyle here. Hence, the poverty rate of Hawaii is low, somewhere between 9 and 9.5 percent.
With a near gross domestic product of 386 billion US dollars as of 2022, Colorado is next on the list of the richest states in North America. This is a decent increase from 2021’s GDP, where the amount was about 374 billion US dollars.
Around 8 to 10 billionaires call Colorado their home, along with around 1 lakh 70 thousand millionaires. In fact, Colorado is superior to the UAE in terms of economic status.
With a gross domestic product of 725 billion US dollars as of 2022, Washington finds its place in the top 10 richest states in North America. It is almost a 7 percent increment as compared to 2021’s GDP of 48,024,000,000 US dollars.
Around 2 lakh and 30 thousand millionaires live in this state. Also, the state houses 10 to 12 billionaires. Washington earns a lot through Asian trade using its primary port, Puget Sound. The state is also one of the biggest and most profitable exporters of the United States of America.
The gross domestic product of Connecticut stands at around 321,844,600,000 US dollars. This North American state houses more than 30 thousand millionaires. Around 12 to 14 billionaires also live in this state.
This state is actually a manufacturing giant that earns the major amount for its treasure. Its median household income is close to 38,865 US dollars as of 2020.
8. New York
With a median household income of 81,386 US dollars as of 2022, New York is also a prominent name in the list of richest states in North America. Also, as of 2022, New York’s gross domestic product is more than 1 trillion US dollars.
The major contributors to New York’s whopping GDP are business sectors, healthcare systems, retail trade, and manufacturing sectors. Educational institutions also play a vital role in raising the financial bar of New York.
Delaware has a median household income of more than 79 thousand US dollars with a gross domestic product of 87,524,800,000 US dollars as of 2022. In 2021, the GDP of Delaware was around $6,364,800,000.
So, it’s clearly visible that 2022 saw an 8 percent increase in the state’s GDP. The poverty rate of Delaware lies somewhere between 11 to 12 percent. Also, around 26 thousand millionaires live in Delaware.
10. New Hampshire
The median household income of New Hampshire is quite good, with a financial figure of around 91 thousand US dollars. New Hampshire’s gross domestic product as of 2022 is more than 83 billion US dollars.
A middle-class family of four members in New Hampshire makes around 242,000 US dollars per year on average. The state’s richness is due to the absence of tax on sales, capital gains, and inheritance.
So, this was all about the top 10 richest states in North America. All of them combined push North America’s national GDP by a huge margin. Further, these states are also trying to create more jobs and excel in the field of education to get even richer in the future.
Read more: The 10 richest countries in the Middle East