It’s obvious that United States is the wealthiest nation in the world, accounting for nearly 30% of the overall global wealth. In monetary terms, that percentage is equivalent to almost USD 106 trillion. Of course, China has its eyes set on becoming a world leader, but it still has a long way to go. China shares around 18% of global wealth, which is approximately USD 64 trillion.
Did you know how the wealth in United States is spread out across its various regions and states? Well, here’s a quick overview of the top five wealthiest states in US to give you a better perspective about distribution of wealth in the country. It is important to note that these rankings are based on medium income of individuals in a specific state and not on overall revenue or GDP of the state.
Maryland – Located in southeastern United States, Maryland’s economy comprises a dynamic mix of manufacturing industries, services sector, biotechnology and higher education. Maryland also benefits from its close proximity to the country’s capital Washington, D.C. This has created a huge number of federal job opportunities in the state, even though the private sector leads in economic output. As of 2018, Maryland’s median household income was $83,242.
New Jersey – One of the most densely populated states, New Jersey is located in northeastern United States. It benefits from being in proximity to the country’s financial center New York City. New Jersey’s economy is powered by industries such as information technology, pharmaceutical, financial services, biotechnology, food processing, tourism and gambling. As of 2018, New Jersey’s median household income was $81,740.
Hawaii – The only island state, Hawaii is located in the Pacific Ocean. In earlier times, Hawaii was an independent nation with industries such as farming and whaling. After it became a part of United States, Hawaii’s primary focus shifted to tourism. With its wide beaches and clear skies, Hawaii became a favorite for tourists. Other economic contributors include food and clothing industries. As of 2018, Hawaii’s median household income was $80,212.
Massachusetts – Located in northeastern United States, Massachusetts used to rely on agriculture, trade and fishing in earlier times. During the industrial revolution, the state became a hub for manufacturing. As of now, Massachusetts’s economy has diversified into various streams such as higher education, engineering, finance, biotechnology and maritime trade. In 2018, median household income in Massachusetts was $79,835.
Connecticut – Located in northeastern United States, Connecticut is one of the most densely populated states in the country. Its economy is powered by industries such as finance, insurance, real estate, healthcare, social services, education and manufacturing. Connecticut has also been a hub for gun manufacturing and the industry continues to flourish even today. In 2018, Connecticut’s median household income was $76,348.