1. Virginia
Virginia’s wealth is driven by its proximity to Washington, D.C., with many government contractors, defense companies, and high-paying technology jobs based in the state. Northern Virginia, in particular, boasts some of the highest median incomes in the country. Additionally, Virginia’s strong real estate market, along with its growing tech sector, keeps the state’s economy thriving.
2. Alaska
Although Alaska’s economy is primarily driven by oil and natural gas, it has a surprising amount of wealth per capita due to its low population and high resource output. The Permanent Fund Dividend, which distributes oil revenues to residents, helps maintain a high standard of living. The state’s vast natural resources contribute to its ongoing prosperity.
3. Massachusetts
Known for its prestigious universities like Harvard and MIT, Massachusetts is a leader in innovation, healthcare, and education. The state’s well-developed biotech and pharmaceutical industries, along with its thriving tech sector, contribute to its high GDP. Massachusetts residents also enjoy high wages, especially in cities like Boston, making it one of the wealthiest states.
4. Connecticut
Connecticut is often ranked among the richest states due to its high median income levels and concentration of wealth. Cities like Greenwich and Westport are home to some of the wealthiest Americans, and the state boasts a thriving financial services industry. Its proximity to New York City also enhances its economic standing, drawing in top professionals in finance, law, and technology.
5. New Jersey
New Jersey’s wealth is driven by its strong financial and pharmaceutical sectors. The state is home to numerous Fortune 500 companies, including major players in banking, insurance, and health care. With a mix of wealthy suburbs outside of New York City and high-paying industries, New Jersey continues to rank high in terms of GDP and average household income.
6. Maryland
Maryland’s wealth is anchored in its proximity to Washington, D.C., making it a hub for government contractors, federal employees, and a high-tech workforce. The state is home to some of the highest-paying jobs in the country, particularly in defense, cybersecurity, and biotechnology. Its affluent suburbs, like Bethesda and Potomac, add to its overall wealth.
7. Hawaii
Hawaii’s wealth is largely derived from its tourism industry, which brings in billions of dollars each year. The state’s luxury real estate market is another significant contributor, attracting high-net-worth individuals from across the world. Its appeal as a destination for both tourists and wealthy retirees helps to maintain its status as one of the wealthiest states.
8. New York
New York’s wealth doesn’t come as a surprise when you think of Wall Street, the financial powerhouse at its core. New York City is a global center for finance, commerce, media, and technology, attracting top talent from around the world. The state’s stock exchanges, hedge funds, and real estate market bring in massive revenue, fueling the state’s wealth year after year.
9. California
California continues to reign as one of the richest states in America, and for good reason. It’s home to Silicon Valley, the global tech hub where companies like Apple, Google, and Facebook are headquartered. With its thriving entertainment industry in Hollywood, a massive agricultural output, and a booming real estate market, California’s economy is one of the largest in the world. High wages and a diverse economy keep the state on top.
10. Illinois
Chicago, the third-largest city in the U.S., is the economic engine of Illinois. The state is home to diverse industries, from finance and manufacturing to technology and agriculture. With major corporate headquarters and a wealth of top-tier universities, Illinois benefits from high-paying jobs and strong economic growth, ensuring its place as one of the richest states.
11. Colorado
Colorado has emerged as a wealth powerhouse thanks to its booming tech, aerospace, and renewable energy industries. Cities like Denver and Boulder are tech hubs, attracting skilled professionals from all over the country. Colorado’s strong economy, low unemployment, and high quality of life make it an attractive place to live and work, adding to its overall wealth.
12. Minnesota
Minnesota benefits from a diverse economy, with strong industries in healthcare, manufacturing, and finance. The Twin Cities (Minneapolis and St. Paul) are home to several Fortune 500 companies, including UnitedHealth Group and Target, providing high-paying jobs to the state’s residents. Minnesota’s strong educational system and high standard of living further contribute to its wealth.
13. Rhode Island
Rhode Island may be small, but its wealth per capita is impressive, especially in cities like Providence. The state’s economy is bolstered by finance, education, and healthcare sectors. With a strong presence in biotech and a growing tech scene, Rhode Island continues to see economic growth, with high average household incomes in the state.
14. Utah
Utah is quickly becoming a wealth hub, thanks to its booming tech industry and low cost of living. Known as the “Silicon Slopes,” Utah’s tech sector in Salt Lake City and Provo is attracting young professionals and entrepreneurs. The state’s strong economy, excellent schools, and high standard of living all contribute to its status as one of the wealthiest states in 2025.
