Richest States in USA: Economic Powerhouses Ranked by GDP and Median Income

Understanding which states possess the strongest economies requires looking beyond simple statistics. The richest states in USA demonstrate their wealth through multiple economic indicators including gross state product, median household income, and poverty rates. These metrics, sourced from the U.S. Census Bureau, the Bureau of Economic Analysis, and other authoritative sources, provide a comprehensive view of each state’s economic health and prosperity levels.

How State Wealth Is Measured

State economic strength differs from national GDP calculations. The U.S. Department of Commerce’s Bureau of Economic Analysis measures state wealth through total expenditures and incomes earned, rather than applying national GDP methodology. A state’s economic power reflects three critical factors: gross state product (total economic output), median household income (typical worker earnings), and poverty rate (percentage of population below poverty line). These components together reveal which richest states in USA truly lead in economic performance and quality of life.

West Coast and Southwest Economic Leaders

California ranks as the nation’s dominant economic force with a gross state product of $3.6 trillion—more than any other state by far. Despite this massive economic output, California’s median income of $84,097 and poverty rate of 12.3% reveal that wealth isn’t evenly distributed.

Washington follows as a West Coast powerhouse with $726 billion in gross state product and a median income of $82,400. The state’s 10.0% poverty rate reflects relatively balanced prosperity.

Texas demonstrates the strength of diversified state economies, ranking 11th among the richest states in USA with $2.4 trillion in gross state product. However, Texas’s median income of $67,321 and 14.0% poverty rate indicate income inequality remains a challenge despite overall economic scale.

Northeast’s Affluent States

New York secures third place nationally with $2.53 trillion in gross state product, though its median income of $75,157 and 13.5% poverty rate suggest uneven wealth distribution typical of major metropolitan economies.

Massachusetts and New Jersey represent the Northeast’s most affluent regions. Massachusetts shows median income of $89,026 with 9.9% poverty, while New Jersey exceeds it with $89,703 median income and 9.8% poverty rate. Both states demonstrate how concentrated wealth and strong income levels coexist.

Connecticut rounds out the Northeast’s top performers with $322 billion in gross state product, $83,572 median income, and 10.0% poverty rate—showing consistent prosperity across income levels.

Mid-Atlantic and Upper Midwest Contributors

Maryland stands out with the nation’s highest median income at $91,431, complemented by $470.2 billion in gross state product and 9.2% poverty rate. This combination marks Maryland as one of the richest states in USA by per-capita measures.

Virginia and Delaware strengthen the Mid-Atlantic’s economic profile. Virginia contributes $649.4 billion in gross state product with $80,615 median income. Delaware, despite smaller scale at $87.5 billion, maintains solid median income of $72,724.

Illinois plays a major Midwest role with $1.03 trillion in gross state product, though median income of $72,563 and 11.8% poverty reveal less uniformity than some smaller states.

Underappreciated Economic Contributors

Minnesota and Colorado demonstrate that richest states in USA extend beyond coastal regions. Minnesota contributes $446.5 billion with $77,706 median income and 9.2% poverty. Colorado shows $484.4 billion in economic output, $80,184 median income, and 9.6% poverty—both outperforming national averages.

Utah gains recognition with $248.2 billion in gross state product, $79,133 median income, and notably the lowest poverty rate at 8.8% among ranked states. This suggests strong economic opportunity distribution.

New Hampshire rounds out the upper tier with $83,449 median income—among the highest nationally—and 7.4% poverty rate, paired with $104.4 billion gross state product.

Additional Top Performers

Hawaii ranks high with $98.2 billion in gross state product, $88,005 median income, and 9.5% poverty. Despite island economics’ constraints, Hawaii maintains prosperity comparable to larger mainland states.

Alaska contributes $63.6 billion in gross state product with $80,287 median income and 10.4% poverty, demonstrating that resource-based economies can generate significant wealth.

Rhode Island, Oregon, and North Dakota complete the rankings with gross state products ranging from $71.4 billion to $299.1 billion, median incomes between $68,131 and $74,489, and poverty rates spanning 10.7% to 12.1%.

Understanding the Broader Picture

The richest states in USA don’t necessarily show perfect correlation between total economic output and median income. California and Texas boast enormous gross state products yet rank lower in median income compared to smaller states like Maryland and New Hampshire. This reveals that state wealth concentrates differently—some states generate massive economies while others distribute prosperity more evenly across their populations.

The data, based on 2023 economic assessments from the U.S. Census Bureau’s American Community Survey, Regional GDP reports, Tax Policy Center calculations, and Zillow housing data, provides the most current comprehensive ranking available. These metrics remain the gold standard for understanding which states maintain the strongest economies and offer the greatest economic opportunity for residents.