America's Wealthiest States Ranked by GDP, Income, and Economic Indicators

When economists evaluate which regions possess the strongest financial foundations, they examine the wealthiest states in the US through a lens of comprehensive economic metrics. Rather than relying on a single measure, understanding the prosperity of America’s wealthiest states requires analyzing multiple indicators that collectively paint a picture of regional economic health and opportunity.

Understanding State Wealth: What Makes the Wealthiest States Prosper

The primary tool for evaluating state prosperity is Gross State Product (GSP), which measures the total value of goods and services produced within a state over a specific time period. According to the U.S. Department of Commerce’s Bureau of Economic Analysis, measuring state wealth differs fundamentally from calculating national GDP. Because each state encompasses diverse industries and economic activities, economists measure prosperity through total expenditures and earned incomes rather than production metrics alone.

The concept of the wealthiest states in the US extends beyond raw GDP figures. Financial analysts at GOBankingRates developed a holistic approach by examining the relationship between median household income, poverty rates, state gross product, home values, and per capita tax revenue. This multidimensional analysis reveals which states offer both economic opportunity and financial security to their residents.

The Top 5 Wealthiest States by Gross State Product

California commands the top position with a commanding $3.6 trillion in gross state product—a figure that would rival many nations’ entire economies. Yet its median household income of $84,097 and 12.3% poverty rate indicate that wealth concentration exists alongside economic inequality.

New York secures the second position with $2.53 trillion in gross state product and a median income of $75,157. The state’s substantial 13.5% poverty rate suggests that enormous wealth coexists with pockets of financial hardship.

Texas rounds out the top three with $2.4 trillion in gross state product, though its median income of $67,321 lags behind many other prosperous states. The 14.0% poverty rate highlights economic disparity across this large state.

Moving to the next tier, Illinois contributes $1.03 trillion to the national economy with a median household income of $72,563 and an 11.8% poverty rate. Washington State generates $726 billion in gross state product, supported by a median income of $82,400 and a relatively healthy 10.0% poverty rate.

State Prosperity Metrics: GDP, Income, and Poverty Rates

Beyond the economic giants, numerous states demonstrate strong financial foundations through balanced economic indicators. New Jersey showcases $745.4 billion in gross state product paired with the third-highest median income at $89,703. Virginia produces $649.4 billion while maintaining a respectable 9.9% poverty rate.

Massachusetts offers a compelling profile with $688.3 billion in gross state product and the second-highest median income at $89,026, coupled with a 9.9% poverty rate. Colorado generates $484.4 billion with a median income of $80,184 and represents one of the lower poverty rates at 9.6%.

Minnesota demonstrates balanced prosperity with $446.5 billion in gross state product, a median income of $77,706, and a favorable 9.2% poverty rate. Maryland stands out for achieving the highest median household income at $91,431, despite generating $470.2 billion in gross state product—suggesting income-to-production efficiency.

Rising Stars: Mid-Tier Wealthiest States with Strong Income Growth

Connecticut generates $322 billion in gross state product with a median income of $83,572 and maintains a 10.0% poverty rate. Oregon contributes $299.1 trillion through diverse economic sectors, paired with a median income of $70,084.

Utah represents emerging prosperity with $248.2 billion in gross state product and the lowest poverty rate among all major states at just 8.8%, alongside a strong median income of $79,133. New Hampshire rounds out this group with $104.4 billion in gross state product and the third-highest median income at $83,449, boasting the lowest poverty rate at 7.4%.

Additional wealthiest states include Delaware ($87.5 billion GSP, $72,724 median income, 11.4% poverty rate), Hawaii ($98.2 billion GSP, $88,005 median income, 9.5% poverty rate), Rhode Island ($71.4 billion GSP, $74,489 median income, 11.3% poverty rate), North Dakota ($73.3 billion GSP, $68,131 median income, 10.7% poverty rate), and Alaska ($63.6 billion GSP, $80,287 median income, 10.4% poverty rate).

Economic Diversity Across America’s Wealthiest States

The ranking of America’s wealthiest states reveals important patterns about regional economic structures. Coastal states, particularly California and New York, dominate in absolute gross state product due to population size and industrial concentration. However, states like Maryland and New Hampshire demonstrate that median income and poverty rates tell a different story—one where smaller populations can achieve higher per-capita prosperity.

The disparity between median income and gross state product in states like Texas and New York suggests that wealth concentration varies dramatically. Texas generates enormous economic output while maintaining a relatively lower median income, whereas Maryland achieves the highest median income despite smaller gross state product figures.

Methodology: How We Ranked the Wealthiest States

This analysis of America’s wealthiest states incorporates data from multiple authoritative sources. The ranking methodology considered: Gross State Product data from the 2022 Regional GDP compiled by the US Census, average home values from Zillow’s 2023 Home Value Index for single-family homes, median household income from the American Community Survey, state tax revenue per capita sourced from the Tax Policy Center, and poverty percentages from the American Community Survey in the US Census.

Each metric was scored individually, and the composite scores determined the final ranking of the wealthiest states in the US. All data reflects conditions as of mid-2023, providing a comprehensive snapshot of state economic health during that period. This multifaceted approach ensures that the ranking captures not only raw economic output but also income distribution and quality of life indicators that define true regional prosperity.