Top 10 Richest States In the USA by GDP Rate

Top 10 Richest States In the USA by GDP Rate

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Richest States in the US: While accurately measuring the wealth of US states is challenging, some states stand out as the wealthiest. That sounds impressive, doesn’t it? A state with a strong economy, high living standards, and a diverse, innovative workforce can be considered a wealthy state. With this in mind, we’ll list the 10 richest states in the US based on GDP, the most commonly used measure of economic health.

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List of the 10 richest states in the United States by GDP

In calendar year 2024, the total nominal GDP of the United States is $28.269 trillion, up from $25.744 trillion in 2022. The three U.S. states with the highest GDP are California ($3.987 trillion), Texas ($2.664 trillion), and New York ($2.226 trillion). Here is the full list:

rank

State or Federal District

Nominal GDP in 2023 (million USD)

2022

2024

–

USA

25,744,108

28,269,174

1

California

3,641,643

3,987,285

2

Texas

2,402,137

2,664,144

3

New York

2,048,403

2,226,903

4

Florida

1,439,065

1,647,446

5

Illinois

1,025,667

1,107,087

6

Pennsylvania

911,813

998,377

7

Ohio

825,990

896,604

8

Georgia

767,378

833,216

9

Washington

738,101

829,924

10

New Jersey

754,948

825,990

Conversely, the three states with the lowest GDP are Vermont ($44.4 billion), Wyoming ($51.4 billion), and Alaska ($69.2 billion).

Also Read | Top 10 Countries by GDP Per Capita (PPP) in 2024

The 10 richest states in the U.S. (ranked by GDP per capita)

In 2024, GDP per capita varies widely across the United States. New York ($114,380), Massachusetts ($108,185), and North Dakota ($93,983) have the highest GDP per capita. On the other hand, Mississippi ($50,907), Arkansas ($58,449), and West Virginia ($57,857) have the lowest GDP per capita. Notably, the District of Columbia has a GDP per capita of $263,220, which exceeds all states. Here is the full list:

rank

State or Federal District

Nominal GDP per capita (US$)

2022

2024

1

California

$93,460

$102,527

2

Texas

$78,750

$86,004

3

New York

$104,660

$114,380

4

Florida

$63,640

$71,703

5

Illinois

$81,730

$88,447

6

Pennsylvania

$70,350

$77,087

7

Ohio

$70,080

$75,905

8

Georgia

$69,570

$74,759

9

Washington

$94,470

$105,840

10

New Jersey

$81,260

$88,617

U.S. personal income increased significantly in the first quarter of 2024, increasing by 7.0% to $396.6 billion at an annual rate. The increase was driven by a variety of factors, including earnings, transfer income, and property income. Income increased in 47 states and the District of Columbia, with the national increase being 4.7%. The largest income increases were in Alabama and Delaware, both at 7.2%, while North Dakota saw a 4.5% decrease. Among industries, income increased in 21 of 24 industries, making it the main driver of personal income growth in 26 states and the District of Columbia. This list does not include U.S. territories, and GDP data are in millions of U.S. dollars. These rankings are based on 2024 Bureau of Economic Analysis (BEA) data, which defines each state’s GDP as “the sum of the value added of all industries in the state.”

Also read | Top 10 economies in the world [Updated 2024]Also Read | List of the 10 poorest countries in Africa in 2024, based on GNI and GDP report

Source: https://dinhtienhoang.edu.vn
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