20 Richest States in America

When looking at how "rich" a state is, economists look at something known as gross domestic product, or GDP. It's one of those terms you may only vaguely remember learning about in high school Economics class. GDP refers to the total value of goods and services within a country over a set time period, according to Investopedia.

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According to the U.S. Department of Commerce's Bureau of Economic Analysis, GDP can't be measured in the same way by state as it is in countries, because state GDP involves a wide variety of goods and services. Thus, the main method is to measure it by total expenditures, or the number of incomes earned.

Thus, GOBankingRates looked at the relationship between median incomes, poverty rate and state GDP to determine which ones are the top 20 "richest" states. See if your state made the list.

Hillsboro North Dakota

20. North Dakota

  • Median income: $68,131
  • Gross state product: $73.3 billion
  • Poverty rate: 10.7%

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Juneau, United Stated - May 17, 2011: Business located along South Franklin Street in downtown Juneau, Alaska.

19. Alaska

  • Median income: $80,287
  • Gross state product: $63.6 billion
  • Poverty rate: 10.4%

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Aerial View of Delaware Riverfront Town Gloucester New Jersey.

18. Delaware

  • Median income: $72,724
  • Gross state product: $87.5 billion 
  • Poverty rate: 11.4% 
A view from Mt.

17. Oregon

  • Median income:  $70,084  
  • Gross state product: $299.1 trillion
  • Poverty rate: 12.1% 
Crowds gather along Woonasquatucket river in Providence, RI in preparation for the summer series known as WaterFire, which consists of fiery wooden blocks placed along the river during the nighttime.

16. Rhode Island

  • Median income:  $74,489 
  • Gross state product: $71.4 billion 
  • Poverty rate: 11.3% 

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Mandatory Credit: Photo by TANNEN MAURY/EPA-EFE/Shutterstock (10593959c)A photo made with a drone shows the United Center which is home to the Chicago Bulls of the NBA and the Chicago Blackhawks of the NHL in Chicago, Illinois, USA, 25 March 2020.

15. Illinois

  • Median income:  $72,563 
  • Gross state product: $1.03 trillion
  • Poverty rate: 11.8% 
Salt Lake City Aerial View stock photo

14. Utah

  • Median income:  $79,133 
  • Gross state product: $248.2 billion 
  • Poverty rate: 8.8% 
A view of downtown St.

13. Minnesota

  • Median income:  $77,706  
  • Gross state product: $446.5 billion 
  • Poverty rate: 9.2% 

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Portsmouth, New Hampshire, USA town cityscape.

12. New Hampshire

  • Median income:  $83,449 
  • Gross state product: $104.4 billion 
  • Poverty rate: 7.4% 
El Paso, Texas stock photo

11. Texas

  • Median income:  $67,321 
  • Gross state product: $2.4 trillion
  • Poverty rate: 14.0% 
Brightly colored row houses in Richmond, Virginia.

10. Virginia

  • Median income:  $80,615 
  • Gross state product: $649.4 billion 
  • Poverty rate: 9.9% 

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Vail, Colorado, USA Downtown Drone Mountains Aerial.

9. Colorado

  • Median income:  $80,184.00 
  • Gross state product: $484.4 
  • Poverty rate: 9.6% 
Aerial panorama of Stamford, Connecticut - Image.

8. Connecticut

  • Median income:  $83,572 
  • Gross state product: $322 billion 
  • Poverty rate: 10.0% 
View on downtown of Baltimore at night.

7. Maryland

  • Median income:  $91,431.00 
  • Gross state product: $470.2 billion 
  • Poverty rate: 9.2% 

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Seattle, Washington, USA downtown skyline at night with Mt.

6. Washington

  • Median income:  $82,400 
  • Gross state product: $726 billion 
  • Poverty rate: 10.0% 
New Brunswick is a city in Middlesex County, New Jersey, United States.

5. New Jersey

  • Median income:  $89,703 
  • Gross state product: $745.4 
  • Poverty rate: 9.8% 
Boston, USA - April 28, 2015: Fountain at Boston Common public park and people in Boston, MA, United States.

4. Massachusetts

  • Median income:  $89,026 
  • Gross state product: $688.3 billion 
  • Poverty rate: 9.9% 

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Dad and little girl on Brooklyn bridge, New York City stock photo

3. New York

  • Median income:  $75,157 
  • Gross state product: $2.53 trillion
  • Poverty rate: 13.5% 
Waialua Bay and Haleiwa, Oahu Hawaii

2. Hawaii

  • Median income:  $88,005 
  • Gross state product: $98.2 billion 
  • Poverty rate: 9.5% 
Los Angeles Downtown Skyline Freeway 110 stock photo

1. California

  • Median income:  $84,097 
  • Gross state product: $3.6 trillion 
  • Poverty rate: 12.3% 

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Gabrielle Olya contributed to the reporting for this article.

Methodology: To find the Richest States in America, GoBankingRates gathered data on each state to make the calculations. The factors gathered for each state are; [1] State's GDP sourced from the 2022 Regional GDP in the US Census, [2] Zillow Home Value Index's 2023 Average home value for single family homes sourced from Zillow, [3] median household income sourced from the American Community Survey in the US Census, [4] State Tax Revenue per Capita sourced from the Tax Policy Center, and [5] Poverty percentage sourced from the American Community Survey in the US Census. All data was scored and the scores were combined to give a total score that ranked each states showing the Richest States in America. All data is up-to-date as-of June 6th, 2023.

This article originally appeared on GOBankingRates.com: 20 Richest States in America

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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