Top 5 Richest US States by Total GDP
The richest US states by total economic output are California, Texas, New York, Florida, and Illinois, according to the latest Bureau of Economic Analysis data. California leads with a GDP above $3.6 trillion, driven by technology, entertainment, and agriculture. Texas follows with a GDP near $2.4 trillion, supported by energy, manufacturing, and logistics. Forbes reports the state GDP rankings and export composition.
New York ranks third with a GDP over $2.0 trillion, anchored by finance, media, and professional services. Florida and Illinois complete the top five with strong tourism, healthcare, and diversified manufacturing bases. These five states account for more than half of U.S. nominal GDP and host the headquarters of the majority of Fortune 500 companies.
Richest States by Per Capita Income and Wealth
When measured by median household income and per capita personal income, the richest US states include Maryland, Massachusetts, New Jersey, Hawaii, and Connecticut. Maryland leads with median household income above $90,000, supported by federal government, cybersecurity, and life sciences clusters in the Baltimore and Washington corridor.
Massachusetts ranks high due to biotechnology, higher education, and finance, while New Jersey benefits from its proximity to New York City and its pharmaceutical and finance sectors. Hawaii and Connecticut round out the top five with high costs of living and strong public-sector and finance employment. U.S. Census Bureau QuickFacts provides the latest income and poverty statistics.
Major Companies and Industries Driving State Wealth
California: Technology and Entertainment
California remains the richest state by total GDP because of Silicon Valley, Hollywood, and a massive agricultural sector. Companies such as Apple, Alphabet, Tesla, and Nvidia have market capitalizations that exceed the GDP of many countries. SEC EDGAR filings show that California hosts the most public companies by market capitalization.
Texas: Energy, Manufacturing, and Tech Growth
Texas is the second richest state by GDP, with major hubs in Houston energy, Dallas finance, and Austin technology. Tesla operates its Gigafactory Texas, and SpaceX has significant operations in the state. Tesla's Gigafactory Texas page details the Austin production facility.
New York: Global Finance and Media
New York's wealth is anchored by Wall Street, media conglomerates, and a large professional services sector. The state hosts the headquarters of major banks, asset managers, and advertising firms that drive high-value employment across the New York metropolitan area.
Florida and Illinois: Diversified Economies
Florida's economy is powered by tourism, international trade, and healthcare, while Illinois relies on finance, manufacturing, and transportation infrastructure centered around Chicago. Both states rank among the richest US states by total output and maintain large, diversified corporate bases.