The 10 Richest States in America, According to a New Study
A new analysis has revealed which U.S. states are truly the wealthiest — and it’s not just about big salaries or impressive GDPs.
The study, conducted by Dancing Numbers, a QuickBooks data automation platform, ranked every state using four key financial indicators: median household income (30%), GDP per capita (25%), disposable income (25%), and cost of living (20%).
Data came from the Federal Reserve, the Bureau of Economic Analysis, the Census Bureau, and the MIT Living Wage Calculator. Each factor was normalized on a 0–1 scale and combined into a Wealth Score from 0 to 100, with higher scores reflecting stronger real-world purchasing power — meaning how much residents actually have left after covering basic expenses.
Punit K. Jindal, founder of Dancing Numbers, explains:
“True wealth means looking at the complete picture. Income figures tell only part of the story. What matters is purchasing power — how much money residents actually have left after meeting their basic needs.”
Below are the ten richest states in America, according to this analysis.
10. North Dakota (Wealth Score: 76.53)
North Dakota may not make flashy headlines, but its energy-driven economy and low living costs push it into the top 10. A median household income of $88,080 and one of the lowest average annual expenses ($41,148) leave residents with roughly $46,900 to spend freely each year. That balance of modest wages and affordability quietly beats out much larger states.
9. Minnesota (Wealth Score: 77.22)
Minnesota strikes a strong middle-class balance. With a median income of $92,350 and reasonable living costs, residents keep about $46,486 in disposable income. A robust healthcare and tech sector supports high employment and stable wages, making the state a model for sustainable wealth without coastal price tags.
8. New Jersey (Wealth Score: 79.97)
Despite sky-high housing and tax bills, New Jersey’s strong job market, anchored by pharmaceuticals, logistics, and finance, earns it a spot in the top 10. A median household income above $103,000 and disposable income near $49,000 show how even costly regions can deliver solid take-home wealth when paychecks match the market.
7. Texas (Wealth Score: 84.61)
Texas combines scale with savings. The average household brings in $81,490 per year, while the cost of living averages $45,386, and with no state income tax, that $36,000 in disposable income stretches further. Energy, tech, and a business-friendly climate continue to lure workers from pricier states looking for lower costs without sacrificing opportunity.
6. Massachusetts (Wealth Score: 85.07)
High salaries meet higher costs in Massachusetts. The median household income is $113,900 (the highest in the Northeast), but annual living expenses top $60,000. Even so, residents still keep $53,820 in disposable income. With powerhouse industries in education, biotech, and finance, Massachusetts remains a hub of innovation-driven prosperity.
5. Colorado (Wealth Score: 87.49)
Rounding out the top five, Colorado earns a Wealth Score of 87.49 with a median household income of $106,500 and GDP per capita of $557,633. Annual living costs of $52,981 leave residents with $53,519 in disposable income.
“Colorado shows how quality-of-life factors can support a strong economy,” Jindal notes. “Companies locate there to access talent, and workers accept competitive, though not extreme, wages for the lifestyle benefits.”
4. Utah (Wealth Score: 88.46)
Utah’s balance of high income and low expenses pushes it to fourth. With a median household income of $104,000 and the lowest living costs among the top five ($49,737), residents keep $54,263 each year.
“Utah represents one of the best value propositions in America,” says Jindal. “Residents earn six figures while enjoying significantly lower costs than comparable tech hubs.”
3. Maryland (Wealth Score: 90.01)
Maryland ranks third thanks to its proximity to Washington, D.C., and a concentration of federal contractors, biotech firms, and cybersecurity companies. With a $109,700 median household income and $55,273 in disposable income, the state offers both high pay and manageable living costs.
“Maryland residents benefit from high-paying government and tech sector jobs while avoiding the extreme housing costs seen in coastal metros,” Jindal explains.
2. New Hampshire (Wealth Score: 97.84)
New Hampshire may be small, but it packs serious financial strength. The state leads the nation in disposable income at $60,248 per year! All while maintaining a median household income of $111,800 and a moderate cost of living ($51,552).
“New Hampshire demonstrates the power of affordability,” notes Jindal. “Even with a smaller economy, residents come out ahead financially because their earnings stretch further.”
1. California (Wealth Score: 100)
California takes the crown with a perfect 100 score, driven by a $100,600 median household income and an eye-popping $4 trillion GDP — the largest of any state. Yet that wealth doesn’t always reach individual residents. Annual living costs of $59,740 leave about $40,860 in disposable income.
“California’s position shows how GDP and income don’t automatically translate to personal wealth,” says Jindal. “The state generates enormous economic output, but individual residents face some of the nation’s highest costs for housing, transportation, and basic necessities.”
What the Data Reveals
“These rankings reveal something many Americans intuitively understand,” Jindal adds. “A $120,000 salary means something completely different in San Francisco versus Salt Lake City. For anyone considering relocation, this analysis helps show where paychecks truly go further — and where affordability gives you a real shot at building long-term wealth.”
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