Discover the Top 10 richest states in the USA by GDP, With California, Texas, and New York on the list. Let’s learn about each state’s economic strength and overall wealth.
Richest States in the US
the United States is one of the richest countries in the world with its diverse range of economies each contributing uniquely to the nation’s wealth. Among the 50 states of the USA, each stands out as unique with its innovative workforce and high living standards. A key indicator of a truly wealthy state is its GDP. Measuring the wealth of each state can be tricky, but some clearly stand out. A wealthy state usually has a strong economy, high standards of living, and a diversely skilled workforce which in turn is totally measured by GDP.
Also read: Top 10 Most Expensive Air Jordan Sneakers Ever Sold in The World
What is GDP rate and how it is calculated
GDP (Gross domestic product) is a measure of total economic output and its economic health, It is the total value of all the goods and services produced within a country’s border over a specific period, usually a year or a quarter. It is often used to compare the economic strength of different countries and states.GDP is calculated through three approaches production approach, income approach, and expenditure approach. The production method adds up the value of everything produced in the country, but it only counts the final product to avoid Double-counting. The income method adds up all the money earned in the economy like wages for workers, rent from property owners, and taxes paid to the government. Coming to the expenditure method is the most common method used that adds up all the spending in the economy on things like consumption, investment, Government spending, exports, and imports. Though the approaches differ all these three methods should yield the same GDP figure approximately.
Wealthiest States in the USA
States like California, Texas, and New York top the list of richest states in the US. These states clearly stand out for their massive economies and global influence. California is well known for its tech and entertainment hub, Texas is known for its huge energy and manufacturing sector and New York has a strong financial sector that drives economic activity not just in the US, but around the world. In this article let’s explore the top 10 richest states in America based on GDP, the key indicator of economic wealth.
List of 10 Richest States In the USA by GDP Rate
In 2024, the United States GDP at current prices reached $28.269 Trillion marking an increase from $25.744 trillion in 2022. Among the states California led the nation with a GDP of $3.987 trillion, followed by Texas at $2.664 trillion and New York at $2.226 trillion. Below is the full list of US states with the highest GDPs.
| Rank | State or federal district | Nominal GDP at current prices 2023 (millions of U.S. dollars) | |
| 2022 | 2024 | ||
| – | United States | 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 |
On the other end, Vermont at $44.4 billion, Wyoming at $52.4 billion, and Alaska at $69.2 billion ended up to be the states with the lowest GDP.
List of 10 Richest States In the USA by Their GDP Per Capita
GDP per capita is a measure of a country’s economic output divided by its population, It portrays the average economic productivity or income of each person in a country assuming that the wealth is evenly distributed.
Richest States In the USA by Their GDP Per Capita:
In 2024 the average GDP per person varied widely across the United States. New York is on the top with $114,380 followed by Massachusetts with $108,185, and North Dakota with $93,983 having the highest GDP per capita figures. On the other end, the states with the lowest GDP per capita figures ended up being Mississippi $50,907, Arkansas $58,449, and West Virginia $57,857. Below is the full list of US states with the highest GDP per capita Figures.
| Rank | State or federal district | Nominal GDP per capita (U.S Dollars) | |
| 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 |
In the first quarter of 2024 personal income in the US increased significantly rising from $396.6 billion or 7.0% annually this growth benefited from higher earnings, transfer payments like government benefits, and property income. Earnings grow in 47 States and Washington DC, with a national growth rate of 4.7%. Alabama and Delaware Saw the biggest jumps at 7.2%, while North Dakota experienced a 4.5% drop. Across industries 21 out of 24 sectors saw earnings growth, marking earnings as the main force of income growth in 26 States and DC.
These rankings are derived from the data by the Bureau of Economic Analysis (BEA) in 2024 which exclude US territories and offer an overall view of the economic health across states.
Also read: Top 10 Most Expensive SuperCars in the World in 2024 | Luxury Car
Conclusion:
The economy of the United States is marked by significant variations in GDP across the states, with larger states like California, Texas, and New York leading the way with higher GDPs.Coming to the measure of GDP per capita income its growth in the first quarter of 2024 reflects a healthy economic environment which is led by increased earnings, government transfers, and property income.GDP of a state is defined as the sum of value added from all the industries within the state which serves as a reliable measure of economic activity. Understanding GDP per capita and state-level GDP data offers valuable insights into the complexity and diversity of the US economy.
