When compared to other developed countries in the world, the US of A is definitely the richest. It is a global economic power and ranks as the third richest economy out of the top 50 wealthiest economies of the world based on GDP rankings. Another advantage that the United States has would be the fact that there is a lot of unity in diversity; being a new country, it has been able to maintain its progress fairly and equitably. Furthermore, the vast expanse of the United States makes it almost akin to a subcontinent as there are so many variations in terrains from one state to the other. Despite being an overall rich country, here are the five richest states in the US as per the data furnished by the Commerce Department's Bureau of Economic Analysis- the results are most certainly different from general expectations:
1. Washington, D.C.
The state topping the list is Washington D.C., which is technically not a state, but is the most richest regions in the US. The capital city has most certainly had a lot of investments and cash inflows after the recession in 2008 and has been growing ever since. D.C. reported a growth of 1.9% in its economy in 2011 and also has the highest per capita income amongst all the 50 states. Despite the dominance of the Government in Washington D.C., there are some leading defense firms like Lockheed Martin and Boeing that have given a boost to Washington’s economy. Washington D.C. has a per capita income of $148,251.
The other state coming to a close second is Delaware which has a per capita income of $63,159. The state of Delaware has recorded a 1.6% growth in the year 2011 and is dominated by the finance sector. Out of the total GDP of Delaware in 2011, 38% of it was contributed by the finance industry alone with real estate being the second biggest contributor. Delaware’s pro-business environment and easier corporate laws have made the state a very viable for public companies to thrive.
Alaska stands third in the list with a per capita income of $61,853. The reason behind Alaska’s wealthy status is the energy boom that it is thriving on, which is the reason why this icy state has a solid per capita GDP. Alaska in 2011, was the fifth state in the US to have a fast growing economy. The recent State Legislative decision has provided tax breaks to the topmost oil companies and this is a measure that could lead to a soaring Alaskan economy in the near future.
At the fourth position is the state of Connecticut that has a per capita income of $56,242. Not only does it have a very strong per capita GDP income, but it also ranks high on its personal income per capita in the entire US, making its citizens the wealthiest in the nation. The GDP of Connecticut grew at a rate of 2% in 2011 and it has a diverse economy that ranges from healthcare to finance, which makes it rather strong economically. The wealth of Connecticut has been fueled by some of the organizations that have their headquarters there such as United Technologies, who incidentally employ over 26 thousand state citizens.
Wyoming is the last on the list, having a per capita income of $55,516. This one is a surprise, as Wyoming has never been considered to be a wealthy state, but despite this notion, the people of Wyoming are doing well. It has the fifth highest GDP per capita income in the country and also is the state with the least population which is perhaps an added advantage. A lot of the GDP was contributed through mining, apart from transportation, manufacturing and real estate also being strong contributors to the economy of Wyoming. Nonetheless, coal mining is perhaps the forte of the state as it has nine out of the top ten highest producing coal mines in the US, out of which only two of its mine contribute to 20% of the total coal production in the US.