America's Richest States: 24/7 Wall St.
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From 24/7 Wall St.: The national poverty and income figures released recently by the government paint a dark picture of the economy. The total number of households living below the poverty line is the highest since 1959, when records were first kept. The median income is the same level it was in 1996.
Despite the trend, some states are still on top. Using the latest Census data, 24/7 Wall St. has identified the ten states where median income is the highest in the country and poverty rates are low.
Nearly all the states with high median incomes and low poverty levels also have relatively healthy economies. Some states benefit from core industries that are performing well. Alaska, which relies on oil extraction, is doing well in part due to the relatively high price of oil. Utah’s major cities are growing as tech companies and research firms relocate there. Hawaii and Colorado serve as resort locations for the rich and retired.
Other states benefit from their proximity to other states. These states have large and affluent suburbs serving America’s large cities. While New Jersey, Connecticut, Virginia and Maryland have their own industry, they are also home to commuters who work in Washington D.C. and New York City. Many of these suburbs are some of the richest in the country. And while these state shave major metropolitan areas of their own, the median income in these states is not weighed down by the low-income residents that live in these bigger cities, unlike New York and D.C.
24/7 Wall St. reviewed census data from all 50 states on median income, poverty rates, unemployment, and health insurance coverage. We then identified the ten states that have the highest median incomes along with the distribution of income in each state by city.
These are the richest states in America, according to 24/7 Wall St.
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First Posted: 09/17/11 12:03 PM ET Updated: 11/16/11 05:12 AM ET