In this article we are going to list the 5 wealthiest states in America. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 wealthiest states in America.
5. Illinois
Total number of millionaires in the state: 346,873
Total number of billionaires in the state: 17
Illinois sees most of its wealth come from the Chicago metropolitan area, even though according to reports, it has lost out on around $107 billion in the past decade as a result of wealthy Illinoisans leaving the state.
4. Florida
Total number of millionaires in the state: 496,971
Total number of billionaires in the state: 60
A lack of state income tax attracts the wealthy to Texas like a moth to light. In addition, many wealthy retirees make Florida their retirement destination because of warm weather and access to the beach. According to SmartAsset, the wealthy flock to Florida at a rate four times higher than any other state in the country.
3. Texas
Total number of millionaires in the state: 650,216
Total number of billionaires in the state: 58
Texas being one of the wealthiest states in America should come as no surprise considering its vast oil reserves and the companies established to take advantage of this situation. However, the state has diversified its economy with the information technology sector, electric power, and aerospace and defense. It is also considered to be a manufacturing powerhouse.
2. New York
Total number of millionaires in the state: 570,456
Total number of billionaires in the state: 114
Most of New York’s wealth is through New York City, considered to be the financial center of the world. This is why banks dominate the biggest companies in New York, with JPMorgan Chase & Co. (NYSE:JPM) being the biggest company in the state. Apart from JPMorgan Chase & Co. (NYSE:JPM), the state is also home to one of the biggest pharmaceutical companies in the world in Pfizer Inc. (NYSE:PFE).
1. California
Total number of millionaires in the state: 1,147,251
Total number of billionaires in the state: 189
Easily topping the list of the 15 wealthiest states in America is California, the only state with over 1 million millionaires and the highest number of billionaires as well. The reason that California is so wealthy is largely due to being home to Silicon Valley, which itself is home to some of the biggest tech companies in the world including the most valuable company in the world and one of the most valuable in history in Apple Inc. (NASDAQ:AAPL). To learn more about the biggest companies in California, consider taking a look at the 25 biggest Californian companies.
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