Virginia Tops WalletHub's Richest-State Ranking With 67.57 Score as New York Finishes 2nd
Updated
Updated · Business Insider · Jun 6
Virginia Tops WalletHub's Richest-State Ranking With 67.57 Score as New York Finishes 2nd
3 articles · Updated · Business Insider · Jun 6
Summary
Virginia ranked as the richest U.S. state in WalletHub's latest study, scoring 67.57 and edging New York's 66.27 despite New York's far higher top-5% income.
Three income measures drove the ranking: average annual income for the top 5%, average income for the bottom 20%, and statewide median household income.
Virginia posted $545,097 for the top 5%, a $95,339 median household income and $19,671 for the bottom 20%, giving it a more balanced profile than New York.
New York's top 5% earned $585,523 on average, but its $96,746 median and $13,633 bottom-20% income highlighted wider disparity that WalletHub said kept it from No. 1.
California placed 13th with a 53.45 score, and WalletHub said the exit of high-wealth residents to lower-tax states such as Texas, Florida and Tennessee may be weighing on its standing.