We live in a time of opulent wealth. The 20th century marked the birth of the first billionaire. John D. Rockefeller attained that status in 1916 through his ownership of Standard Oil. A century and some later and we are already predicting the rise of the trillionaire. It is unsurprisingly Elon Musk who is en route to snagging that title.
The U.S. is currently home to the most billionaires in the world. It is also the country that the richest man in the world has chosen to make his home. But some may be interested in learning which states host the most affluent consumers. That is precisely what we are going to be focusing on in this text.
The Golden State is Home to the Most Billionaires
There are not going to be many people who are shocked by California taking the number one spot. There are currently 186 billionaires that have made the Golden State their primary residence. California is the perfect place for tech entrepreneurs to network and socialize. It is not much of a surprise that many of the richest people choose to make the sunny seaside state their home.
It isn’t just the billionaires that elevate California’s overall wealth. The state is also the hub of American entertainment. That means that Cali is the state capital of entertainment; considering the dominance of the US’ media market. The world’s richest film and music stars have all made California their home. It is the best place to establish relationships with top tier directors and producers and further strengthen their careers.
The data ranking the cities with more millionaires than anywhere else shows that California is by far in the lead in that department as well. The Golden State’s contribution to the national GDP also reflects its status as the place in America where the most affluent consumers dwell. It leads GDP contributions by a significant margin with over 14%. That isn’t even mentioning the bustling tourism industry. Visitors from all over the world go to California hoping to see their favorite celebrities and go for a swim in the azure ocean.
Massachusetts is the Richest State in the USA
Massachusetts is currently the richest state in the USA. Nobody would argue the state’s rich historical significance. But some may be surprised to learn that the Bay State also has the highest median income than any other place in the United States of America. Studies have found that proximity to prestigious educational facilities and economic hubs is what elevates a region’s wealth. Massachusetts has the good fortune of housing Boston which would be considered both.
Harvard and MIT are both among the most respectable institutions of higher learning in the world. Students and alumni are often met with great success once they leave the campus. Boston is also an economic powerhouse in the United States. Massachusetts also has the good fortune of being in relatively close proximity to New York City; another economic and educational hub in the nation.
The Old Colony State is also home to 22 billionaires. The numbers show that there are 3.15 billionaires per one million people in Massachusetts. Abigail Johnson is the richest person in Massachusetts as per the latest data on the subject. Johnson is the CEO of Fidelity Investment and a forward-thinking entrepreneur. She is among the few who has embraced cryptocurrency and sees a potential future in decentralized finances.
Maryland has the Lowest Unemployment Rate
We must also talk about employment rates and education when discussing wealth. The three are fundamentally linked. Maryland may not be the richest state in the union. But they do rank as the highest in two major economic indicators. The Free State consistently ranks highest in education and lowest in unemployment. That is likely why it is the third richest state in the USA and why many young entrepreneurs are looking to start a business in the state.
We said before that education and proximity to economic hubs is key to the financial success of a state. Maryland not only has those advantages; but the state also boasts a lengthy ocean coastline. The Port of Baltimore and the Chesapeake Bay contribute immensely to Little America’s coastal economy. Proximity to Washington D.C. puts Maryland in the perfect position to generate federal jobs and establish relationships with governors and other federal employees. The state also has a ton of contracting opportunities with the country’s capital.
Maryland houses eleven billionaires, with them representing 1,79 in a million people in the state. Annette Lerner is currently the richest resident of Maryland. She boasts an impressive net worth of $5.5 billion. Lerner Enterprises is currently the largest owner of real estate in the Washington D.C. area. She uses her and her family’s wealth to support charities and universities all over the country.
Closing Remarks
A look at the richest states in the union has led us to some conclusions about what it means to accumulate wealth. Many of the richest regions share some things in common. A lot of them are in close proximity to high-ranking educational facilities for example. They attract students from all over the world, many of whom stick around to seek their own wealth after graduating. A coastline is absolutely necessary. Not only does it boast tourism; it also opens the opportunity for a strong coastal economy.