5. Connecticut
GDP per Capita: $100,235
In 2019, Connecticut boasted the highest median household income of any state. Its slide to fourth place after just two years is a good indication of how fluid the list of richest states can be.
Connecticut’s high-quality education establishments, including the prestigious Yale University, contribute to the qualifications needed for the state’s high-paying jobs in financial services and insurance.
While banking and real estate dominate the workforce, the state still has remnants of its once-thriving agricultural sector in place, notably with livestock and animal rearing, as well as shade-grown tobacco, exported for cigar wrappers.
Connecticut’s manufacturing base has also declined, and where there were once businesses producing pins, clocks, and sewing machines, there are now high-technology companies.
While finance, insurance, and real estate bring in the majority of Connecticut’s income (generating $75.7 billion in GDP in 2018), the state has close ties to various weapons manufacturers, with Raytheon Technologies, Lockheed Martin, and General Dynamics among the companies making military hardware.
Secondary industries that help make Connecticut one of the richest states in the country include construction, retail, art and entertainment, and information services, with education and health services also contributing over 300,000 jobs.