The Average Net Worth By State, According To The Latest Data

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average net worth by state

If we love one thing, it is talking about net worth. If we love two things, it is long lists that are broken down by state. Today, courtesy of Personal Capital, we have a marriage of those two things with the average net worth by state.

It is worth noting, most people who use Personal Capital, do so because they want to have a better handle on their finances. That means that the data used by Personal Capital is going to skew higher than reality. Because when your pool consists of financially savvy people, you are bound to have a higher average net worth than if you were able to use data from the entire population.

Average Net Worth In Every State, According To New Data From Personal Capital

income-to-be-considered-rich

Rank State Amount
1 California $884,003
2 Connecticut $873,746
3 Washington $865,309
4 New Jersey $810,106
5 Massachusetts $787,154
6 New Hampshire $735,968
7 Vermont $730,730
8 Virginia $716,643
9 Colorado $711,968
10 Illinois $690,464
11 New York $690,037
12 Oregon $666,247
13 North Carolina $653,513
14 Alaska $652,999
15 Maryland $650,616
16 Minnesota $648,178
17 Pennsylvania $636,880
18 Nevada $636,385
19 Texas $634,048
20 Idaho $626,599
21 Florida $619,275
22 South Dakota $614,059
23 Washington, DC $611,898
24 Arizona $605,953
25 Iowa $600,063
26 South Carolina $587,075
27 Georgia $568,001
28 New Mexico $553,107
29 Wisconsin $553,086
30 Michigan $550,298
31 Ohio $545,090
32 Kentucky $544,334
33 Delaware $542,743
34 Tennessee $530,092
35 Kansas $523,916
36 Rhode Island $523,710
37 Hawaii $518,417
38 Wyoming $516,292
39 Nebraska $504,347
40 Missouri $504,319
41 Indiana $497,440
42 Maine $494,845
43 Montana $490,433
44 Alabama $481,228
45 Utah $474,093
46 Louisiana $459,770
47 Oklahoma $448,494
48 Arkansas $439,790
49 Mississippi $407,691
50 West Virginia $376,690
51 North Dakota $339,955

So what gives with some states ranking so high while others are much lower? Simple. There are a lot more millionaires in the more densely populated states.

According to Personal Capital:

Not surprisingly, some of the states with the largest numbers of millionaire households ranked high in net worth. For example, New Jersey has the highest ratios of millionaire households per capita (9.76%). Connecticut (9.44%), Massachusetts (9.38%), California (8.51%), New Hampshire (8.47%) and Virginia (8.31%) also rank in the top 10 in both average net worth and ratio of millionaire households per capita.

Meanwhile, a high cost of living, including high taxes, could be a factor in some states not ranking highly in average net worth. For example, Delaware, Tennessee, Wyoming and Florida are among the top five states with the highest total tax burden, while Hawaii has the highest cost of living of any state in the nation.

If you are looking at this list feeling like a net worth on this level is unattainable, you’re probably not alone. The good news, however, is that your current financial situation doesn’t need to be your financial situation forever.

How to increase net worth? 

Here are a few ways that you can do it. Implement them all and you’ll reach financial freedom early. Implement some of them and you’ll still be on the right track to a much higher net worth.

  • Minimize expenses.
  • Don’t spend money on luxury goods.
  • Use the 50/30/20 rule if you have trouble with saving and spending.
  • Use money generated from side hustles and any other excess cash to invest and create new passive income streams.
  • Wake up in 10 years and realize you’re kind of rich.

Sounds pretty easy doesn’t it? In theory, it is. In practice, you will need to be disciplined enough to stick to the plan. Because wealth takes time to grow. And the sooner you start the faster you will get to the financial finish line.

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.

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