Virginia tops WalletHub income ranking as New York and California trail
A new state income ranking places Virginia first in the U.S., ahead of larger wealth hubs such as New York and California. The study weighs median household income alongside earnings at the top and bottom of the income scale, highlighting how income distribution affects overall standings.
Highlights
- Virginia tops WalletHub's state income ranking with a score of 67.57, followed by New York at 66.27 and New Jersey at 66.08.
- New York's median annual income of about $96,000 and notable income disparity prevent it from surpassing Virginia in the ranking.
- California ranks 13th, with WalletHub citing outflows of high-wealth residents to lower-tax states like Texas and Florida as a key driver.
WalletHub ranking methodology and state results
As reported by WalletHub, the ranking uses three income-related measures: the average annual income of the top 5%, the average annual income of the bottom 20%, and median annual household income across each state's population.Virginia leads the list with a total score of 67.57, followed by New York at 66.27 and New Jersey at 66.08. Washington ranks fourth at 65.23, and Connecticut rounds out the top five with 64.73.
Utah, Colorado, Minnesota, Illinois, and Massachusetts fill positions six through 10. Texas ranks 11th, the District of Columbia 12th, California 13th, Georgia 14th, and Florida 15th.
Income disparity shapes standings across major states
Chip Lupo, an analyst at WalletHub, says New York falls short of the top spot partly because its income gap weighs on its overall position. He says that while the highest earners in the state make substantial incomes, middle-class earnings are less competitive by comparison, with median annual income at about $96,000.California also places lower than its reputation for concentrated wealth might suggest. Lupo says the state may be affected by an outflow of high-wealth residents to lower-tax states such as Texas, Florida, and Tennessee, which he identifies as a major factor in the ranking.
The dataset underscores that high incomes at the very top do not by themselves secure the strongest statewide result. States with more balanced earnings across income groups can rank better than larger economies known for billionaire wealth.
In our earlier article, we covered a U.S. Treasury analysis cited by House Republicans arguing that recent Working Families Tax Cuts mainly benefited Americans earning under $100,000. The report highlighted broad use of deductions tied to tips, overtime, Social Security and auto loan interest, as well as the expanded Child Tax Credit, to frame the measures as relief for lower- and middle-income households rather than top earners.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
