Tags: New Jersey | No. 1 | net | worth

WalletHub Study: New Jersey Ranks as No.1 State for Net Worth

By    |   Wednesday, 08 October 2014 09:05 PM

New Jersey tops the list of states when it comes to net worth, according to a survey by
WalletHub, a personal finance website. However, New Jersey was tied atop the rankings by Washington, D.C.

WalletHub calculates net worth using a combination of income, per-capita GDP and per-capita federal taxes paid.

Connecticut and Maryland tied for third after New Jersey and Washington, D.C. And Massachusetts placed fifth.

The poorest state is Mississippi, followed by West Virginia, Alabama, South Carolina and New Mexico.

The study includes several other interesting findings:

• Blue states are wealthier than their red counterparts. On a scale with 1 being the richest, Democratic-leaning states have an average score of 18.41, compared to 34.25 for GOP  states.

• The percentage of households earning at least $200,000 a year in Washington, D.C., is six times higher than in Mississippi.

• The per-capita GDP of Washington, D.C. is five times higher than that of Mississippi.

• Per-capita federal taxes paid in Washington, D.C. tops those paid in Mississippi by 11
times.

States have significantly improved their fiscal conditions since the Great Recession ended in
2009.

But, "even with the overall positive assessment of state fiscal conditions, lawmakers continue to face numerous budget challenges," according to the National Conference of State Legislatures Spring 2014 budget update.

"Officials are concerned about sluggish revenue growth, rebuilding budget reserves and long-term spending trends—especially for K-12 education and health care."

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New Jersey tops the list of states when it comes to net worth, according to a survey by WalletHub, a personal finance web site. New Jersey was tied atop the rankings by Washington, D.C.
New Jersey, No. 1, net, worth
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2014-05-08
Wednesday, 08 October 2014 09:05 PM
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