The competition over which state is the richest has Connecticut edging New Jersey $56409 to $56356 (based on median household income).
But that’s just income. I wanted to know who is richest after adjusting for cost of living and state/local taxes. After all, the extra income doesn’t help much if you don’t get to spend it, or have to spend a lot more of it to get the same stuff.
So I’ve taken cost-of-living adjustments from this report (equally weighting the four studies), and state/local tax rates from here , and crunched some numbers. Connecticut and New Jersey still do reasonably well (6th and 7th, respectively), but the big winner is New Hampshire, followed by Maryland, Minnesota, Virginia, and Colorado.