One common theme has plagued the so-called economic recovery: the rich are getting richer and the poor are getting poorer. Numerous studies show an overwhelming amount of prosperity flowing to the wealthiest households and away from everyone else post-recession, but where are households falling behind the most?
In 2014, the Federal Reserve released its latest Survey of Consumer Finances, a survey about household wealth and income that is taken every three years. The central bank found the median income for the wealthiest 10% rose 2% to $223,200 from 2010 to 2013. In comparison, median income for all households in the nation declined 5% to $46,700 during the same period.
WalletHub recently analyzed government data to find out which states (and the nation’s capital) are the richest and poorest, based on income, gross domestic product per capita, and federal taxes paid per capita. A double weighting was assigned to income due to its importance. Washington D.C. outranks every state in the nation for prosperity, with the exception of New Jersey (tied). Connecticut, Maryland, and Massachusetts round out the top five richest states.
Overall, WalletHub finds that blue states are wealthier than red states. Blue states have an average rank of 18.41, while red states have an average rank of 34.25. Let’s take a look at the 15 poorest states in the nation. Did your state make the list?