The average net worth in the United States is $1,063,700 — but that number varies dramatically by state. Maryland households average over $1 million in net worth. Mississippi households average under $200,000. The gap between America’s wealthiest and least-wealthy states is nearly 5:1, driven by home values, income levels, industry mix, and decades of compounding wealth effects.
This guide covers average and median net worth for all 50 states, using Federal Reserve Distributional Financial Accounts data and Census Bureau supplemental estimates. All figures are the most recent available (2022–2024) and reflect household net worth — total assets minus total liabilities for all members of a household.
Key national benchmarks:
| Measure | Amount | What it means |
|---|---|---|
| Mean (average) household net worth | $1,063,700 | Skewed high by billionaires and ultra-wealthy |
| Median household net worth | $192,700 | The “typical” American household |
| Top 10% net worth threshold | ~$1,900,000 | You have more wealth than 90% of households |
| Top 1% net worth threshold | ~$11,100,000 | Ultra-high-net-worth |
| Bottom 25% median net worth | ~$13,000 | Households with little accumulated wealth |
To see where your own net worth ranks nationally, use the net worth percentile calculator.
All 50 States: Average Net Worth Ranked
The table below ranks all 50 US states by mean (average) household net worth. Because averages are pulled up by very wealthy households, median net worth is included where available to show the typical household’s position.
| Rank | State | Mean Net Worth | Median Net Worth (est.) | Homeownership Rate |
|---|---|---|---|---|
| 1 | Maryland | $1,045,000 | $356,000 | 66.5% |
| 2 | New Jersey | $1,010,000 | $348,000 | 64.5% |
| 3 | Connecticut | $987,000 | $331,000 | 66.0% |
| 4 | Massachusetts | $964,000 | $344,000 | 62.5% |
| 5 | California | $948,000 | $308,000 | 55.3% |
| 6 | Hawaii | $921,000 | $298,000 | 59.8% |
| 7 | Virginia | $872,000 | $312,000 | 67.5% |
| 8 | Washington | $858,000 | $318,000 | 64.1% |
| 9 | New Hampshire | $823,000 | $327,000 | 71.8% |
| 10 | Colorado | $812,000 | $305,000 | 65.2% |
| 11 | Minnesota | $769,000 | $285,000 | 72.3% |
| 12 | New York | $754,000 | $249,000 | 54.4% |
| 13 | Delaware | $741,000 | $278,000 | 71.1% |
| 14 | Illinois | $728,000 | $241,000 | 67.3% |
| 15 | Utah | $714,000 | $282,000 | 70.4% |
| 16 | Oregon | $698,000 | $268,000 | 63.4% |
| 17 | Wisconsin | $685,000 | $258,000 | 68.6% |
| 18 | Rhode Island | $672,000 | $253,000 | 62.4% |
| 19 | Alaska | $661,000 | $271,000 | 64.0% |
| 20 | Nebraska | $648,000 | $249,000 | 68.9% |
| 21 | North Dakota | $641,000 | $255,000 | 62.3% |
| 22 | Wyoming | $634,000 | $259,000 | 71.5% |
| 23 | Vermont | $628,000 | $241,000 | 72.0% |
| 24 | Pennsylvania | $614,000 | $228,000 | 69.5% |
| 25 | Iowa | $608,000 | $235,000 | 70.6% |
| 26 | Texas | $601,000 | $212,000 | 62.5% |
| 27 | Kansas | $591,000 | $226,000 | 67.1% |
| 28 | South Dakota | $584,000 | $232,000 | 68.0% |
| 29 | Michigan | $574,000 | $198,000 | 72.9% |
| 30 | Florida | $568,000 | $216,000 | 66.5% |
| 31 | Ohio | $558,000 | $194,000 | 68.2% |
| 32 | Georgia | $546,000 | $196,000 | 64.4% |
| 33 | Montana | $538,000 | $218,000 | 69.4% |
| 34 | Idaho | $531,000 | $224,000 | 71.2% |
| 35 | Arizona | $518,000 | $208,000 | 65.2% |
| 36 | Maine | $512,000 | $219,000 | 72.7% |
| 37 | Indiana | $498,000 | $189,000 | 69.8% |
| 38 | North Carolina | $487,000 | $191,000 | 65.5% |
| 39 | Nevada | $479,000 | $194,000 | 57.0% |
| 40 | Missouri | $471,000 | $183,000 | 68.7% |
| 41 | Tennessee | $461,000 | $179,000 | 67.1% |
| 42 | South Carolina | $447,000 | $176,000 | 72.0% |
| 43 | Kentucky | $431,000 | $164,000 | 68.4% |
| 44 | Oklahoma | $418,000 | $159,000 | 66.8% |
| 45 | New Mexico | $402,000 | $148,000 | 67.5% |
| 46 | Alabama | $391,000 | $152,000 | 68.5% |
| 47 | Louisiana | $374,000 | $143,000 | 67.3% |
| 48 | Arkansas | $348,000 | $138,000 | 66.6% |
| 49 | West Virginia | $312,000 | $125,000 | 73.4% |
| 50 | Mississippi | $287,000 | $116,000 | 68.4% |
Sources: Federal Reserve Distributional Financial Accounts, Federal Reserve SCF 2022, Census Bureau ACS 2024. Mean net worth figures are estimates extrapolated from state-level income distributions, home equity data, and retirement account balances. Median estimates reflect available state-level wealth distribution data. All figures are household-level (not individual).
Key observation: Mean and median net worth diverge sharply in high-inequality states. New York’s mean net worth ($754,000) is three times its median ($249,000) — reflecting extreme wealth concentration in Manhattan and other high-income enclaves. In contrast, Minnesota’s mean ($769,000) is about 2.7x its median ($285,000), suggesting a more evenly distributed middle-class wealth base.
Highest Net Worth States: Top 10 Analysis
1. Maryland — Mean $1,045,000
Maryland leads the nation primarily because of its workforce composition. The state has an extraordinarily high concentration of federal government employees, defense contractors (Northrop Grumman, Lockheed Martin, Booz Allen Hamilton), and cybersecurity professionals — all of whom earn stable, high salaries with generous pension and retirement benefits. Many federal workers accumulate significant wealth through the FERS pension, Thrift Savings Plan contributions, and federal employee benefits that few private-sector workers can match.
Home values in the DC suburbs (Montgomery County, Howard County) are among the highest outside of California and New York, adding substantial equity to household balance sheets.
2. New Jersey — Mean $1,010,000
New Jersey benefits from two wealth engines: proximity to New York City (many finance, law, and media workers live in NJ and commute to Manhattan) and its own concentration of pharmaceutical industry headquarters (Johnson & Johnson, Merck, Bristol-Myers Squibb). Pharmaceutical executives, directors, and senior scientists earn very high compensation packages. Combined with among the nation’s highest home values and strong property value appreciation, NJ households accumulate substantial wealth.
3. Connecticut — Mean $987,000
Connecticut contains Fairfield County — home to dozens of hedge funds, private equity firms, and asset managers based in Greenwich and Stamford. A single hedge fund manager or private equity partner at these firms can have a net worth of $50M–$500M, pulling the state average up substantially. The state also has a large insurance industry (Hartford) and significant manufacturing wealth from aerospace and defense (Pratt & Whitney, Sikorsky). Connecticut’s median net worth ($331,000) is among the nation’s highest, suggesting broad middle-class wealth beyond just the ultra-wealthy.
4–5. Massachusetts and California — Means $964,000 and $948,000
Both states combine extreme high-end wealth (Boston Biotech, Silicon Valley tech) with large upper-middle-class professional populations. California’s mean is high but its homeownership rate (55.3%) is the second-lowest in the nation — many high earners rent, limiting equity accumulation for a large share of the workforce. Massachusetts has higher homeownership (62.5%) and a more evenly distributed professional class.
Lowest Net Worth States: Bottom 10 Analysis
| State | Mean Net Worth | Key driver of low wealth |
|---|---|---|
| Mississippi | $287,000 | Low incomes, low home values, limited industry diversity |
| West Virginia | $312,000 | Economic transition from coal, high poverty, brain drain |
| Arkansas | $348,000 | Agricultural economy, low-wage manufacturing, limited metros |
| Louisiana | $374,000 | High poverty, natural disaster economic disruption, low savings rates |
| Alabama | $391,000 | Low income median, limited high-wage industry concentration |
| New Mexico | $402,000 | High poverty rate (~19%), significant rural population |
| Oklahoma | $418,000 | Oil and gas volatility, below-median incomes |
| Kentucky | $431,000 | Appalachian poverty, below-national-average wages |
| South Carolina | $447,000 | Low wages relative to cost of living in coastal areas |
| Tennessee | $461,000 | Growing but from a low base; Nashville drives wealth gains |
An important caveat: Lower net worth states often have lower costs of living. A $300,000 net worth in Mississippi has greater local purchasing power than the same amount in California. A paid-off $150,000 home in rural Mississippi represents the same financial security as a paid-off $600,000 home in suburban Boston — the nominal values differ, but the owner lives rent-free in both cases.
Median vs Mean Net Worth by State: Why the Gap Matters
The difference between a state’s mean and median net worth reveals how concentrated wealth is in that state.
High-inequality states (mean » median):
- New York: Mean $754,000 / Median $249,000 — ratio of 3.0x. Manhattan billionaires and Wall Street executives pull the mean far above the typical New Yorker.
- California: Mean $948,000 / Median $308,000 — ratio of 3.1x. Silicon Valley wealth concentration is extreme. The 200 wealthiest individuals in Silicon Valley have combined net worth exceeding the bottom half of California households.
More equal wealth distribution states (mean closer to median):
- New Hampshire: Mean $823,000 / Median $327,000 — ratio of 2.5x. Strong middle class, fewer ultra-wealthy outliers.
- Minnesota: Mean $769,000 / Median $285,000 — ratio of 2.7x. Midwest wealth-building culture, strong homeownership rates, broad professional employment.
- Wisconsin: Mean $685,000 / Median $258,000 — ratio of 2.7x. Similar pattern to Minnesota.
For personal benchmarking: Compare your net worth to the median for your state — not the mean. If your state’s median is $250,000 and you have $250,000 in net worth, you’re exactly in the middle. The mean is pulled upward by households far wealthier than most people will ever encounter in daily life.
What Drives Net Worth Differences Between States
Four factors explain most of the variation in state net worth rankings:
1. Home Values and Equity
Home equity is the largest single asset for most American households — about 29% of total assets on average, and often 50–70% for middle-class homeowners. States with high home values (CA, MA, HI, NY, NJ) mechanically produce higher net worth for homeowners. A homeowner who bought in San Jose in 2010 for $500,000 and has seen their home appreciate to $1.6M has over $1M in equity alone.
The tradeoff: High home values require large down payments and mortgages, meaning many potential homeowners are priced out and accumulate no housing equity. California’s 55.3% homeownership rate — the second lowest in the nation — means nearly half of residents receive none of this wealth gain.
2. Income Levels and Savings Rates
Higher-income states allow residents to save more in absolute dollar terms. A household earning $150,000/year in Massachusetts can, in theory, save $30,000/year. A household earning $55,000/year in Mississippi may struggle to save $5,000/year after basic expenses. Over 30 years, this difference compounds dramatically.
3. Industry Concentration
States with high concentrations of wealth-generating industries — technology (CA, WA, CO), finance (NY, CT, NJ), biotech/pharma (MA, NJ), defense (MD, VA) — produce more millionaires and high-net-worth households. A single IPO in a tech-heavy state can mint dozens of millionaires, pulling up both the mean and the upper-percentile wealth figures.
4. Retirement Asset Accumulation
States with higher-paid public employees (teachers, firefighters, police) have workers who accumulate significant defined-benefit pension assets. Federal workers in Maryland and Virginia have particularly generous retirement benefits through FERS, TSP, and FEHB — assets that typically aren’t counted in wealth surveys until distributed but represent significant future wealth.
Net Worth by State vs National Percentile: Where Do You Stand?
Just like income percentile, net worth percentile differs significantly between your state and the national distribution. The state comparison matters for understanding your financial standing relative to your local community and cost of living.
Worked example — $500,000 net worth:
| State | Approximate State Percentile | National Percentile |
|---|---|---|
| Mississippi | ~93rd | ~78th |
| West Virginia | ~91st | ~78th |
| Kentucky | ~89th | ~78th |
| Ohio | ~85th | ~78th |
| National | ~78th | ~78th |
| Texas | ~77th | ~78th |
| Virginia | ~71st | ~78th |
| California | ~68th | ~78th |
| Massachusetts | ~66th | ~78th |
| Connecticut | ~64th | ~78th |
A $500,000 net worth makes you wealthy relative to typical Mississippi residents — you’re in the top 7% of households there. The same amount in Connecticut puts you just outside the top third. Neither context is “wrong” — they answer different questions.
Use the net worth percentile calculator to find your exact national percentile, and the net worth by age percentile guide to compare against your age group.
Net Worth by State and Age Group
Net worth accumulates over time, so state rankings look quite different when broken down by age group. Younger households in expensive states often have very low (or negative) net worth due to student loans, mortgages with little equity, and limited time to save. Older households in those same states may have enormous net worth due to decades of home appreciation.
Approximate median net worth by state group and age (SCF 2022 extrapolation):
| Age Group | High-NW States (MD, NJ, CT, MA, CA) | Mid-Range States | Low-NW States (MS, WV, AR) |
|---|---|---|---|
| Under 35 | $38,000 | $22,000 | $8,000 |
| 35–44 | $185,000 | $105,000 | $42,000 |
| 45–54 | $495,000 | $248,000 | $98,000 |
| 55–64 | $812,000 | $421,000 | $168,000 |
| 65–74 | $987,000 | $498,000 | $204,000 |
| 75+ | $871,000 | $428,000 | $186,000 |
Figures are approximations based on state income and home value distributions applied to SCF age-cohort wealth data.
The youngest age group shows the starkest gap: under-35 households in high-net-worth states have median net worth of $38,000 vs $8,000 in low-net-worth states — a nearly 5:1 ratio. This gap widens with age because wealth compounds: early differences in savings rates and home equity become enormous over 30–40 years.
For detailed age-specific benchmarks, see average net worth by age.
Homeownership Rates and Net Worth by State
Homeownership is the clearest predictor of middle-class wealth accumulation. Looking at the homeownership rate data, a counterintuitive pattern emerges: the highest-net-worth states do not have the highest homeownership rates.
| Homeownership Rate | Top States | Notable |
|---|---|---|
| Highest (73–74%) | West Virginia, Maine, Michigan | Low home values limit wealth despite high ownership |
| High (70–72%) | Vermont, South Carolina, Wyoming, Minnesota | Broad middle-class wealth base |
| Mid (65–68%) | Most states | National average ~65.9% |
| Low (55–64%) | California, New York, Hawaii, Nevada | High home values but many renters |
West Virginia has the highest homeownership rate in the nation (73.4%) but the second-lowest average net worth — because homes there are simply worth less. A paid-off $90,000 home produces $90,000 in equity. A paid-off $750,000 home produces $750,000 in equity. The ownership rate matters, but the underlying values matter more for wealth accumulation.
The insight: homeownership matters for building wealth, but homeownership in a growing, supply-constrained market matters most. States with strong job growth, geographic constraints on housing supply, and strong demand — California, Massachusetts, Colorado, Washington — have produced the largest equity gains for their homeowners.
Millionaires by State
The distribution of millionaire households tracks closely with average net worth but with even more concentration at the top. See the full millionaires by state guide for detailed data, but the headline numbers:
| State | Millionaire households | % of all households |
|---|---|---|
| Maryland | ~436,000 | ~18.9% |
| New Jersey | ~424,000 | ~12.9% |
| Connecticut | ~211,000 | ~15.6% |
| Massachusetts | ~384,000 | ~14.2% |
| California | ~1,350,000 | ~9.4% |
| National | ~8,046,000 | ~6.2% |
| Mississippi | ~42,000 | ~3.8% |
Maryland and Connecticut have the highest share of millionaire households of any US state — a direct result of federal employment benefits, hedge fund wealth, and high home values. California has the most millionaires by count due to sheer population, but a lower share of households because costs are high and wealth is very unequally distributed.
How to Build Net Worth in Any State
Where you live affects your wealth-building environment, but not your ability to build wealth. These strategies work regardless of state:
1. Maximize tax-advantaged retirement accounts first The 401(k) limit in 2026 is $23,500 ($31,000 if 50+). Contributing the full amount generates compound growth that is identical regardless of your state. A $23,500 annual contribution growing at 7% for 30 years reaches approximately $2.4 million — in Mississippi or Massachusetts.
2. Build home equity strategically Homeownership builds wealth, but location within your state matters more than the state itself. Buying in a growing metro area — even in a lower-net-worth state — typically produces better equity gains than buying in a declining rural area of a high-net-worth state. Nashville, Raleigh, Charlotte, and Austin have all produced substantial wealth gains for homeowners despite being in mid-ranking states.
3. Eliminate high-interest debt first Debt is the primary destroyer of net worth for working-age Americans. Credit card debt at 22% APR is a guaranteed 22% negative return on your balance. No investment consistently beats that. Paying off $15,000 in credit card debt produces a better guaranteed return than any other use of that $15,000.
4. Track net worth annually You can’t improve what you don’t measure. Use the net worth calculator guide to build a simple tracking system, and check your progress against the net worth milestones by age to stay on track.
5. Understand your state’s tax treatment of wealth Some states (Florida, Texas, Nevada, Wyoming, Washington) have no income tax — an advantage that compares to an income raise of several percentage points for high earners. States with high income taxes (California at 13.3%, New Jersey at 10.75%, New York at 10.9%) meaningfully reduce the amount available to save and invest each year.
Frequently Asked Questions
Can I compare my net worth to my state’s average directly?
Yes, but use the median rather than the mean for comparison. The mean is pulled upward by the wealthiest households in every state. If your state’s median net worth is $250,000 and you have $250,000, you’re exactly at the midpoint — half of households in your state have more, half have less. If you’re above the median, you’re in the upper half of your state’s wealth distribution.
Why does California have such a high average net worth if so many people there feel financially stressed?
California’s high average net worth is driven primarily by homeowners who bought before 2015 and have seen massive equity gains, plus a large concentration of tech, entertainment, and financial industry high earners. The 44.7% of California households who rent receive none of the home equity benefit and face some of the country’s highest rents. The result is extreme bimodality: very wealthy homeowners/executives and a large population of renters and workers with little accumulated wealth. California’s Gini coefficient for wealth is among the highest of any state.
Do state income taxes significantly affect net worth accumulation?
Over a career, yes — meaningfully. A household earning $150,000/year in California pays approximately 9% in state income tax, or ~$13,500/year more than the same household in Texas. Over 30 years, invested at 7%, that $13,500/year difference compounds to approximately $1.4 million. This is one reason Texas and Florida have seen significant in-migration of high earners from California and New York — the tax savings are substantial enough to matter for long-term wealth accumulation.
What’s Next
- Net Worth Percentile Calculator — Find your exact percentile nationally
- Net Worth by Age Percentile — Compare to your specific age group
- Average Net Worth by Age — Full age-cohort breakdown with median and mean
- Millionaires by State — How many millionaires in your state and what percent of households they represent
- Net Worth by Education Level — How degrees and credentials affect lifetime wealth
- Net Worth Milestones by Age — Benchmarks for every decade of your life
All data in this article draws from the Federal Reserve’s 2022 Survey of Consumer Finances (the most comprehensive household wealth survey, published every three years), the Federal Reserve Distributional Financial Accounts, and Census Bureau ACS 2024 housing and income data. State-level wealth estimates involve interpolation — the SCF does not publish state-level tables directly, so figures represent best estimates from available regional and state income/housing data applied to national wealth distributions.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy