What are the high wealth, high income states? Western Australia is leading in terms of both income and wealth, with $133,224 and $952,500 respectively, which is well above the average household annual gross income of $107,276 and average household net worth of $809,900.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Queensland 19.4%, New South Wales 30.2%, Victoria 22.3%, South Australia 5.6%, Western Australia 17.5%, Tasmania 1.7%.
The richest states in the US are New York, Massachusetts, Washington, California, North Dakota, Connecticut, Delaware, Alaska, Nebraska, and Illinois. The richest state in America is New York, with a GDP per capita of $96,502.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Australians are the wealthiest people in the world with a typical net worth of almost $US274,000 in 2021, just ahead of Belgium, New Zealand and Hong Kong.
According to Credit Suisse's latest global wealth report, the median net worth of an Australian adult increased by US$28,450 to reach more than US$273,000 in 2021. This put Australia ahead of Belgium's US$267,890 and New Zealand's US$231,260, which came in second and third in global median wealth.
California is the state with the highest gross domestic product by state, with $3.558 trillion, as of the second quarter of 2022.
Overall, in the calendar year 2022, the United States' Nominal GDP at Current Prices totaled at $25.463 Trillion, as compared to $23.315 Trillion in 2021. The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion).
Which are the top 10 agriculture-producing States? The top 10 agriculture-producing States in terms of cash receipts in calendar year 2021 were (in descending order): California, Iowa, Nebraska, Texas, Minnesota, Illinois, Kansas, Indiana, North Carolina, and Wisconsin.
"We've been doing the state of the states surveys for 13 years and for the first time in those 13 years Queensland has come up number one." The report uses the latest available information to provide an economic snapshot of each region by comparing annual growth rates for eight key indicators: Economic growth.
At almost 700 billion dollars, New South Wales is Australia's largest state economy, accounting for around a third of the nation's economic output and home to nearly a third of Australians.
The main state of exporter location continues to be New South Wales (13,927 exporters), followed by Victoria (12,568).
Northern Territory
It covers a total area of 548,640 square miles and has a population of 244,000. This is the least populated state in the country and one of the poorest. Mining is the principal economic activity here and provides jobs for over 4,600 people.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
The Gold Coast is Australia's sixth largest city and one of its fastest growing. With GDP (Gross Region Product) estimated to be more than $35 billion, with a five year average annual growth rate of 4.4 per cent and a multi-cultural population of 590,000 people.
Washington. Washington state has the highest quality of life in all 50 states. The state has no income tax, a thriving job market, and great international business opportunities.
New York. New York City is said to be the largest city in terms of GDP. For 2023, according to the World Economic Forum, its estimated GDP is $2.5trn. Its economy is powered by the finance, media and technology industries, as well as its diverse population.
America's Economic Hubs
There are some obvious winners when it comes to the largest U.S. cities by GDP, including NYC, Los Angeles, Dallas, and San Francisco.
Real gross domestic product (GDP) increased in 46 states and the District of Columbia in the fourth quarter of 2022, with the percent change in real GDP ranging from 7.0 percent in Texas to –4.3 percent in South Dakota.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
But the number might surprise you. To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).