There are a lot of ways to define “rich;” for the purposes of determining which states are the richest, GoBankingRates used each state’s GDP, median income, and poverty rate.

We know New Jersey is home to some of the biggest companies in their field, whether it’s pharmaceuticals, financial services, health care, manufacturing, or agriculture, to name a few.

We also know that New Jersey residents enjoy a relatively high standard of living, even with the exorbitant costs of everything.

That being said, where does New Jersey rank among the richest states? Pretty high, actually. We come in near the top, at #5!

According to GoBankingRates, the underlying metrics that fuel that high ranking are:

Median income of $89,703
Gross state product: $745 billion
Poverty rate: 9.8%

Pretty good, right?

Here are some of the other factors that make New Jersey rich:

Adobe Stock
Adobe Stock

Its proximity to New York City and Philadelphia: New Jersey is located between two of the largest and most economically important cities in the United States. This proximity provides New Jersey with a large pool of potential workers and customers, as well as access to a number of major transportation and communication networks.

Its highly educated workforce: New Jersey has a highly educated workforce, with over 38% of adults holding a bachelor's degree or higher. This level of education attracts businesses to New Jersey and helps to drive economic growth.

In case you’re wondering, the richest state, according to the aforementioned metrics, is California, with a median income of $84,097 and a state GDP of $3.6 trillion. Their poverty rate is 12.3%.

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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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