New Jersey was ranked the fifth richest state in the U.S., according to a report by ChamberofCommerce.org, a resource website for small businesses.
According to the report, "New Jersey isn’t commonly thought of as a wealthy state," but is in fact one of the richest in the nation due to a few very affluent areas. … The Garden State is home to some of the wealthiest counties in America, including Monmouth and Bergen, where median household incomes top $150K."
The Garden State's real per capita personal income was $54,502; the state's 3-year poverty rate average was found to be 9.1 percent; per capita state spending in 2017 was $6,583 per capita personal consumption expenditures in 2018 were $52,729 and state revenue per capita was $10,699.
Investment and finance site Investopedia noted that while New Jersey is one of the smallest states in the country, it also has the highest population density along with median household income hovering just above $80,000.
"Biopharmaceuticals, transportation, and manufacturing are leading industries here, and more than a few millionaires commute to Wall Street," says the site, pointing out that "A New Jersey household has a better chance to be wealthy than in any other state, with 13 percent of New Jersey households earning north of $200,000."
In addition, just one in 10 people in the state live below the poverty line and nearly 40 percent of New Jersey adults have at least a bachelor’s degree, making them qualified candidates to work in the high paying, specialized industries located in the state.
Financial magazine World Finance explains that the state is home to a "host of major pharmaceutical, information technology and transportation firms." In addition, the state is a popular vacation spot, "particularly for New Yorkers wanting to escape the city, which provides an additional boost to the state’s economy via its tourism sector."
Rob Lora, a spokesperson for ChamberofCommerce.org, said that states in the northeast seem to "earn more, spend more, and stave off poverty better than the majority of states."
– The Center Square