Massachusetts is Fifth Richest State, Study Finds

Massachusetts was found to be the fifth wealthiest state in a study done by the personal finance social network WalletHub.

To determine the rankings, all 50 states and the District of Columbia were ranked based on income, gross domestic product per capita and federal taxes paid per capita.

Massachusetts ranked seventh based on income and sixth based on GDP per capita and federal taxes paid per capita, according to the report.

While Massachusetts has the fifth highest percentage of households with earnings of $200,000 or more, it also has the third lowest percentage of households with earnings between $25,000 and $49,999, the report finds.

The study revealed the richest state or district is a tie between New Jersey and District of Columbia. The third richest state is a tie between Connecticut and Maryland.

The study reported the poorest states are Alabama, West Virginia and Mississippi, respectively.

For more information on the rankings visit the WalletHub website.