Want to know where the typical American family truly thrives financially? With the spotlight often on multimillionaire and billionaire havens, the states where regular folks amass the most wealth tend to be overlooked. A study by finance site SmartAsset has shone a light on these unsung locales, ranking each state by median household net worth.

Read on for the top 20 states with the richest households, and discover the idyllic state where the median household wealth soars past half a million dollars...

To determine median household wealth across the nation, personal finance site SmartAsset analyzed US Census Bureau data from 2022 for 44 states and adjusted the numbers to December 2024 dollars. This comprehensive calculation of typical net worth takes into account home equity, retirement savings, deposit accounts, and other assets, minus any debts.

For most states covered, SmartAsset also breaks down the percentage of households worth over $100,000, and includes additional wealth bracket info for the top 10. Let's take a closer look at the top 20...

The typical household in New Hampshire has a net worth of $202,529 after accounting for liabilities such as outstanding home and other loans. This figure for the country as a whole comes in at $187,690.

Household wealth is relatively evenly distributed in the Granite State. According to US News & World Report, New Hampshire ranks third for income equality, and the state has the lowest poverty rate in the country at just 7.2%. Relatively few New Hampshirites live paycheck to paycheck, despite the high cost of living.

A much richer state overall, affluent Connecticut has significantly higher levels of income inequality, ranking third worst in the country by this metric. But the bar is set high in the state, and the median household is worth a tidy $206,725.

Plus, the proportion of Connecticut households worth $100,000 or more comfortably exceeds the national figure of 60%. The state also boasts the third-highest share of millionaire households per capita at 9.4%, according to finance site Insider Monkey.

Poverty is more of an issue in North Carolina, but the state scores better than Connecticut for income equality.

Breaking down the figure, the median household in North Carolina has $81,563 in retirement savings, $1,808 more than the national median of $79,755. The median deposit account balance stands at $12,229, and the share of households worth over $100,000 is marginally above the national figure of 60%.

Virginia ranks 11th for median household income, and its poverty rate is below the national figure of 12.5%.

Yet the state scores poorer than the nationwide average for income equality, and it's important to point out that much of Virginia's wealth is concentrated in areas close to Washington DC. Median household net worth for the state as a whole is decent nonetheless, as are typical household retirement savings and deposit account balances, which come in at $85,072 and $16,695 respectively.

South Carolina has the lowest median household income in the top 20. Thankfully, the state's living costs are the third lowest in the nation, so many residents can build a more substantial median net worth than their incomings might suggest.

That said, South Carolina has the third-highest poverty rate in the top 20 at 13.9%, meaning a considerable proportion of the population is struggling, despite the respectable median household net worth figure of $213,212.

Arizonan households show particular financial strength in their retirement savings, with the median balance exceeding $100,000.

However, Arizona is the only state in the top 20 where the proportion of households worth $100,000 or more is below the national average of 60%, coming in at 59.2%.

Iowa is placed a lowly 33rd for median household income. Fortunately, the state has the most affordable living costs in this round-up and ranks third best for income equality.

Real estate equity tends to make up the lion's share of Iowans' assets, reflecting the high levels of home ownership in the state, which has the cheapest median single-family home price in the country at $230,600. Retirement funds make up a smaller piece of the pie.

The median household wealth number is identical in Idaho, but the share taken up by real estate equity is even bigger. That's despite the fact that the home ownership rate of 71.6% is around the same.

Idaho has the lowest median retirement savings figure in the top 20 at a not-so-amazing $57,424. And at just $9,571, the typical deposit account balance is also the most modest in this round-up. Still, the Gem State is ranked a stellar second nationally for income equality.

Minnesota has a larger proportion of households worth $100,000 or more: 67.9% compared to Idaho's 60.1%. And the North Star State has a lower poverty rate, though income inequality, while worse than the national average, is better than in Idaho.

Median retirement savings are much healthier at $102,086, and the median deposit account balance is $16,834.

Living costs are far from cheap in Oregon but they're nicely offset by the state's generous wages. Oregonians have more opportunities to save than many Americans, though with home prices on the high side, the bulk of household net worth tends to comprise real estate equity.

Retirement savings make up a slightly muted $79,755 of the total, bang on the national median, while the figure for the median deposit account balance is $13,909.

Montana offers the second-lowest cost of living in the top 20. While its median household income trails the national figure somewhat, this affordability allows the state's denizens to accumulate considerable wealth.

An impressive 40.3% of Montana households are worth $500,000 or more. Interestingly, the Treasure State has the largest proportion of high school graduates in the country at 94.6%.

New Jersey's population is also among the best educated in America. And its median household net worth figure is much higher than the national average too, highlighting the correlation between educational attainment and wealth accumulation. Savings rates are especially robust.

Plus, although New Jersey is the second most expensive state, its median household income is the second highest. Over 40% of households are worth $500,000+, and the state has more millionaire households per capita than any other at almost 10%.

California is notoriously pricey as well; in fact, the Golden State has the highest living costs in the country. But again, wages are generally high, though the disparity between the lowest and highest earners is wide.

California has the lowest home ownership rate in the top 20 at just 55.3%, yet given real estate prices are so high (the second highest nationally), much of the median household net worth figure is made up of home equity.

Coloradans are among the smartest and richest Americans, with educational attainment and median household wealth notably high in the state. Colorado's median income significantly outpaces living costs, making it easier to save.

For Coloradan households, putting aside money for later on in life is clearly a priority, with the typical retirement balance of $116,142 the third highest nationally.

Maryland is a wealthy state, largely thanks to its proximity to the nation's capital. It has the second-highest proportion of millionaire households in the country, not to mention the third-largest median household income. Maryland also has the largest proportion of retirement savers in the country, with 75% of households holding tax-advantaged accounts such as 401(k)s and IRAs. The national figure is 60.3%.

Over 70% of households are worth $100,000 or more. And while the state has pockets of extreme wealth and grinding poverty, it ranks 16th nationally for income equality.

Utah scores better than any other state for income equality and has the second-lowest poverty rate at 9%. Opportunity is obviously not just for the privileged in the Beehive State.

Much of the median net worth figure comprises home equity, which stands at $309,449. Typical retirement savings per household are $73,375, and the average deposit account balance totals $13,984.

Maine has the highest home ownership rate in the top 20 at 73.8%. A whopping 80% of households in the state have home equity, and wealth held in residential real estate makes up the majority of the total median household net worth figure at $212,680.

Meanwhile, median retirement savings stand at $106,340 and the median deposit account balance is $15,951. Tellingly, the state – which ranks eighth for income equality – has the largest proportion of households worth between $100,000 to $499,999.

Massachusetts has the highest median household income in the top 20. And no wonder, given it's also the state with the largest proportion of college graduates. The state is one of the most expensive to live in, but the generous pay balances this out, and then some, though the gap between rich and poor is considerable.

The state's median household retirement savings figure is the standout. At $152,066, it's the second-highest nationally,

Washington is another state where stiff living costs are offset by lucrative pay packages. Once again, home equity constitutes the biggest part of the median household income – Washington has the fourth-highest median home price in the country, after all.

Deposit account savings are especially plentiful in the state. The typical household has $19,035 set aside for emergencies, the second-highest total in the country. Retirement balances are almost as enviable, with the median household figure of $116,674 placing Washington fourth nationally by this metric.

Hawaiians may bemoan the Aloha State's punishing living costs, which amount to the third steepest nationally, but wages are high, income equality is relatively good, and households are the richest in the US by a wide margin. Much of the figure is made up of real estate equity, which figures since Hawaii has the highest median single-family home price in the nation at $957,500.

Regardless, median household retirement savings equate to $159,010, and the typical deposit account balance is $43,599, the highest figures in the country. Unsurprisingly, Hawaii has the biggest percentage of households worth $100,000 or more at 78.9%, and the largest proportion worth $500,000+, with almost 50% demi-millionaires or richer.

Now discover the 20 states with the most billionaires, ranked