California is a paradox. We have more billionaires than most countries, yet our people suffer in relative poverty because the cost of living here is so high.
See also: California Is America's Poorest State
A new look at the wealth of America's states ranks us number 1. The folks at personal finance site WalletHub analyzed income, GDP and federal taxes and, of course, concluded that the country's most-populous state is also it's wealthiest “overall.”
However, when you factor in population, we get knocked down a few pegs:
We ranked 9th in state riches, according to the site.
California came in 10th in income, 13th in GDP and, interestingly, 20th in federal taxes paid per capita, WalletHub says.
That's interesting because critics on the right have accused Sacramento of imposing some of the most onerous taxes in America.
Not so, says WalletHub.
Also interesting: WalletHub says “blue states are wealthier than red states.” In other words, states that lean Democrat tend to have more cash that ones that lean Republican.
The GOP has made its business-friendly, wealth-growing politics a mantra, but maybe it's the Democratic Party that has the best interest of industry and tycoons in mind.
In any case, the American capital, Washington, D.C., ranks number 1 in per capita wealth. It's also one of the most poverty-challenged cities in the nation. Maybe those six-figure political salaries are helping its standing on this list.
New Jersey tied for 1st in per-capita wealth, WalletHub says. Connecticut and Maryland tied for the next spot, and Massachusetts came in 5th. New York, home of Wall Street, placed a lowly 12th.
While you were watching this horse race, by the way, most of you got poorer while the rich got richer. WalletHub tells us that “the richest 1 percent of Americans” captured “95 percent of post-recession growth” while “the bottom 90 percent of Americans” continued “to get poorer.”
More on that to come.