Queensland's economy now the best-performing in the country, CommSec's State of the States report reveals. Strong interstate migration and jobs growth has lifted Queensland to its first top ranking on CommSec's quarterly State of the States economic report.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Tasmania has been ranked by CommSec as having the country's best-performing economy. Queensland and South Australia have come in at equal second, followed by New South Wales.
New South Wales has the largest economy in Australia and contributes 30.8% of the national GDP.
South Australia has been crowned Australia's most considerate state! South Australians have been found to be the most likely to consider other people's needs, according to the Helga's Kindness Index, a first-of-its-kind report examining the state of kindness in the country.
The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion). The three U.S. states with the lowest GDPs were Vermont ($40.6 Billion), Wyoming ($47.4 Billion), and Alaska ($63.6 Billion).
The richest states in the US are New York, Massachusetts, Washington, California, North Dakota, Connecticut, Delaware, Alaska, Nebraska, and Illinois. The richest state in America is New York, with a GDP per capita of $96,502. The second richest state in America is Massachusetts, with a GDP of $95,029 per capita.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Poorest Country in Australia
The poorest country in the continent of Australia is Papua New Guinea.
Comparing all US states across a range of factors, we can reveal that the best place to live if you want to become a millionaire is New Hampshire.
Overall, the states with the most active-duty military members are California (162,362), Virginia (130,857), Texas (118,691), North Carolina (100,673), and Georgia (69,834).
Which are the top 10 agriculture-producing States? The top 10 agriculture-producing States in terms of cash receipts in calendar year 2021 were (in descending order): California, Iowa, Nebraska, Texas, Minnesota, Illinois, Kansas, Indiana, North Carolina, and Wisconsin.
The ten poorest states in the US in terms of poverty rate are Mississippi, Louisiana, New Mexico, West Virginia, Arkansas, Alabama, Kentucky, Oklahoma, Georgia, and South Carolina – as well as the District of Columbia.
Mississippi had among the highest average poverty rates (21.0%). It was the only state with a poverty rate of 20% or more. New Hampshire had the lowest average poverty rate (7.3%).
With a GDP of $70 million, Tuvalu is the smallest economy in the world. Situated between Hawaii and Australia, the largest industry of this volcanic archipelago relies on territorial fishing rights.
1. Canberra – Australia's Capital City. Nestled between Sydney and Melbourne, Canberra is not only the capital but also Australia's safest city. With a low crime rate and a small-town vibe, Canberra offers an attractive blend of city living and peaceful suburban life.
Sydney regains the top spot as Australia's largest city for 2021, but Melbourne is close on its heels.