And yet, the latest census bureau report says that California is both the wealthiest state and has the highest poverty rate in the country at 24 percent — meaning almost a quarter of Californians live in poverty .
Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7tn has overtaken the UK’s $2.6tn. California’s economic output is now surpassed only by the total GDP of the United States, China, Japan and Germany.
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public Friday. California’s gross domestic product rose by $127 billion from 2016 to 2017, surpassing $2.7 trillion, the data said.
All economic sectors except agriculture contributed to California’s higher GDP , said Irena Asmundson, chief economist at the California Department of Finance. Since then, the most populous U.S. state has added 2 million jobs and grown its GDP by $700 billion.
According to the U.S. Census Bureau, the national poverty rate was 10.5% percent or 34 million Americans in 2019. These states and territories have the highest percentages of poverty in the country: Puerto Rico, Mississippi , Louisiana, Kentucky, Arkansas , West Virginia , Alabama , Oklahoma, Tennessee, and South Carolina.
The San Francisco Bay Area , where the average ZIP code has a net worth over $450,000 per resident, is the state’s wealthiest region.
California’s economy was ranked among the strongest in the nation in a recent survey conducted by financial assistance website WalletHub. In a survey of all 50 states plus Washington, D.C., the Golden State’s economy ranked No. 4 overall, coming behind Washington state, Utah and Massachusetts, respectively.
United Kingdom is approximately 243,610 sq km, while California is approximately 403,882 sq km, making California 66% larger than United Kingdom .
California’s economy is now the 5th- biggest in the world , and has overtaken the United Kingdom. New economic data puts the California economy at $2.747 trillion — bigger than most nations. The ranking puts in fifth in the world , just ahead of the United Kingdom, which is on $2.625 trillion.
However, the biggest industries in California are agriculture , film industry , and services sector (including tourism ). Agriculture . California is the leading state in the US in terms of income derived from agricultural activities. Services. Film . Manufacturing .
The economy of the State of California is the largest in the United States , boasting a $3.2 trillion gross state product (GSP) as of 2019. If California were a sovereign nation (2019), it would rank as the world’s fifth largest economy, ahead of India and behind Germany .
The US Constitution lacks provision for secession. The Supreme Court ruled in Texas v. White in 1869 that no state can unilaterally leave the Union. Analysts consider California’s secession improbable.
The economy of the State of Texas is the second largest by GDP in the United States after that of California . It has a gross state product of $1.887 trillion as of 2019.
California is one of the major economic engines of the United States. The state has an incredibly diverse economy, with Hollywood, Silicon Valley, manufacturing, and agriculture all making significant contributions.
While 12 percent of Americans live in California , the state contributed 14.6 percent to GDP in 2018.