Wyoming’s Wealth Shows Surprising Divides And New Challenges

Wyoming’s residents are, on average, among the wealthiest in the country, yet a closer look at the numbers reveals a more nuanced economic picture for the Equality State.

According to recent estimates from the U.S. Bureau of Economic Analysis, Wyoming’s per capita personal income (PCI) reached $86,477 in 2024, ranking fourth in the nation behind the District of Columbia, Connecticut, and Massachusetts. On paper, that places Wyoming in the top tier of American states.

But the wealth is not evenly shared. When measured by median household income, Wyoming ranked 31st in 2024, down from 18th in 2014. Analysts say this gap is driven by the state’s high concentration of investment income, particularly in Teton County, which recorded a staggering $532,903 per capita income — the highest of any county in the nation.

“Teton County alone is skewing the statewide numbers,” said Dr. Wenlin Liu, Administrator of the Economic Analysis Division at the Wyoming Department of Administration and Information. “Three-quarters of income in Teton comes from investments, not wages. Across the state, non-labor income is becoming a bigger factor in local economies, especially as our population ages.”

The data also highlight a slowdown in Wyoming’s traditional labor economy. Per capita earnings, which include wages and salaries, grew just 25.2% over the past decade, the second-slowest rate in the country. Nationally, earnings grew 50% over the same period. Analysts point to the decline of mining and energy-related sectors as the main driver behind the sluggish growth, with states like North Dakota, Alaska, Oklahoma, and Louisiana facing similar challenges.

Despite slower wage growth, other income streams in Wyoming have surged. Investment income rose 96.3%, and transfer receipts — including Social Security, pensions, and Medicare — grew 87%, ranking among the fastest increases nationwide. In eight counties, non-labor income now surpasses labor earnings, a trend that is reshaping the state’s economic landscape.

Rural counties, including Big Horn, Platte, and Weston, rely more heavily on transfer payments, largely due to higher proportions of older residents. Meanwhile, Teton, Park, Sublette, and Lincoln counties are increasingly dependent on investment income, reflecting a growing divide between urban resort areas and rural communities.

“This is a story of two economies,” Liu said. “One powered by wages and local industry, the other by investments and retirement income. Both are growing, but at very different rates.”

Wyoming’s PCI growth of 53.7% over the last decade kept pace with inflation — which cumulatively reached 32.5% — but lags slightly behind the national growth rate of 58.1%. The combination of slow wage growth, an aging population, and concentration of wealth in a few counties presents challenges for policymakers seeking to balance economic development across the state.

As Wyoming looks to the future, experts say addressing the slowdown in labor earnings and supporting rural communities will be critical to ensuring that the state’s economic growth benefits all residents — not just those in Teton County.