America's Largest Companies by State: Economic Powerhouses Driving Regional Growth

When examining the largest companies by state across the United States, the data reveals a fascinating landscape of corporate titans that serve as economic anchors for their regions. A comprehensive analysis sourced from Fortune’s Top 1,000 Companies of 2023 identifies which corporations hold the most substantial asset bases in each state, demonstrating how major enterprises shape local economies through job creation, community investment, and economic stability.

Mega-Asset Companies: Trillion-Dollar Titans

Several states host corporations commanding trillion-dollar asset portfolios that dwarf regional competitors. New York leads with JPMorgan Chase holding $3.67 trillion in assets, while North Carolina follows closely with Bank of America’s $3.05 trillion. Virginia claims Freddie Mac with $3.21 trillion, and Washington, DC boasts Fannie Mae controlling $4.31 trillion in assets. California rounds out this elite tier with Wells Fargo managing $1.88 trillion. These financial powerhouses facilitate lending, investment, and economic transactions across the nation.

The 300-Billion-Plus Asset Class

A secondary tier of largest companies by state demonstrates substantial regional economic influence. Nebraska hosts Berkshire Hathaway with $948.45 billion, establishing the state as a major investment and insurance hub. Minnesota’s U.S. Bancorp controls $674.81 billion, while New Jersey anchors Prudential Financial at $689.92 billion. Pennsylvania’s PNC Financial Services Group manages $557.26 billion, and Wisconsin claims Northwestern Mutual’s $340.39 billion in assets. Michigan stands out with Jackson Financial holding $331.06 billion, while Massachusetts features Massachusetts Mutual Life at $318.34 billion. Illinois bases State Farm Insurance with $318.24 billion and Iowa hosts Principal Financial controlling $292.24 billion in assets.

Mid-Range Corporate Anchors

Numerous states feature largest companies by state operating in the $40 billion to $200 billion range. Arkansas remains synonymous with Walmart’s $243.2 billion asset base, though the retail giant’s headquarters generates far broader economic impact than asset figures alone suggest. Florida benefits from NextEra Energy’s $158.94 billion, while Alabama relies on Regions Financial’s $155.22 billion. Connecticut hosts Charter Communications with $144.52 billion in assets.

Georgia demonstrates economic diversification through Intercontinental Exchange commanding $194.34 billion, a crucial infrastructure for global financial markets. Indiana bases Elevance Health at $102.77 billion, contributing significantly to the healthcare sector’s regional presence. Delaware hosts Coinbase Global with $89.73 billion in assets, reflecting the state’s prominence in financial technology infrastructure.

Specialized and Regional Leaders

Different states feature largest companies by state concentrated in distinct sectors. Arizona anchors Western Alliance Bancorp at $67.73 billion, while Idaho claims Micron Technology with $66.28 billion in semiconductor assets. Louisiana bases Entergy at $58.6 billion, focusing on energy infrastructure, and Colorado hosts Dish Network controlling $52.61 billion in telecommunications assets. Maryland features Lockheed Martin with $52.88 billion, emphasizing defense technology.

Missouri bases Reinsurance Group of America at $84.71 billion, while Tennessee anchors FedEx with $85.99 billion in logistics assets. Texas claims Charles Schwab managing $551.77 billion in financial services. Washington state stands as home to Amazon holding $462.68 billion in assets, fundamentally reshaping retail and cloud computing landscapes.

Emerging and Smaller-Cap Leaders

Several states feature largest companies by state with more modest but still significant asset bases. Nevada hosts MGM Resorts International at $45.69 billion, anchoring the tourism and hospitality sector. Vermont claims NLV Financial with $41.94 billion, and Oregon bases Nike at $40.32 billion, representing consumer goods leadership. Utah features Zions Bancorp at $89.55 billion, while Kentucky claims Humana with $43.06 billion in healthcare assets.

Rhode Island anchors CVS Health holding $228.28 billion, providing significant pharmaceutical and retail healthcare infrastructure. Ohio bases Nationwide at $264.51 billion in insurance assets. North Dakota hosts MDU Resources Group with $9.66 billion, and South Dakota features Black Hills controlling $9.62 billion.

Notable Data Gaps

Five states—Alaska, Montana, New Mexico, Wyoming, and West Virginia—lack representation on Fortune’s Top 1,000 Companies list, indicating smaller corporate headquarters bases within their borders despite potential significant regional employers.

Economic Impact Beyond Numbers

The largest companies by state extend influence beyond raw asset measurements. These corporations provide employment opportunities, reinvest profits into local infrastructure, support small supplier networks, and contribute tax revenue that funds public services. States hosting financial institutions, technology firms, and industrial manufacturers benefit from high-wage job creation and economic diversification.

Understanding which largest companies by state drive regional economies provides insight into regional economic resilience, job stability, and growth potential for residents and investors alike.

Methodology: Analysis based on Fortune’s Top 1,000 Companies list from 2023, with companies ranked by total assets. Companies selected represent those with headquarters in each respective state or territory, with five states lacking Fortune 1000-listed headquarters at the time of data compilation.