At the end of the day, the value of an investment really comes down to net capital gains. These are the profits you make when you sell an asset such as a stock or a real estate investment property. You don’t see net capital gains until you sell an asset, and how much they’re taxed depends on how long you’ve held the asset.
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Across the U.S., people are selling assets and connecting net capital gains everyday, but there are regions where we see people making more money off their investments than in other regions. These realized gains not only add net worth to an individual or household, they can also help fuel a local economy through tax revenues and increased spending.
SmartAsset recently ranked U.S. states by the average net capital gains. Other types of investment gains were also considered. These are the 13 states where people made the most off their investments. The data, collected by SmartAsset in 2025, is from the latest tax return release (2022 tax year) from the IRS. Here’s a look at the top states.
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13. Colorado
Average net capital gains: $40,367
Average taxable interest: $2,694
Average tax-exempt interest: $6,724
Average ordinary dividends: $10,981
Average qualified dividends: $8,538
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12. Idaho
Average net capital gains: $41,085
Average taxable interest: $2,520
Average tax-exempt interest: $5,360
Average ordinary dividends: $8,903
Average qualified dividends: $6,849
11. New Hampshire
Average net capital gains: $44,235
Average taxable interest: $1,965
Average tax-exempt interest: $6,906
Average ordinary dividends: $10,778
Average qualified dividends: $8,539
10. Tennessee
Average net capital gains: $44,834
Average taxable interest: $2,182
Average tax-exempt interest: $7,073
Average ordinary dividends: $10,433
Average qualified dividends: $8,434
9. California
Average net capital gains: $45,490
Average taxable interest: $2,537
Average tax-exempt interest: $9,879
Average ordinary dividends: $13,724
Average qualified dividends: $10,751
8. Massachusetts
Average net capital gains: $47,346
Average taxable interest: $2,485
Average tax-exempt interest: $7,575
Average ordinary dividends: $13,507
Average qualified dividends: $10,726
7. New York
Average net capital gains: $48,271
Average taxable interest: $4,110
Average tax-exempt interest: $10,084
Average ordinary dividends: $14,987
Average qualified dividends: $11,626
6. Connecticut
Average net capital gains: $49,914
Average taxable interest: $4,568
Average tax-exempt interest: $9,708
Average ordinary dividends: $18,385
Average qualified dividends: $15,312
5. Utah
Average net capital gains: $51,745
Average taxable interest: $2,725
Average tax-exempt interest: $7,213
Average ordinary dividends: $10,015
Average qualified dividends: $7,776
4. Texas
Average net capital gains: $52,926
Average taxable interest: $3,231
Average tax-exempt interest: $9,046
Average ordinary dividends: $13,420
Average qualified dividends: $10,928
3. Nevada
Average net capital gains: $77,491
Average taxable interest: $4,395
Average tax-exempt interest: $12,978
Average ordinary dividends: $17,308
Average qualified dividends: $13,756
2. Wyoming
Average net capital gains: $84,246
Average taxable interest: $4,804
Average tax-exempt interest: $12,016
Average ordinary dividends: $30,728
Average qualified dividends: $26,119
1. Florida
Average net capital gains: $84,911
Average taxable interest: $5,552
Average tax-exempt interest: $15,226
Average ordinary dividends: $21,724
Average qualified dividends: $17,828
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Sources
SmartAsset, “Where Americans Earn the Most From Investments – 2025 Study” (April 23, 2025)
This article originally appeared on GOBankingRates.com: 13 States Where People Earn the Most From Their Investments
