Minnesota

Highlights

• #16 of 50: Venture capital
• #21 of 50: Economic output and wealth
• #21 of 50: Innovation and patents

The seven inputs

Each input is a z-score against the other states: 0 is the average state, and each step is one standard deviation (capped at ±3). Ranks are among the 50 states.

• Venture capital +0.2 #16 of 50
• Startup formation 0.0 #25 of 50
• Scale-ups +0.1 #22 of 50
• Economic output and wealth +0.3 #21 of 50
• Innovation and patents +0.3 #21 of 50
• Talent -0.1 #26 of 50
• Momentum -1.0 #47 of 50

Top companies

The largest companies headquartered in Minnesota, by latest annual revenue.

1. UnitedHealth Group Incorporated UNH · Healthcare · Eden Prairie · Minneapolis–St. Paul, MN metro $448B
2. Cargill Private · Food & Drink · Minneapolis–St. Paul, MN $154B
3. Target Corporation TGT · Consumer Discretionary · Minneapolis–St. Paul, MN $105B
4. Best Buy Co., Inc. BBY · Consumer Discretionary · Richfield · Minneapolis–St. Paul, MN metro $41.7B
5. Medtronic plc MDT · Healthcare · Fridley · Minneapolis–St. Paul, MN metro $36.4B

Roots Density Data, All Companies (public: SEC filings; private: Forbes Top Private Companies 2025). Ranked by latest annual revenue.

Metros in Minnesota

• Minneapolis–St. Paul, MN #21 of 109 metros 59
• Fargo, ND-MN #71 of 109 metros 35