second highest in the U.S. Its GSP is greater than the GDPs of Canada, Russia and Italy, which are the world's 8th-, 9th- and 10th-largest economies, respectively. The state ranks 22nd among U.S. states with a median household income of $64,034, while the poverty rate is 14.2%, making Texas the state with 14th highest poverty rate in the United States (compared to 13.15% nationally). Texas's economy is the second-largest of any country subdivision globally, behind California. Texas's large population, an abundance of natural resources, thriving cities and leading centers of higher education have contributed to a large and diverse economy. Since oil was discovered, the state's economy has reflected the state of the petroleum industry. In recent times, urban centers of the state have increased in size, containing two-thirds of the population in 2005. The state's economic growth has led to urban sprawl and its associated symptoms. As of May 2020, during the COVID-19 pandemic, the state's unemployment rate was 13 percent. In 2010, Site Selection Magazine ranked Texas as the most business-friendly state in the nation, in part because of the state's three-billion-dollar Texas Enterprise Fund. Texas has the highest number of Fortune 500 company headquarters in the United States as of 2022. In 2010, there were 346,000 millionaires in Texas, constituting the second-largest population of millionaires in the nation. In 2018, the number of millionaire households increased to 566,578. Taxation Texas has a reputation for low taxes. According to the Tax Foundation, Texans' state and local tax burdens rank among the lowest in the nation, 7th lowest nationally; state and local taxes cost $3,580 per capita, or 8.4 percent of resident incomes. Texas is one of seven states that lack a state income tax. Instead, the state collects revenue from property taxes (though these are collected at the county, city, and school district level; Texas has a state constitutional prohibition against a state property tax) and sales taxes. The state sales tax rate is 6.25 percent, but local taxing jurisdictions (cities, counties, special purpose districts, and transit authorities) may also impose sales and use tax up to 2percent for a total maximum combined rate of 8.25 percent. Texas is a "tax donor state"; in 2005, for every dollar Texans paid to the federal government in federal income taxes, the state got back about $0.94 in benefits. To attract business, Texas has incentive programs worth $19 billion per year