While federal ERISA law regulates ESOPs, it is interesting to note that ESOP popularity varies from state to state. The state of Minnesota claims more ESOPs per capita than any other state. Minnesota is a large state with many companies so it does have a geographical advantage over small states like Rhode Island. However, Minnesota is not our largest state in terms of population, number of incorporations, or square miles. The most recent ESOP Association statistics show a total of 10,584 ESOPs in the U.S. Minnesota alone has approximately 400.