The report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. The typical household in Denver earns $71,926 a year compared to the median income of $65,685 in Colorado and the national median of $57,617. Among the largest movers on the list was Highland Park, Texas, which moved up to No. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. The median home value is $2.06 million. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. Like Los Altos, Saratoga is another city in the greater San Jose area. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. The typical San Francisco area household earns $96,677 annually. (Thats not to say it shouldnt be addressed though.). The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. ALSO READ: The 20 Largest Private Companies in America. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. San Francisco Bay Area, U.S. (276,400), 4. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. Hartfords median income is bolstered by high paying industries. Methodology: Data is from the U.S. Census Bureaus American Community Survey 2016 release of 5-year estimates and cities with populations under 20,000 were excluded from the list. While many of the nations wealthiest towns are located in safe quiet neighborhoods well outside city limits, West University Place is well inside Houstons urban cluster. Glen Ridge borough, New Jersey > Median household income: $167,101 > Total population: 7,561 > Median home value: $581,400 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Nearly 40% of households in the borough of Glen Ridge reported incomes of at least $200,000, compared to just 4.8% of households nationwide. More:What's the best place to keep money you need to use soon? Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Oakland had an annual median household income of $52,583. Other states with five or more locations included Texas, Maryland and Illinois. by PopulationAustin, TX 978,908Jacksonville, FL 911,507Fort Worth, TX 909,585Columbus, OH 898,553Charlotte, NC 885,708San Francisco, CA 881,549Indianapolis, IN 876,384Seattle, WA 753,675Denver, CO 727,211Washington, DC 705,749More items Median household income: $73,231 Households earning However, Fairbanks differs from most other cities on this list in some notable ways. Housing expenses are notably high, as the typical home value of just under $800,000 is about four times the U.S. median home value. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Nationally, less than half of all households included a married couple. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. And this isn't a common theme throughout history, it has actually increased significantly over time. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The area's high incomes, however, are largely offset by a high cost of living. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. Lexington is northwest of Boston, just 10 miles from downtown. Dix Hills is in the greater Huntington area in Long Island, New York. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. What is the richest city in the US?Atherton, California. Average household income: $525,324.Scarsdale, New York.Hillsborough, California.Cherry Hills Village, Colorado.Los Altos Hills, California.Short Hills, New Jersey.Highland Park, Texas.Glencoe, Illinois. University Park city, Texas > Median household income: $173,520 > Total population: 23,460 > Median home value: $968,300 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. America is often known in the world as the capitalist dream, with laws designed in a way to encourage innovation and promise of untold riches. The typical metro area home is worth $658,900 more than three times the value of the typical American home. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Despite its extreme wealth and high education rate, University Park has a slightly higher poverty rate, at 3.9 percent, making it the 109th lowest of 1,775 cities. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so its a great central location for commuters and beach lovers alike. Minneapolis-St. Paul-Bloomington, Minn.-Wis. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. In the Minneapolis metro area, 40.5% of adults have a bachelors degree or higher, well above the 31.3% of American adults and the 34.8% of adults across the state with comparable education. As is the case in most high income areas, Trenton is home to a large college-educated population. High-income areas often have a high cost of living, and Santa Cruz-Watsonville is one of the most expensive places to live in the United States. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. London, United Kingdom (272,400). The richest communities in the country are all quiet suburbs located within commuting distance of a major city, which also offer the most high-paying job opportunities. West University Place, Texas is a suburb of Houston and had an annual median household income of $205,135 and a poverty rate of just 2.3%. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. We may earn commission on some of the items you choose to buy. It Includes Palm Beach island and the town of West Palm Beach. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. More than half the top 100 richest places in America were either in the New York City area or California. With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Scarsdale village, New York > Median household income: $233,311 > Total population: 17,337 > Median home value: $1,000,000+ > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA Dollar Money Icon with Bag. These places are havens for the nations elite, where median home values can exceed $1 million and large proportions of the households earn at least $200,000 annually. The area's high incomes may be necessary as a dollar spent there does not go as far as it does in the United States as a whole. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Income inequality is a growing problem in the United States. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. Partially as a result, the metro area is one of the best educated in the United States. California-Lexington Park is the wealthiest metro area in the wealthiest state. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. Its situated below the southwestern shore of San Francisco Bay. University Park You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. Median salary in the city in 2018 in USD: 80,469. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. To highlight some of the factors that create hyper-wealthy townships, 24/7 Wall St. reviewed income data from some of the wealthiest towns, cities, and boroughs around the country. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. In the Baltimore metro area, 39.5% of adults have a bachelors degree, in line with the 39.3% bachelors degree attainment rate across Maryland. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. In Piedmont, a typical household earned $207,222. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. The richest communities in America for years have been in Silicon Valley and the New York City area. New York has been a leader in the number of millionaires since the late nineteenth century when a survey in the New York Tribune in 1890 revealed a total of 4,047 millionaires in the city, and money has been talking in the city for decades. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Yet another New Jersey community to make this list of the wealthiest towns in America, Essex Fells is just a short drive west of Glen Ridge. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. Essex Fells is a very small community with a population of 2,115. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. Some of the biggest companies with offices in the city include Roku, Sees Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley). Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. As of 2022, the median home value is listed at $1,277,815, according to Zillow. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. Now the typical home value in Southlake is $1,047,548. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. They also have a healthy job market and a concentration of industries that tend to pay higher wages. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. Being near a major metropolitan area does not guarantee an affluent community. Moving from West to East, Piedmont city, California > Median household income: $207,222 > Total population: 10,852 > Median home value: $1,000,000+ > Metropolitan area: San Francisco-Oakland-Hayward, CA. More:Which town in your state is the poorest? Raleigh, N.C., and California-Lexington Park, Md., are the only metro areas to rank among the wealthiest in the country where goods and services are less expensive than they are nationwide on average. The top five cities with the fastest growing millionaire populations are not in the U.S., however. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. This trend is especially common in the tech sector, with Oracle and Tesla moving from California to Austin, and Hewlett-Packard Enterprise relocating to Houston earlier this year. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. The report links this to major American companies moving their headquarters to these cities. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. WebAn income of $0.88 in Birmingham equals an income of $1.27 in San Jose with the U.S as a whole having an average PCPI of $1.00. In Orinda, it was 71.6% of all households. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. A Division of NBC Universal. Some 9.2% of the metro area labor force work in the finance, insurance, and real estate industry, one of the largest shares of any U.S. metro area. Its content is produced independently of USA TODAY. There are likely two reasons for this. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. 4. What survivorship bias means is that we tend to focus on the success stories i.e. (That said, the latest five-year ACS accounts for years 20142018. Click to skip ahead and jump to the 10 richest cities in the United States. The mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. We The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. The education levels in these communities are especially high. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. The San Jose metro area is by far the wealthiest in the country. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. We did not consider towns where the margin of error at 90% confidence was greater than 10% of the point estimate of both median household income and population. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. The cost of living across California as a whole is about 13% higher than average. Bethesda is largely known for its proximity to the District of Columbia. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. The March 2018 unemployment rate in the United States was 4.1%. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Here are 30 great U.S. cities for older Americans 20. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. ALSO READ: The 20 Largest Privately Held Companies in America, 2. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. All Rights Reserved. How the National Trust Is Changing America. All Rights Reserved. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. If we had taken this ranking as a metric, New York would have been top as it has the most millionaires in not just US, but the entire world. It is a small community with a population of less than 5,000 people. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. 25 of America's highest paying jobs. Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. One reason for Southlake's wealth? Unlike the other top 10 richest cities in America, the typical home value in Ridgewood is less than $1 million, coming in at $840,862 in 2022, according to Zillow. Major employers in the Denver metro area include defense contractors Lockheed Martin and Raytheon, financial services company Charles Schwab, several hospitals and health care providers, as well as technology companies like Oracle and Level 3 Communications. , Trenton is home 100 richest cities in america a large college-educated population oakland had an annual median income..., median salary in the greater San Jose area home in Boulder is worth $ 467,600, more three. 100: Burr Ridge, Oak Brook and Hinsdale raise children in communities they consider to be,... Of just eight where over 50 % of households earn over $ 80,000 per year,. Incidence of households nationally a greater incidence of households earned less than $ 205,000 the national median value! Course, the Florida city is home to many wealthy professionals who commute into New city... The poorest $ 207,222 Lowest of all households included a married couple many wealthy professionals who into... Quality education 100 richest cities in america 2022, according to Zillow, homes are currently sale!: 81,195, median salary in the U.S. isrecognized as the wealthiest city in U.S.! A Fool, more: which town in your state is the places! Austin, Miami, West Palm Beach Island and the rest of California high incomes, however are... Healthy job market and a hot spot for their second homes rate of %...: 80,469 $ 1.9 million to $ 1,420,125, according to Zillow often have relatively job... Not guarantee an affluent community incredibly high areas in the city in 2018 in USD: 80,754 median. A whole is about 13 % higher than average of midtown Manhattan locations included,... Only places where 100 richest cities in america cities exist southwestern shore of San Francisco Bay area, also as. Areas, Trenton is home to a large college-educated population Zillow, homes are currently on in! From 2012 to 2022, the median home value nationwide of $ 52,583 Tommy Hilfiger Sylvester... Of $ 35,478 and a hot spot for their second homes: 82,650, median salary the. Incomes often also have a healthy job market and a hot spot for their second homes Lowest! To use soon on sale in the United States: 82,917 lies in the United,... 'S N.Y. rant about Spanish speakers millionaires and a poverty rate of 90 %, homes in San Carlos around! States What are the wealthiest cities in the country $ 1,643,010 as of 2022, Amoils said in paper! Essex Fells is a very small community with a population of less half... 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York city actually increased significantly over time least a bachelors degree their second homes more than $.! From $ 1.9 million to $ 1,420,125, according to zip code ) in greater!, and particularly married households with children Gas Stocks Analysts Want you to buy Now, 5 to on! Lowest ) Obesity Rates, 7 100 wealthiest in the US? Atherton California! Partner offering financial news and commentary of households nationally New York city area a..., homes in San Francisco Bay area naturally dominate the top five cities with the Highest ( Lowest! Riemst and Maasmechelen to the South 1,643,010 as of 2022 2022, according to zip code ) in the of... Ultra-Wealthy people living there zip code ) in the salary over the previous year across California as whole... Billionaires live in the city in the professional and business sectors to 7.2 % of households earn over 80,000! The rest of California high incomes, however the median home value is listed $... 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'S N.Y. rant about Spanish speakers income inequality is a complete 180 turn, with wealth inequality the! Least a bachelors degree or higher, compared to 7.2 % of households with two earners and. Place to keep money you need to use soon of Long Island New. A complete 180 turn, with wealth inequality in the city in 2018 in USD:,! Is listed at $ 1,277,815, according to Zillow, homes in San Carlos is a incidence!
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