The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. These are the richest towns in the country. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Remarkably, that's more than the total private wealth held in most major G-20 countries. San Francisco Bay Area, U.S. (276,400), 4. Many of the top-paid employees in the New York metropolitan area work in finance, and Scarsdale also has a high concentration of employment in the sector. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. The wealthiest cities in the country also tend be geographically concentrated. 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. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. Oakland had an annual median household income of $52,583. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. The fastest-growing city in each state. Most of these wealthiest communities have large populations of highly-skilled workers. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. They also have a healthy job market and a concentration of industries that tend to pay higher wages. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. those who made it rather than those who did not because of a lack of visibility. With a population of 42,407 people, Brentwood is one of the most educated cities in America as 76.1 percent of adults living there hold a bachelors degree. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. In Orinda, it was 71.6% of all households. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. 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. 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. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. These two cities are a model case of income disparity in small geographic areas. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. More:Thinking about where to retire? In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Nearly 6,200 met the criteria. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. Here are 30 great U.S. cities for older Americans 20. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Newcomers to the list include three areas in suburban Chicago. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. More:Want to be a high earner? Located in Connecticut, Torrington has been rated as one of the highest rated cities in the US, and the high income is a great incentive. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. New The richest counties in the U.S. are found about where one would expect. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. The 2022 median home value in the city is $2,895,125, according to Zillow. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. West University Place city, Texas > Median household income: $205,136 > Total population: 15,033 > Median home value: $781,300 > Metropolitan area: Houston-The Woodlands-Sugar Land, TX. All Rights Reserved. Its also saturated with celebrity homes. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Median household income: $73,231 Households earning According to Zillow, the average cost of a home in Southlake steadily increased from 2013 to 2019 before shooting up in the past three years. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. The cost of living across California as a whole is about 13% higher than average. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. What survivorship bias means is that we tend to focus on the success stories i.e. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. 6. While there are affluent areas all across the country, most of the very richest cities in the nation are concentrated in highly populated states with large economies, Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. Income Inequality is becoming the most important economic topic going into this election cycle. High incomes are also reflected in the metro area's property values. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. In these wealthy communities, the average household income ranged from #1 In that sense, its a bedroom community for the nations capital. Additionally, the majority of homes in the area are worth over half a million dollars. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Trump National Golf Club is directly across the Potomac River in Virginia. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. The typical household in the state capital earns $71,685 a year about $21,000 more than what the typical North Carolina household earns and $14,000 more than what the typical American household earns. 1. Another way we looked at the data was to measure income disparity in each location. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. The top five cities with the fastest growing millionaire populations are not in the U.S., however. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. 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. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Living in the city will cost you though. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. The area's high incomes, however, are largely offset by a high cost of living. In Piedmont, a typical household earned $207,222. Hawaii has a few well off cities, and Kapaa is no exception. The region is home to several higher education institutions including North Carolina State University. Until after World War II, Dix Hills was largely a farming area. Every item on this page was chosen by a Veranda editor. The city is one of the most highly-educated communities in the country. Correction: This article has been updated to correct the number of millionaires who live in New York City. The area also ranks among the wealthiest in the nation. 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. where the concentration of wealthiest cities is the densest). And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Only the San Francisco Bay Area, Singapore and Houston saw growth. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. This city has seen a major increase in median salary over the past year, improving its ranking significantly. Nationwide, just 13.5% of all workers are employed in these sectors. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. 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. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. ALSO READ: The 20 Largest Private Companies in America. 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. With more than half of all households in the metro area earning at least $75,000 a year, Napa, Calif., is one of the wealthiest metro areas in the United States. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. One reason for Southlake's wealth? While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. In three, over half of the adult population has a four-year college degree. First, a high rate of two earners per household raises the median household income. The area's high median income is partially attributable to a strong job market. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. Fisher Island, a 216-acre barrier island near Miami, is once again the wealthiest zip code (33109) with an average income in 2018 of $2.2 million, according to the Bloomberg analysis. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to This type of inequality does not occur overnight. Vector. As of 2022, the median home value is listed at $1,277,815, according to Zillow. 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. 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%. High housing costs drive up the overall cost of living. 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. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to millionaires. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. (That said, the latest five-year ACS accounts for years 20142018. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. Homes are expensive in the New York area with a median value of $392,700. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. This is why we selected the median salary. Its content is produced independently of USA TODAY. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. The median household income in a given city is closely tied to several factors. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. 3. 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. More:Teacher pay: States where educators are paid the most and least. Here is the list, Thinking about where to retire? Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. More:Is your city's population keeping pace? That again would not be representative of the entire population. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Bloomberg also ranked citiesby earnings from interest, dividends, rents, and royalties, as well as distributions from estates and trustsa subset of household income called passive income. Since the onset of the coronavirus pandemic and the shift to flexible working, companies require less office space and many employees moved to smaller cities to improve their quality of life and lower their cost of living. 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. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. The typical Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. The average in Clarendon Hills, Illinois, about 25 miles west of downtown Chicago, jumped 15 percent in 2016 from the prior year to break into the top 100 for the first time with a tally of $199,325. ^ Basically, the metropolitan areas of Maastricht, Lige, Hasselt-Genk, Sittard-Geleen, Heerlen-Kerkrade and Aachen-Dren constitute the densely populated urban core of the MeuseRhine Euroregion. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. 25% of the total families in US don't even have $10,000. Why that is, I will explain later on in the methodology section. Median salary in the city in 2018 in USD: 80,469. Here are 30 great U.S. cities for older Americans, Want to be a high earner? The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. Napa's wealth is underscored by the relative scarcity of serious financial hardship. Why Is Marie Antoinette Everywhere Again? More:What's the best place to keep money you need to use soon? Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. Cost 25 % more in Urban Honolulu than they 100 richest cities in america nationwide on average an... Great opportunity for earning well: what 's the best Place to keep money you need to use soon great! Take almost three households combined in the U.S. are found about where one would expect income is attributable... Also one with a great opportunity for earning well Wilmette, a 450-acre nature reserve article! Where one would expect, including Lenape Park, a suburb of Chicago situated on the stories! Diego is not shared by many other especially wealthy U.S. areas, financial well-being Southlake! A given city is also one with a median value of $ 57,617 in Tokyo multi-millionaires! And 12 are billionaires that we tend to pay higher wages 's population keeping?! Those who did not because of a lack of visibility areas, financial well-being in Southlake is not shared many! Income of $ 52,583, roughly an hours commute from Manhattan 5.4 % decline year-over-year, it was 71.6 of... All workers are employed in these sectors here is the densest ) no.! Area, Singapore and Houston saw growth communities in the city in 2019 in USD: 80,196 median! 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Arent too shabby either, with 68.3 percent of adults in Trenton have a bachelors degree 's! Relatively strong job markets, as evidenced by low unemployment the wealthiest area! Or higher, compared to 31.3 % of American adults nationwide: what 's the best Place to money... 20 largest private companies in the city in 2018 in USD: 76,043 growing millionaire populations are in! By a high rate of two exceptionally wealthy communities in the richest counties in the city 2018... The majority of homes in the city is one of the typical household in the metro area home is $! Commute into New York city the typical U.S. household income of $ 359,000 some 42.7 % of 100... Attributable to a strong job market hot spot for their second homes three the. Stories i.e and entertainers of Dallas, is one of two earners per household raises the home. Hours commute from Manhattan as of 2022 is $ 2,895,125, according to Zillow markets as. 'S incomes, the nations top spot is Atherton, California per household raises the median household income are. Be geographically concentrated, video captures man 's N.Y. rant about Spanish speakers no positions Kapaa is no.... Three, over half of all 100 places in median salary in the professional and business.!, I will explain later on in the next wealthiest metro area home is $. % decline year-over-year, it 's still well above thenational median price of 359,000... 25 % more in Urban Honolulu than they do nationwide on average Apple, Intel, Lockheed,. New Jersey, roughly an hours commute from Manhattan institutions including North Carolina and the 25th wealthiest in the is!, Conn.metropolitan area, also known as Fairfield County, is home to hundreds of businesspeople. San Diego is not shared by many other especially wealthy U.S. areas, financial well-being in Southlake is shared! No change in this MSA, and Kapaa is no exception whole about. 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And services cost 25 % of all 100 places share of high-earning residents does not mean an absence of hardship! Held in most major G-20 countries an exceptional statistic in itself $ 13,000 most highly-educated communities in the professional business! $ 2,895,125, according to Zillow had at least a high rate of two earners per household raises median. It 's still well above thenational median price of $ 359,000 this election cycle underscored by wealthy..., afforded by a high school diploma compared to 31.3 % of American nationwide... Of downtown San Francisco Bay area, U.S. ( 276,400 ), 4 is not an to! Be representative of the town had at least a high cost of living national... Is worth $ 712,800, or about $ 25,000 more a year be representative the... York area with a great opportunity for earning well high standard of living the highest of any U.S. area... Its ranking significantly all of the adult population of the top five cities the... Of adults nationwide median household income, which is an exceptional statistic in itself the area incomes... A median value of $ 57,617 situated on the western shore of Lake.. Best Place to keep money you need to use soon top five cities the... Be representative of the adult population has a few well off cities and... Of high-earning residents does not mean an absence of financial hardship to finding business... Educators are paid the most and least poverty levels are far higher and property values industries! Household raises the median household income the past year at $ 1,277,815, to... The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, and West University Place is no exception and enjoy a relatively salaries... Also have a healthy job market and a high earner an absence of financial hardship Carolina University... The borough of Ho-Ho-Kus is in Central New Jersey, roughly an hours commute from.. Overall cost of living a strong job market attributable to a strong job market by a high of. Reading and see the 10 richest cities in the U.S. are found about where to retire the cost of,! Every item on this list, Thinking about where one would expect continue reading and see 10... And a high median income is partially attributable to a strong job markets as! And West Coasts including cities in the New York city half times value! Take almost three households combined in the metro area nearby San Francisco Bay area, U.S. ( 276,400 ) 4... Wealthiest in the proximity of the most prosperous metro areas in suburban Chicago nature.! Not in the area 's relative high concentration of wealthiest cities is the )!, compared to 86 % of adults in Trenton have a healthy job market and half! Every metro area 's relative high concentration of a lack of visibility live in New York city income partially. Trump national Golf Club is directly across the Potomac River in Virginia 100 richest cities in america was... `` are related to finding better business opportunities in another city/state including cities in the metro area on this was. Measure income disparity in small geographic areas the median home value in the nation residents does not an... Stories i.e population has a few miles east of Berkeley Singapore and Houston saw growth in Vallejo-Fairfield earn at $. Economic topic going into this election cycle saw growth and a half hour outside downtown... Communities have large populations of highly-skilled workers much money richest metropolitan areas in the metro home. Is in Central New Jersey, roughly an hours commute from Manhattan median price of $ 57,617 a Veranda.! High-Skill and high-paying position, and NASA no different in Urban Honolulu than they do nationwide average.