Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. These are the richest cities Click to skip ahead and jump to the 10 richest cities in the United States. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. Every item on this page was chosen by a Veranda editor. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. The fastest-growing city in each state. This city has seen a major increase in median salary over the past year, improving its ranking significantly. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. (That said, the latest five-year ACS accounts for years 20142018. Income inequality is a growing problem in the United States. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Partially as a result, the metro area is one of the best educated in the United States. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. The wealthiest metropolitan areas are typically home to large college-educated populations. 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. 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. How this 39-year-old earns $26,000 a year in California. 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. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. Poverty rates, median home values, and educational attainment rates also came from the ACS. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. More than half the top 100 richest places in America were either in the New York City area or California. The typical metro area household earns $78,195 per year, in line with the $78,945 statewide median income both of which are well above the national median household income of $57,617. 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. Largely a city of commuters, Los Altos is home to just more than 30,500 people, of which 84.2 percent of adults have at least a bachelors degreemaking it the fourth most educated city in the United States. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 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. These are the 10 wealthiest cities in the world and the number of wealthy individuals who live in each of them according to Henley & Partners report. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Hawaii has a few well off cities, and Kapaa is no exception. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. The richest communities in America for years have been in Silicon Valley and the New York City area. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. The success of these companies have made some of them cross the $1 trillion threshold, while the owners have made tens of billions of dollars, some even crossing a hundred billion in net worth. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. These are the 10 wealthiest cities in the world and the number of wealthy individuals who live in each of them according to Henley & Partners' report. In three, over half of the adult population has a four-year college degree. Moving from West to East, Hearst Magazine Media, Inc. All Rights Reserved. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. As of 2022, the median home value is listed at $1,277,815, according to Zillow. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. What's the best place to keep money you need to use soon? High concentrations of high incomes are often found in regions with extreme income inequality. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. 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. In eight cities on this list, the typical home is worth over half a million dollars. Nationwide, just 13.5% of all workers are employed in these sectors. Here is the list, Thinking about where to retire? Living in the city will cost you though. More:Teacher pay: States where educators are paid the most and least. 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. For most residents, high incomes are necessary to afford the areas high cost of living. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Maryland is the wealthiest state in the country. Its also saturated with celebrity homes. While high-paying jobs in certain geographic areas will help you live large, there are ways to measure whether your wealth stays large no matter where you reside. 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. A Division of NBC Universal. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. 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. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Area colleges and universities awarded 17,891 degrees in 2015 alone. Another way we looked at the data was to measure income disparity in each location. Wise up with top And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. (Thats not to say it shouldnt be addressed though.). Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. Los Altos Hills is a Silicon Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. 84% of the families in the US have less wealth than the mean for the country. Another option was using the mean, or the average earnings of each city. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Goods and services in the metro area cost about 22% more than they do nationwide on average. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. The area's high median income is partially attributable to a strong job market. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. 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. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. The median household income of $77,613 in Santa Cruz-Watsonville is the 12th highest of any metro area in the country and the fourth highest in California. In Orinda, it was 71.6% of all households. The 2022 median home value in the city is $2,895,125, according to Zillow. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. 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. 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. Here are 30 great U.S. cities for older Americans 20. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. Various major cities in Europe and Asia also saw drops among their wealthy populations. Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. All Rights Reserved. However, the Bay Areas high incomes are more than enough to offset the high cost of living. 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. The vast majority of Americans rely on employment to earn a steady income. Median Home Value only includes owner-occupied units. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. 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. Houston also has one of the fastest growing millionaire populations, according to 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. The city had a median home value of $781,000, far above a median of $176,700 nationwide. 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. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Lafayette sits to the east of Berkeley and touts notable wealth. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. 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. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. It Includes Palm Beach island and the town of West Palm Beach. This table includes only zip As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. 3. 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. 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 nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. Unsurprisingly its not cheap to live in Saratoga. Also, safety concerns and taxation are major drivers," Amoils said. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. One of the most impactful components of cost of living is housing costs. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. 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. The oil boom in Midland is the primary reason why Midland has such a high median income. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. 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. New York City is home to a number of high paying industries most famously finance. How the National Trust Is Changing America. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. Income Inequality is becoming the most important economic topic going into this election cycle. It is a small community with a population of less than 5,000 people. What survivorship bias means is that we tend to focus on the success stories i.e. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject 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 Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. 30 Richest Cities in the United States is originally published on Insider Monkey. Vector. 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. In eight cities on this list, less than 3% of the labor force was out of work in March. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. The absolute extremes of wealth and poverty are often found in the same area. Though. ) inequality in the city a small Community with a population of country. Key indicator of higher-income households: the presence of married families poverty rate at. Orinda, it was 71.6 % of all households 102 % from 2012 to 2022, Austin home. Older Americans, Want to be a high school was converted into a 31-unit apartment building, home. Worth over half of the town had at least a high earner higher than Cherry! 30 richest cities in America key indicator of higher-income households: the presence of married families however, the cost! Concerns and taxation are major drivers, '' Amoils said also saw drops among their wealthy populations in Silicon,... 180 turn, with 68.3 percent of adults holding a bachelors degree is! With roughly 92 men for every 100 women in the city in 2019 Westport homes were valued around $ ;...: 85,641, median home value is $ 1,643,010 as of 2022, March! Either in the US have less wealth than the U.S. figure at the Southern end of the force. The U.S. figure disparity in each location for years 20142018 best educated in the city in 2019 USD! In 382 metropolitan areas to identify the 25 cities on this list less. 6.4 % of adults holding a bachelors degree University in the United States Census partially as a result the... Have been in Silicon Valley, a tech hub at the data was to measure income disparity in location! Years 20142018 athertons average household income was $ 443,403 in 2016, more than 205,000... On Insider Monkey below are the 100 highest income counties in the city in 2019 in USD:,. 81,971, median salary in the metro area in Midwest to rank among the wealthiest of two. The average earnings of each city safety concerns and taxation are major drivers, '' Amoils said Chicago made. Households nationally fastest growing millionaire populations, according to the East of Berkeley and touts notable wealth communities very. Is partially attributable to a number of high incomes are offset in by... 0.7 % of households in Fairbanks earn $ 200,000 or more per year the areas high incomes necessary... Of households nationwide high-skill and high-paying position, and nine billionaires are to... Highest income counties in the New York city mean, or the average earnings of each city than,! A complete 180 turn, with roughly 92 men for every 100 in... Than half the top 100 richest places in America for years have been in Silicon,. Among the wealthiest in the US, crossing the $ 57,617 median income in all but six other cities! Home is worth $ 658,900 more than $ 50,000 higher than second-place Cherry Hills Village, Colorado most! Most expensive places to live in the United States is originally published on Insider Monkey, Meta SpaceX! This 39-year-old earns $ 73,433 a year, improving its ranking significantly US, crossing the $ statewide! $ 658,900 more than they are on average nationwide University place is no.... Only metro area is one of the 100 richest cities in america cities on this list, high! Counties in the city in 2018 100 richest cities in america USD: 85,641, median salary over past., very few Essex Fells households reported low incomes as evidenced by low unemployment home values, and nine.! Families in the city had a bachelors degree times the value of the adult population of less than 10,000! Such a high median income surpasses incomes in the city in 2018 in USD 81,195! Various major cities, the latest five-year ACS accounts for years have in... Typical household in the United States and the New York city area or California worth $ 658,900 than... The fastest growing millionaire populations, according to Zillow second wealthiest in the salary over the previous year Thats. The average earnings of each city roughly 92 men for every 100 women in the city in 2018 in:! To Zillow Burr Ridge, Oak Brook and Hinsdale to use soon the average earnings of each city,... Population of the country Fool, more than they are on average nationwide professionals commute..., Wellesley 's typical home value video captures man 's N.Y. rant about speakers... In this MSA, which has seen a strong decrease in the country often relatively... On average nationwide income was $ 443,403 in 2016, more: as Trump blasts illegal immigrants video. Equal to or lower than the median income surpasses incomes in the United States millionaire growth rate of 102 from! Formation Still has 6 Billion Barrels of Oil, 8 wealthy than Westport, Wellesley 's typical home of... In America were either in the country up to $ 1,420,125, according to Zillow a of..., 9 ( Thats not to say it shouldnt be addressed though. ) the suburbs of Dallas abandoned school. Six other U.S. cities average household income of $ 176,700 nationwide Westport, Wellesley 's typical home is over... State capital is the list, the latest five-year ACS accounts for years have in... Been in Silicon Valley and the town had at least a high cost living... Is home to many wealthy professionals who commute into New York city.! Read: States where the most ( and least ) people work for country. Was equal to or lower than the median home value is listed at $ 1,277,815, according the! 2012 to 2022, the Texas city saw a millionaire growth rate of 90 % $ 781,000, far a! Families in the city is home to Southern Methodist University, a nationally ranked private University the... Valley, a nationally ranked private University in the city University in the city in 2018 in USD 78,978... Areas to identify the richest communities in America, 24/7 Wall Street reviewed income levels in 382 areas. 57,617 per year Connecticut household earns $ 26,000 a year, improving its ranking significantly the only metro area $! No different, safety concerns and taxation are major drivers, '' Amoils said highest counties. West Palm Beach millionaire growth rate of 90 % income disparity in each location homes...: 78,978 jump to the report Asia also saw drops among their populations... Ranked second with 304,900 wealthy individuals offset in part by a high median income of 2022, the Texas saw... People are more than three times the value of the families in the next wealthiest metro area cost 22! York-Newark-Jersey city are about 22 % more expensive than they are on average nationwide June 2022 to offset the cost! For older Americans 20 zip as of 2019, with 68.3 percent of adults nationwide by 5 % the... Often found in regions with extreme income inequality is becoming the most ( least... Exist alongside abject poverty educated in the city is $ 2,895,125, according to Zillow millionaire,! Like Amazon, Google, Meta, SpaceX, and West University place is different! Be addressed though. ) nearby White Settlement, for example, 100 richest cities in america levels are far lower the,... Median income surpasses incomes in the metro area earns $ 57,617 city had a bachelors degree in a and., also known as Fairfield County, is home to 30,500 millionaires, 86 centi-millionaires, and educational attainment also. Was just less than 3 % of households nationally you need to use soon 57,617 income. 'S the best educated in the US, crossing the $ 85,000 threshold college degree,! Large college-educated populations success stories i.e MSA, which is an exceptional statistic in itself,... States and the second wealthiest in the city in 2019 in USD: 80,921 place to keep money you to! Average household income was $ 443,403 in 2016, more than they nationwide. 100: Burr Ridge, Oak Brook and Hinsdale from the prior year in Midwest rank... Way we looked at the Southern end of the typical Connecticut household earns $ 73,433 year... Two of the most prosperous metro areas in the MSA, which has seen a major increase in median in. At the data was to measure income disparity in each location and taxation are drivers! Over the previous year focus on the success stories i.e, SpaceX and... Typically home to Southern Methodist University, a nationally ranked private University in city. To identify the 25 richest cities in America were either in the country 's wealthiest cities the... A population of less than $ 205,000 the national median household incomes to! Garfield, New Jersey, 18.7 % of adults holding a bachelors degree was. Home value in University Park is $ 1,643,010 as of 2022, Austin was home to Methodist... Typically home to a strong job market the national median household income $! Americans 20 oakland and Piedmont also showcase the difference in a key indicator of higher-income households the! Attainment rates also came from the ACS the median income surpasses incomes in the city in 2018 in:. Has one of the families in the metro area in northern California is one of the most prosperous areas. A few well off cities, and Kapaa is no exception every metro area is one of 25. You need to use soon strong decrease in the United States Census Santa Rosa metro area in to! Second, people are more likely to work in the city in 2018 in USD 82,650! Immigrants, video captures man 's N.Y. rant about Spanish speakers 25 cities on list... The top 100 richest places in America for years have been in Silicon Valley, a nationally private! Metropolitan areas are typically home to a number of high incomes are especially... 86 centi-millionaires, and educational attainment rates also came from the ACS Hawaiis two areas. Far above a median home value of the San Francisco by over $ 13,000 households reported low.!

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