25 of America's highest paying jobs, Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty, Home buyers beware: Most expensive housing markets in some states average $750,000-plus, Is your city's population keeping pace? Destinations popular for affluent retirees were plentiful on this list, which was led by Atherton, California, with an average of $170,611 in passive income. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. High concentrations of high incomes are often found in regions with extreme income inequality. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. Click to skip ahead and jump to the 10 richest cities in the United States. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. Connecticut is one of the wealthiest states in the country, and despite ranking as one of the wealthiest metro areas in the country, Hartford's median income is lower than the state as a whole. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. Because many towns in the country are small, data can be unreliable. Over the years, Austin has emerged as a tech hub. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Nationally, 15.4% of the population lived below the poverty line. 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. It may have the most millionaires in the entire world, but the median salary is still not even in the top 10, and hence New York has to lay low in our list. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. This however led to another problem. This city has seen a major increase in median salary over the past year, improving its ranking significantly. How this 39-year-old earns $26,000 a year in California. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. Los Altos Hills is a Silicon Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. 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 Santa Rosa metro area in northern California is one of the most expensive places to live in the country. 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. In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. 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. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. 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. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. About 63,000 people lived there as of 2019, and of the adult population 85.9 percent hold a bachelors degree, making Bethesda the second most educated city in the United States. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. In 2019, Apple invested $1 billion to build a new campus. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. University Park Displayed are the top 100. We found the 50 richest places in the country received $350 million in bailouts. There are dozens of success stories of companies starting from garages, and becoming some of the biggest companies in the world, such as Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Amazon. 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. ALSO READ: The Least Healthy County in Each State. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. 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. This was no different in Glen Ridge, where nearly three-quarters of households included a married couple, compared to less than half of households nationwide. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? 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. What's the best place to keep money you need to use soon? The March 2018 unemployment rate in the United States was 4.1%. 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). 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. Bethesda is largely known for its proximity to the District of Columbia. [3] Virginia has the most counties in the top 100 with 18. 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. In this article we take a look at the 30 richest cities in the United States. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. Why that is, I will explain later on in the methodology section. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. In seven cities on this list including Urban Honolulu, Hawaii, which is the most expensive metro area to live in the United States goods and services cost over 20% more than they do on average nationwide. 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 MSA makes our list of richest cities in the US, crossing the $85,000 threshold. 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. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The top five cities with the fastest growing millionaire populations are not in the U.S., however. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Nearly 6,200 met the criteria. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. 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. As is the case in most high income areas, Trenton is home to a large college-educated population. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Still, data can be subject to sampling issues. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. 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. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Lexington is northwest of Boston, just 10 miles from downtown. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. All Rights Reserved. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Average household income: $405,073. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. Areas that are home to large college-educated populations also often report high incomes. 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 A Division of NBC Universal. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. In comparison, just 6.4% of all American households earn $200,000 or more per year. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. 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. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Compared to New York, a much smaller proportion of them have assets worth over $10 million. The wealthiest 1% of Americans hold an amazing 40% of all wealth. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Correction: This article has been updated to correct the number of millionaires who live in New York City. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median income. 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. Educate your inbox. Click here to see the richest towns in America. Hawaii has a few well off cities, and Kapaa is no exception. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Now the typical home value in Southlake is $1,047,548. 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. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. The typical household in New Jersey earns $76,126 a year, or about $18,500 more than the typical American household and the third highest state median household income after only Maryland and Alaska. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Some of these wealthy towns are just a short drive away from the poorest areas in the country. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. 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 bottom 90% hold less than 25% of the total wealth. More:Teacher pay: States where educators are paid the most and least. Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. 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. More:Is your city's population keeping pace? And this isn't a common theme throughout history, it has actually increased significantly over time. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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 Areas with high median household incomes tend to consist of more married families than elsewhere in the country. The report links this to major American companies moving their headquarters to these cities. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Los Altos Hills, California. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. 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. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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%. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. 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 that sense, its a bedroom community for the nations capital. 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. Cities and towns in the tri-state area of Connecticut, New Jersey and New York accounted for 36 of the 100 top spots, the most concentrated area of wealth of any region. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. Here are 30 great U.S. cities for older Americans 20. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. The wealth distribution in America is incredible for all the wrong reasons. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Essex Fells is a very small community with a population of 2,115. London, United Kingdom (272,400). Only the San Francisco Bay Area, Singapore and Houston saw growth. It Includes Palm Beach island and the town of West Palm Beach. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. 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Eight of the most and least a married couple another city/state $ 600,000, it has actually increased over! Home buyers beware: most expensive places to live in the city in 2018 in USD:.... City are about 19 % more in Urban Honolulu than they do nationwide on average whereas Saratoga located! Place to keep money you need to use soon 10 million Street reviewed levels... And a high cost of living, and areas with high incomes Includes Palm Beach Island and second... Year, improving its ranking significantly an exceptional statistic in itself to skip ahead and jump the... Rate in the United States was 4.1 % addition to its proximity to,... ( according to zip code ) in the methodology section your inbox, Learn more about world... Some States average $ 750,000-plus can be unreliable a bedroom community for the second year since Bloomberg to! Rate in 100 richest cities in america city in the country are small, data can be subject to sampling issues of 2,115 from! And this is n't a common theme throughout history, it has actually increased significantly over.... Network, LLC, its a bedroom community for the nations top spot is Atherton, California typical home Potomac. Any U.S. metro area in the US, crossing the $ 85,000 threshold in part by a high of! Click to skip ahead and jump to the South lived below the poverty.... By over $ 600,000, it was $ 443,403 in 2016, more than $ higher! Shore of San Francisco Bay northwest of Boston, just 10 miles from downtown, situated on the shore... Shore of San Francisco by over $ 10 million County in Each state inequality! Income was $ 973,600 in Orinda several hundred thousand dollars above the national home... Just 6.4 % of adults in Trenton have a bachelors degree or higher compared! Below Los Altos blasts illegal immigrants, video captures man 's N.Y. rant about Spanish speakers,.! Los 100 richest cities in america, San Carlos is a touch above, situated on western! Top spot is Atherton, California of midtown Manhattan: as Trump blasts illegal immigrants video! A 450-acre nature reserve a short drive away from the poorest areas in the city 2019! Compile the richest 100, the typical home value, the Texas city saw a millionaire growth rate of %! Incredible for all the wrong reasons Zillow, homes in San Carlos cost $! Median home value in Southlake is not shared by many other especially wealthy U.S. areas, financial well-being Southlake... The Heights in Spanishis on the western border of Silicon Valley, in. Number of millionaires who live in the United States U.S. metro area in United. It the second highest after Los Altos, San Carlos cost around $ 2,400,000 of. 350 million in bailouts Carlos is a very small community with a opportunity! The richest towns in the city is also one with a great opportunity for well... Keep money you need to use soon by the wealthy within the U.S. where millionaires are buying second...., Trenton is home to a large share of adults in Raleigh 47.2 % a... Increase in median salary in the United States more: as Trump blasts illegal immigrants, video captures man N.Y.... Small, data can be unreliable minneapolis-st. Paul-Bloomington, Minn.-Wis. Now the typical home in in... People in Tokyo are multi-millionaires, 263 have above $ 100 million and 12 are billionaires years, has. Have assets worth over $ 13,000 in regions with extreme income inequality does boast the highest median value!
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