100 richest cities in america

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? 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. Topping the charts, the first of the wealthiest neighborhoods in America is the appropriately named Billionaires Row, which is one of the wealthiest districts in the whole world. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. 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. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. 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. 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). At least 30% of married couples in all of these areas had children as well. Click here to see the richest towns in America. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. 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. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. 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. 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. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. 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. Educate your inbox. 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. 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. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. We may earn commission on some of the items you choose to buy. Some of these wealthy towns are just a short drive away from the poorest areas in the country. 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. Less than 20 miles southwest of New York City, Westfield is considered a bedroom community for Manhattanin that many of its 29,877 residents live in New Jersey but work in the city. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Oakland had an annual median household income of $52,583. In the United States, 31.3% of adults have a bachelors degree or higher. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. The wealth distribution in America is incredible for all the wrong reasons. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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. The typical San Francisco area household earns $96,677 annually. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. 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. 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. As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. The richest communities in America for years have been in Silicon Valley and the New York City area. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. 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. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. Lexington is northwest of Boston, just 10 miles from downtown. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. California-Lexington Park is the wealthiest metro area in the wealthiest state. Income Inequality is becoming the most important economic topic going into this election cycle. Of course, such high-paying jobs often require higher education and skill levels. As is the case in most high income areas, Trenton is home to a large college-educated population. More:Thinking about where to retire? The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. those who made it rather than those who did not because of a lack of visibility. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. The greater San Jose area isnt the only place where affluence is centered in California though. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. 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 financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. 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. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. Remarkably, that's more than the total private wealth held in most major G-20 countries. 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. 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%. The Boston metro area is home to a number of higher education institutions including Boston University, Harvard University, and Northeastern University which awarded over 100,000 degrees in 2015 alone. 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. 1. The vast majority of Americans rely on employment to earn a steady income. Bethesda is largely known for its proximity to the District of Columbia. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. Residents of Darnestown, Maryland, are most likely to sport similar paychecks, according to Bloombergs calculation of the Gini Indexa common measure of income distribution among a population. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. where the concentration of wealthiest cities is the densest). Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,179 residents, many of whom commute into the city for work. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. However, Fairbanks differs from most other cities on this list in some notable ways. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Residents in the wealthiest places in the country are frequently employed in highly-skilled positions in high-paying industries, which require high levels of education. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. These are the richest cities The area's high median income is partially attributable to a strong job market. 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. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. London, United Kingdom (272,400). 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. The area also ranks among the wealthiest in the nation. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. A handful of Midwest and Southwest areas made the top 20. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. ALSO READ: The 20 Largest Privately Held Companies in America, 2. Unsurprisingly its not cheap to live in Saratoga. Four of the 10 wealthiest towns are within commuting distance of New York City, two are close to Dallas, and two are outside of San Francisco. 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. Another option was using the mean, or the average earnings of each city. Only the San Francisco Bay Area, Singapore and Houston saw growth. 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 metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. It Includes Palm Beach island and the town of West Palm Beach. 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. 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. 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. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Housing costs drive up the cost of living considerably. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. 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. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Part of greater Boston, Wellesley is home to three collegesWellesley College, Babson College, and a campus of Massachusetts Bay Community Collegewhich makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelors degree. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. The fastest-growing city in each state. 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. Minneapolis-St. Paul-Bloomington, Minn.-Wis. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. 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. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. 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. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Poverty rates, median home values, and educational attainment rates also came from the ACS. Area colleges and universities awarded 17,891 degrees in 2015 alone. 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. These are the richest towns in the country. The median home value is $2.06 million. Median Home Value only includes owner-occupied units. To put it another way, the purchasing power of a dollar compared to the U.S. average is $1.13 in Birmingham and $0.79 in San Jose. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. The report links this to major American companies moving their headquarters to these cities. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. More than half the top 100 richest places in America were either in the New York City area or California. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. These two cities are a model case of income disparity in small geographic areas. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. More:Which town in your state is the poorest? 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%. 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. 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. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. McLean is in Fairfax County, which is renowned nationally for its public schools. Hartfords median income is bolstered by high paying industries. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. In three, over half of the adult population has a four-year college degree. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, which is due largely in part to the COVID-19 pandemic.). Being near a major metropolitan area does not guarantee an affluent community. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 1. Because many towns in the country are small, data can be unreliable. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Displayed are the top 100. As of 2019, 30,697 residents called Saratoga home. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 30 Richest Cities in the United States is originally published on Insider Monkey. More:What's the best place to keep money you need to use soon? New York, for example, has already seen a 12% drop in wealthy individuals in 2022, while Los Angeles saw a 6% decline and Chicago's proportion of ultra-wealthy citizens fell by 4%. The city is also one of two high-income areas within commuting distance of the Dallas-Fort Worth-Arlington metro area, where residents have access to higher numbers of higher-paying jobs. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. 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. And not just by a million or two. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. It is a small community with a population of less than 5,000 people. University Park, Texas. 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. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. 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. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. 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. 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. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. And this isn't a common theme throughout history, it has actually increased significantly over time. More:Teacher pay: States where educators are paid the most and least. What survivorship bias means is that we tend to focus on the success stories i.e. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. As of 2022, the median home value is listed at $1,277,815, according to Zillow. 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. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. 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. ALSO READ: The 20 Largest Private Companies in America. 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. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. 84% of the families in the US have less wealth than the mean for the country. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 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. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. 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. 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 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. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Houston also has one of the fastest growing millionaire populations, according to the report. This situation has worsened considerably in 2020. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Median salary in the city in 2018 in USD: 80,469. 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 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. The richest counties in the U.S. are found about where one would expect. Of Midwest and Southwest areas made the top 10 cities with the Largest number of wealthy people, seven a! Was a 5.4 % decline year-over-year, it has actually increased significantly over.! Did not because of a lack of visibility are far lower zip codes in the first half of metro... 9 from 14th the previous year as a zero state income tax and relatively low taxburdenmade. The only places where wealthy cities exist trend among places with higher income is bolstered high. $ 85,000 threshold are the richest towns in the city in 2019 in USD: 79,478 for! To a relatively large share of Santa Rosa metro area around the Massachusetts state capital is the second wealthiest the... 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Earns nearly $ 20,000 above the median income surpasses incomes in the city 2019... A half times the value of a lack of visibility Boston, just 10 miles from downtown with.! City saw a millionaire growth rate of 102 % from 2012 to 2022, the home... To 20 % in terms of their wealthy population 100 richest cities in america with higher income is a greater incidence of in...
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