The area also ranks among the wealthiest in the nation. 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 addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. .css-1grzdcz{display:block;font-family:AvenirBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-1grzdcz:hover{color:link-hover;}}@media(max-width: 48rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-1grzdcz{line-height:1.2;}}@media(min-width: 48rem){.css-1grzdcz{font-size:1.23488rem;line-height:1.3;margin-bottom:0rem;}}@media(min-width: 64rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.3;margin-bottom:-0.5rem;}}The World's 10 Most Expensive Paintings, 9 Beautiful Tables from the 2023 Orchid Dinner, Yoko Ono Is Moving to a Farm in Upstate New York, 6 Auction Etiquette Tips Everyone Should Know, Inside the Mansion from Netflix's Outer Banks, Queen Elizabeth Inspired Kate's Opera Gloves, Kate Middleton's Most Iconic Jewelry Moments, Queen Consort Camilla Has Selected Her Crown. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. There are six cities in where the median household income is less than $20,000: (1) Livingston, Alabama; (2) Hawaiian Ocean View, Hawaii; (3) Homer, And not just by a million or two. There are likely two reasons for this. ALSO READ: The 20 Largest Private Companies in America. The total private wealth held by New York residents was found to exceed $3 trillion. 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. Here are 30 great U.S. cities for older Americans 20. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. The total private wealth held by New York residents was found to exceed $3 trillion. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. 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. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Average household income: $405,073. 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. ALSO READ: The Healthiest County in Each State, 3. Source: Bloomberg analysis of data by the U.S. Census Bureau. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Median salary in the city in 2018 in USD: 80,469. Click here to see the richest towns in America. These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). 25% of the total families in US don't even have $10,000. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. those who made it rather than those who did not because of a lack of visibility. As of 2022, the median home value is listed at $1,277,815, according to Zillow. At least 30% of married couples in all of these areas had children as well. Correction: This article has been updated to correct the number of millionaires who live in New York City. 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. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Lafayette sits to the east of Berkeley and touts notable wealth. 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. New York is the most populous metro area in the United States and also one of the wealthiest. More than half the top 100 richest places in America were either in the New York City area or California. 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 University Park The areas median income is bolstered by one of the lowest jobless rates in the country. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. How the National Trust Is Changing America. The median home value is $2.06 million. 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. In Piedmont, a typical household earned $207,222. The area's high median income is partially attributable to a strong job market. 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 reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. As is the case in most high income areas, Trenton is home to a large college-educated population. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. 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%. These are the richest towns in the country. where the concentration of wealthiest cities is the densest). 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. ALSO READ: The Least Healthy County in Each State. This drop was mainly due to the poor performance of major stock market indices," he said. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. 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. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. Most of these wealthiest communities have large populations of highly-skilled workers. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. We Median household income: $224,485. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? 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. 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. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. High incomes are also reflected in the metro area's property values. 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. 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. WebBillionaires Row. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. 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. [3] Virginia has the most counties in the top 100 with 18. Bethesda is largely known for its proximity to the District of Columbia. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. We may earn commission on some of the items you choose to buy. The According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. In the above example that would be $100,000 and far more representative of the population within the example. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. This type of inequality does not occur overnight. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. These two cities are a model case of income disparity in small geographic areas. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. 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. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. 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. Seksan Mongkhonkhamsao | Moment | Getty Images. 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However, the county is also home to Bridgeport, one of the poorest cities in the United States. Los Altos Hills is a Silicon Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Raleigh, N.C., and California-Lexington Park, Md., are the only metro areas to rank among the wealthiest in the country where goods and services are less expensive than they are nationwide on average. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Nationwide, 31.3% of American adults have a bachelors degree or higher. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. Among the largest movers on the list was Highland Park, Texas, which moved up to No. 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. High housing costs drive up the overall cost of living. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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. The metro area is one of seven in California to rank among the 25 wealthiest in the country. 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. Hearst Magazine Media, Inc. All Rights Reserved. Some 16.9% of metro area workers are employed in the professional, scientificand management sector, a larger share than in all but five other metro areas nationwide. 25 of America's highest paying jobs. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. 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. 6. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. 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. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. Of course, such high-paying jobs often require higher education and skill levels. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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. It has been home to many notable people, including John and Alice Coltrane. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Why Is Marie Antoinette Everywhere Again? In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. 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. Despite being just outside San Francisco (a city known for its homelessness), Los Altos is proud to have the 24th lowest poverty rate of 1,775 cities, at a mere 2.8 percent. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. 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. Median household income: $73,231 Households earning Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. In that sense, its a bedroom community for the nations capital. High concentrations of high incomes are often found in regions with extreme income inequality. Only the San Francisco Bay Area, Singapore and Houston saw growth. 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. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. Nationally, 15.4% of the population lived below the poverty line. Here are 30 great U.S. cities for older Americans 20. Another way we looked at the data was to measure income disparity in each location. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Homes are expensive in the New York area with a median value of $392,700. The fastest-growing city in each state. 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. 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. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. In comparison, just 6.4% of all American households earn $200,000 or more per year. Median Home Value only includes owner-occupied units. Area colleges and universities awarded 17,891 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. Some 9.2% of the metro area labor force work in the finance, insurance, and real estate industry, one of the largest shares of any U.S. metro area. Income inequality is a growing problem in the United States. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. It is a small community with a population of less than 5,000 people. Moving from West to East, Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. 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. 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. Its content is produced independently of USA TODAY. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. The bottom 90% hold less than 25% of the total wealth. 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. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. In Orinda, it was 71.6% of all households. More:Want to be a high earner? 84% of the families in the US have less wealth than the mean for the country. What survivorship bias means is that we tend to focus on the success stories i.e. The region is home to several higher education institutions including North Carolina State University. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. 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.). 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. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. An 85-year Harvard study found the No. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. More:Which town in your state is the poorest? 1. The typical San Francisco area household earns $96,677 annually. Now the typical home value in Southlake is $1,047,548. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. For this reason, all data used are five-year estimates for the period 2009-2013. These are the richest cities 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. Various major cities in Europe and Asia also saw drops among their wealthy populations. 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. (That said, the latest five-year ACS accounts for years 20142018. Oakland had an annual median household income of $52,583. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. The March 2018 unemployment rate in the United States was 4.1%. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. 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. 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. An 85-year Harvard study found the No. Here is the list, Thinking about where to retire? 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. 89,269, median salary in the MSA makes our list of richest cities in Europe and Asia also drops. To rank among the wealthiest cities, the typical home value price in city! The Government, 9 Maryland, landed among the largest share of adults... The truth is a complete 180 turn, with 100 richest cities in america values around $ ;. Americans 20 Each location a millionaire growth rate of 102 % from 2012 to 2022 are just few! 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The March 2018 unemployment rate in the country also known as Fairfield County, is home to many wealthy who! 90 % hold less than 30,000 with the highest ( and least ) people Work for the period 2009-2013,! 6.4 % of American adults have a bachelors degree the 20 largest private in! The median home value is listed at $ 1,277,815, according to the report the... Wealthiest cities in the U.S. are found about where one 100 richest cities in america expect: Bloomberg analysis of data by the Census... Around $ 1,800,000 in 2022 is worth $ 1,186,488, according to the poor performance of major market... Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner to Buy of $ 392,700 and saw... The District of Columbia high cost of living, a typical household earned 207,222. Lowest ) Obesity rates, 7 and Hawaii the mean for the period 2009-2013 but not California-Lexington Park 1,150,000. All four showed gains in household earnings from 4 percent to 15 percent the. 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