It has been home to many notable people, including John and Alice Coltrane. While there are affluent areas all across the country, most of the very richest cities in the nation are concentrated in highly populated states with large economies, At least 30% of married couples in all of these areas had children as well. 6. Yet, because we will follow anyone with a comparatively higher success rate than us, we still worship these people even as we don't know where our next paycheck will come from, while they worry about the size of the yacht they should be getting. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. The cost of living across California as a whole is about 13% higher than average. 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. 4. 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. (Thats not to say it shouldnt be addressed though.). 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. 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. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. San Francisco Bay Area, U.S. (276,400), 4. 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. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. 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. 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. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. This however led to another problem. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. 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. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. Average household income: $405,073. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Trump National Golf Club is directly across the Potomac River in Virginia. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. It Includes Palm Beach island and the town of West Palm Beach. University Park The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. 20 Richest Towns in The US 2022 - The Wealthiest Towns in "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. 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. 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. Now the Midwest is starting to make some noise. Living in the city will cost you though. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to millionaires. Over the years, Austin has emerged as a tech hub. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. 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. Click to skip ahead and jump to the 10 richest cities in the United States. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. ^ Basically, the metropolitan areas of Maastricht, Lige, Hasselt-Genk, Sittard-Geleen, Heerlen-Kerkrade and Aachen-Dren constitute the densely populated urban core of the MeuseRhine Euroregion. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. 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. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. 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. This is why we selected the median salary. More:Want to be a high earner? Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Median household income: $224,485. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Median salary in the city in 2018 in USD: 80,469. Essex Fells is a very small community with a population of 2,115. 84% of the families in the US have less wealth than the mean for the country. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Also, safety concerns and taxation are major drivers," Amoils said. 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. In the United States, 31.3% of adults have a bachelors degree or higher. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. 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%. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. 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. those who made it rather than those who did not because of a lack of visibility. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. 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. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. The typical household in the state capital earns $71,685 a year about $21,000 more than what the typical North Carolina household earns and $14,000 more than what the typical American household earns. Hawaii has a few well off cities, and Kapaa is no exception. As of 2022, the median home value is listed at $1,277,815, according to Zillow. Yet another New Jersey community to make this list of the wealthiest towns in America, Essex Fells is just a short drive west of Glen Ridge. The bucolic town of Los Altos Hills, California, climbed three spots to No. Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. Additionally, the majority of homes in the area are worth over half a million dollars. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. Homes are expensive in the New York area with a median value of $392,700. 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. 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. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. In eight cities on this list, less than 3% of the labor force was out of work in March. 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. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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. 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 metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. This situation has worsened considerably in 2020. Of course, only families with a certain level of income have the luxury of these options. 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). Why Is Marie Antoinette Everywhere Again? In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. ALSO READ: The 20 Largest Private Companies in America. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. 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. Correction: This article has been updated to correct the number of millionaires who live in New York City. 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 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. 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. The total private wealth held by New York residents was found to exceed $3 trillion. Housing costs drive up the cost of living considerably. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. In eight cities on this list, the typical home is worth over half a million dollars. High incomes are also reflected in the metro area's property values. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. 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. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. 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The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Houston also has one of the fastest growing millionaire populations, according to the report. 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. Because many towns in the country are small, data can be unreliable. 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. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. Seksan Mongkhonkhamsao | Moment | Getty Images. Hartfords median income is bolstered by high paying industries. 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. 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. 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 nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Tech industry jobs tend to pay relatively well, and the greater Seattle area hosts the operations of some of the largest tech companies in the world. 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. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. 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. Goods and services in the metro area cost about 22% more 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. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. The median home value is $2.06 million. Newcomers to the list include three areas in suburban Chicago. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. 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. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Most of these wealthiest communities have large populations of highly-skilled workers. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Its also saturated with celebrity homes. 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. 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. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Here are 30 great U.S. cities for older Americans 20. 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. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. More:What's the best place to keep money you need to use soon? 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. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. 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. 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%. Another way we looked at the data was to measure income disparity in each location. 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. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. 30 Richest Cities in the United States is originally published on Insider Monkey. 1. 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. Every item on this page was chosen by a Veranda editor. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. University Park, Texas. An 85-year Harvard study found the No. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. All Rights Reserved. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. 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. 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! Ho-Ho-Kus borough, New Jersey > Median household income: $165,827 > Total population: 4,109 > Median home value: $775,000 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. More:Thinking about where to retire? ALSO READ: The Least Healthy County in Each State. 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.). High concentrations of high incomes are often found in regions with extreme income inequality. As is the case in most high income areas, Trenton is home to a large college-educated population. 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