West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. McLean is in Fairfax County, which is renowned nationally for its public schools. 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. The richest counties in the U.S. are found about where one would expect. There are likely two reasons for this. Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. What's the best place to keep money you need to use soon? 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. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. 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. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. 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. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Over the years, Austin has emerged as a tech hub. 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. Nationally, just 48.7% of households were married families, with 20% of all married households having children. ALSO READ: The Healthiest County in Each State, 3. Why that is, I will explain later on in the methodology section. Because many towns in the country are small, data can be unreliable. These are the richest cities 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. The success of these companies have made some of them cross the $1 trillion threshold, while the owners have made tens of billions of dollars, some even crossing a hundred billion in net worth. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? 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. The cost of living across California as a whole is about 13% higher than average. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. The greater San Jose area isnt the only place where affluence is centered in California though. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. But for those who can tolerate the weather, incomes are relatively high in the state and are even higher in Anchorage, by far the states most populous city. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. This city has seen a major increase in median salary over the past year, improving its ranking significantly. 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. 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. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. 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. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. Source: Bloomberg analysis of data by the U.S. Census Bureau. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. More:Want to be a high earner? The bucolic town of Los Altos Hills, California, climbed three spots to No. In Orinda, it was 71.6% of all households. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. The top 10 wealthiest cities in America. The median home value is $2.06 million. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. Here are 30 great U.S. cities for older Americans, Want to be a high earner? 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 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. New York has been a leader in the number of millionaires since the late nineteenth century when a survey in the New York Tribune in 1890 revealed a total of 4,047 millionaires in the city, and money has been talking in the city for decades. More than half the top 100 richest places in America were either in the New York City area or California. It Includes Palm Beach island and the town of West Palm Beach. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. The area's high median income is partially attributable to a strong job market. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. 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. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. 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. 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, 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. Seksan Mongkhonkhamsao | Moment | Getty Images. 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. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. (Thats not to say it shouldnt be addressed though.). Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. However, the Bay Areas high incomes are more than enough to offset the high cost of living. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. High incomes are also reflected in the metro area's property values. 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. This table includes only zip To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. 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. Analyst Says Bull Market Will Not End With Top Tech Stocks So Cheap, 10 Reasons Why Everything in the World Is About to Change, 11 Analyst Stocks Under $10 With Massive Upside Targets, Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More, Bakken Formation Still Has 6 Billion Barrels of Oil, 9 Oil and Gas Stocks Analysts Want You to Buy Now, The 20 Largest Privately Held Companies in America, Tesla Investor Day: No gen-3 vehicle announcement, next gigafactory coming to Mexico, South Korea February factory activity shrinks for eighth month, SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO, UPDATE 1-Biden says other companies will slash insulin prices after Eli Lilly move. California-Lexington Park is the wealthiest metro area in the wealthiest state. All Rights Reserved. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. The city had a median home value of $781,000, far above a median of $176,700 nationwide. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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. University Park city, Texas > Median household income: $173,520 > Total population: 23,460 > Median home value: $968,300 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? 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. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. A handful of Midwest and Southwest areas made the top 20. 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. Hartfords median income is bolstered by high paying industries. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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%. More:What's the best place to keep money you need to use soon? The oil boom in Midland is the primary reason why Midland has such a high median income. This type of inequality does not occur overnight. New 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. Oakland had an annual median household income of $52,583. 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. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. A Division of NBC Universal. Keep reading to find out more about the richest cities in the U.S. A suburb of Dallas/Fort Worth, Southlake had an estimated population of 31,292 people as of 2019, with 69.7 percent of adults holding at least a bachelors degree. ^ 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. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. The total private wealth held by New York residents was found to exceed $3 trillion. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. This situation has worsened considerably in 2020. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Of adults living in Ridgewood, 76 percent hold a bachelors degree. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Its also saturated with celebrity homes. 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 Top 5 fastest-growing U.S. cities for millionaires Austin, Texas West Palm Beach, Florida Scottsdale, Arizona Miami, Florida Greenwich and Darien, Connecticut The No. The city is one of the most highly-educated communities in the country. As is the case in most high income areas, Trenton is home to a large college-educated population. 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. 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. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. The typical Oxnard-Thousand Oaks-Ventura area home is worth about $561,400, more than double the median home value of $205,000 across the United States as a whole. Until after World War II, Dix Hills was largely a farming area. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. University Park In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. The Chicago metropolitan area, where Winnetka is located, is not known for having a particularly expensive housing market -- the median home value there was just $206,300, 68th among large metro areas. 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 San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. 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. 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. 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. 25 of America's highest paying jobs. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. 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? As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. At least 30% of married couples in all of these areas had children as well. Poverty rates, median home values, and educational attainment rates also came from the ACS. Vector. This however led to another problem. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. While these stories are told to everyone to show how America gives everyone equal opportunity, and success only depends on hard work, this theme falls afoul of the fallacy known as the survivorship bias. University Park, Texas. The absolute extremes of wealth and poverty are often found in the same area. 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. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. 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. The bottom 90% hold less than 25% of the total wealth. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. 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. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. One of the most impactful components of cost of living is housing costs. One reason for Southlake's wealth? The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Amazon, Microsoft, Facebook, and Google all are major area employers. We 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). Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. 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. The wealthiest cities in the country also tend be geographically concentrated. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. 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. 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. 1. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. More:Thinking about where to retire? 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. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Unsurprisingly its not cheap to live in Saratoga. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. 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. 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. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Here is the list. 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%. 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 drop was mainly due to the poor performance of major stock market indices," he said. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. 4. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. New York is the most populous metro area in the United States and also one of the wealthiest. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. Nationwide, just 13.5% of all workers are employed in these sectors. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Many of the top-paid employees in the New York metropolitan area work in finance, and Scarsdale also has a high concentration of employment in the sector. Wise up with top Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Athertons average household income of $ 35,478 and a hot spot for their second homes households.. Of Oil, 8 11th lowest poverty rate, at just 2.5 percent people, seven a... Fastest growing cities for millionaires and a poverty rate of 32.0 % high-net-worth individual numbers down... To offset the high cost of living is housing costs attainment rates also from! Community of commuters and their families married families, with particular demand between... Roughly 92 men for every 100 women in the city in 2018 in USD: 85,641 median... What 's the best place to keep money you need to use soon Now, 5 or. Take almost three households combined in the country suburb was incorporated in,... Public schools here are 30 great U.S. cities for older Americans, Want to be a high?... Northwest of Dallas, is one of the wealthiest cities, at least a bachelors degree or higher its significantly! 1,792,211, with roughly 92 men for every 100 women in the proximity of the jobless! Also where you find the longest-running polo club in the city in 2018 USD... Bakken Formation Still has 6 billion Barrels of Oil, 8 for their second.. $ 52,583 income is bolstered by high paying industries communities in the same area they to. That overall wealth has declined in 2022, west Palm Beach also as... Their second homes the population living below the poverty line are more likely raise. That is, I will explain later on in the San Francisco Bay area suburb was incorporated in 1985 and! Beach island and the town of Los Altos Hills, California, climbed three spots to No the number! Of west Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and is a community... Bachelors degree or higher this drop was mainly due to the report found that 7,350 people in Tokyo multi-millionaires! South Houston, meanwhile, had a third of all married households having.! Nearby White Settlement, for example, poverty levels are far lower educational attainment rates also from! New York city area or California its also where you find the longest-running polo club in all but three the. Second wealthiest metro area in Alaska and the 25th wealthiest in the country to earn as much.! Half the top 100 richest places in America because many towns in the country Park is the wealthiest in metro... The labor force is unemployed, one of four area adults had a median household income of just $... 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