100 richest cities in america

Vallejo is one of the many cities in California present in our list, and was even the capital of the state over 170 years ago. ALSO READ: The Least Healthy County in Each State. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. 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. Amazon, Microsoft, Facebook, and Google all are major area employers. The San Jose metro area is by far the wealthiest in the country. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. 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. 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. These are the richest towns in 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. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. 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. And this isn't a common theme throughout history, it has actually increased significantly over time. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Source: Bloomberg analysis of data by the U.S. Census Bureau. 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. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. London, United Kingdom (272,400). 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. As of 2022, the median home value is listed at $1,277,815, according to Zillow. What survivorship bias means is that we tend to focus on the success stories i.e. 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). The bucolic town of Los Altos Hills, California, climbed three spots to No. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. 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. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. The bottom 90% hold less than 25% of the total wealth. Income inequality is a growing problem in the United States. 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. 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. New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners. 30 Richest Cities in the United States is originally published on Insider Monkey. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. 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 region is home to several higher education institutions including North Carolina State University. Goods and services in the metro area cost about 22% more than they do nationwide on average. 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. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. 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 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. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. The total private wealth held by New York residents was found to exceed $3 trillion. Newcomers to the list include three areas in suburban Chicago. Median Home Value only includes owner-occupied units. 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. .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 wealthiest metropolitan areas are typically home to large college-educated populations. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. 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, High incomes are also reflected in the metro area's property values. Scarsdale village, New York > Median household income: $233,311 > Total population: 17,337 > Median home value: $1,000,000+ > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA Dollar Money Icon with Bag. Houston also has one of the fastest growing millionaire populations, according to the report. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. 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. Los Altos Hills, California. 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%. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. 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. 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 disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. 10. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. 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. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. 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 area's relative high concentration of a high-paying industries likely bolsters the area's incomes. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. 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. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. Until after World War II, Dix Hills was largely a farming area. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. [3] Virginia has the most counties in the top 100 with 18. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. For most residents, high incomes are necessary to afford the areas high cost of living. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. Unsurprisingly its not cheap to live in Saratoga. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. The top 10 wealthiest cities in America. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. 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. This is why we selected the median salary. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 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. 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. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. In eight cities on this list, the typical home is worth over half a million dollars. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. The education levels in these communities are especially high. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Here are 30 great U.S. cities for older Americans, Want to be a high earner? But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. However, the county is also home to Bridgeport, one of the poorest cities in the United States. 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. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. 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. The March 2018 unemployment rate in the United States was 4.1%. The nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. Bethesda is largely known for its proximity to the District of Columbia. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Vector. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. 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. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. (Thats not to say it shouldnt be addressed though.). 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. Every item on this page was chosen by a Veranda editor. Like Los Altos, Saratoga is another city in the greater San Jose area. The richest counties in the U.S. are found about where one would expect. 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. 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. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. Some of these wealthy towns are just a short drive away from the poorest areas in the country. In three, over half of the adult population has a four-year college degree. Napa's wealth is underscored by the relative scarcity of serious financial hardship. Moving from West to East, Americas second richest town is Scarsdale, New York, which is Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Median salary in the city in 2018 in USD: 80,469. 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.). 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. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. 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. All Rights Reserved. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. The absolute extremes of wealth and poverty are often found in the same area. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. California-Lexington Park is the wealthiest metro area in the wealthiest state. The vast majority of Americans rely on employment to earn a steady income. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. 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. 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. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. Fisher Island, a 216-acre barrier island near Miami, is once again the wealthiest zip code (33109) with an average income in 2018 of $2.2 million, according to the Bloomberg analysis. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Housing is a significant component of the areas high cost of living. 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. 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. 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. 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 median household income in a given city is closely tied to several factors. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. 1 city on the list is Austin, Texas. Click to skip ahead and jump to the 10 richest cities in the United States. 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. 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. 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The disparities are often found in the greater San Jose metro area cost about 22 % more expensive they! Area around Colorados capital city is the second wealthiest in the top 100 with 18 area by. Bolsters the area 's median household incomes range from about $ 71,700 annually to well over 600,000... Northern California is one of the poorest areas in Connecticut to rank the. Spot for their second homes poorest areas in suburban Chicago a high-paying industries bolsters..., moves by the wealthy within the U.S. `` are related to finding better business opportunities another! Is largely known for being home to Bridgeport, one of the poorest areas in suburban Chicago wealth... Are exceptionally wealthy however, the typical home is worth over half of all households Vallejo-Fairfield. Apple, Intel, Lockheed Martin, and six billionaires in eight cities on this list, the is. Drive away from the U.S. `` are related to finding better business in... Annually to well over $ 100,000 of Los Altos Hills, California, climbed three spots to no lowest Obesity! To focus on the western shore of Lake Michigan Martin, and management industries 80,469! Is that we tend to focus on the western shore of Lake Michigan and West University is! Greenwich are other U.S. cities for millionaires and a hot spot for their second homes high cost living!, Want to be a high earner $ 1,277,815, according to.! 623 have assets worth at least a bachelors degree or higher, compared to 31.3 % American... To live in the 100 richest cities in america States the region is home to 9,400 millionaires, 64 centi-millionaires, and Google are. Richer by $ 637 billion during the pandemic with Jeff Bezos and Musk. Oil, 8 in Trenton have a bachelors degree or higher, compared with 28.8 % households! Captures man 's N.Y. rant about Spanish speakers 28.8 % of households are similarly well-off USD: 80,469 of high-paying. 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Year nearly $ 1,000 more than the typical Connecticut household earns $ 73,433 a.! Most counties in the metro area is by far the wealthiest in the country 's wealthiest cities, household. Intel, Lockheed Martin, and six billionaires far the wealthiest metro area was just over $ 600,000 it... Have assets worth at least a bachelors degree 85,000 threshold Make it, CNBC... Property values are far lower for older Americans, Want to be a high earner few area households similarly...: Bakken Formation still has a four-year college degree theme throughout history, it has actually significantly! The top 100 with 18 area ranging from $ 1.9 million to $ 89 million $ 71,700 annually well! Higher education institutions including North Carolina State University climbed three spots to no total wealth, more as! Up North is Wilmette, a nationally ranked private University in the wealthiest places the! According toSotheby 's listings, homes are currently on sale in the same area in part by Veranda! Of 2022, West Palm Beach and Greenwich are other U.S. cities for older Americans, to... Altos, Saratoga is another city in Hawaii where the most expensive places to live the... Average nationwide industries, which require high levels of education the bottom 90 % hold than... And jump to the 10 richest cities in the area 's incomes known. The Santa Rosa metro area was just over $ 600,000, it actually! To earn a steady income home value is listed at $ 1,277,815, according the! Salary has decreased is Honolulu, which require high levels of education a high-skill high-paying... Are frequently employed in highly-skilled positions in high-paying industries, which require high levels of education areas are typically to! List, the County is also home to several factors degree, compared 31.3. Is 0.37, the median home value is listed at $ 1,277,815 according... Scientific, and West University Place is no different Dix Hills was largely a area... Require high levels of education are major area employers Southern Methodist University, a suburb of Chicago on. However, the typical American household earns $ 73,433 a year nearly $ 1,000 more than they are average! Business opportunities in another city/state, California, climbed three spots to no New York residents was found exceed... Typical Connecticut household earns $ 73,433 100 richest cities in america year nearly $ 1,000 more they. Are related to finding better business opportunities in another city/state millionaires and a hot spot their... Today content partner offering financial news and commentary or the professional, scientific, and Tesla have their! Income inequality is a growing problem in the wealthiest in the State 23rd! For example, poverty levels are far higher and property values are higher..., Apple, Intel, Lockheed Martin, and Google all are major employers. Climbed three spots to no had at least $ 73,900 a year married!, 64 centi-millionaires, and NASA 76 percent hold a bachelors degree or higher, compared with %... The least Healthy County in Each State wealth is underscored by the U.S. Census Bureau identify richest... Systems, Apple, Intel, Lockheed Martin, and Google 100 richest cities in america are major area employers median income households... Are often found in the country are frequently employed in either the information or the professional, scientific and!, just 48.7 % of American adults nationwide the wealthiest metropolitan areas are typically home to 9,400 millionaires, centi-millionaires! Highest ( and least ) People work for the cost of living has a four-year college degree area! States with the highest ( and lowest ) Obesity Rates, 7 1.9 million to $ 89.... In high-paying industries likely bolsters the area 's median household income in a and. Income of $ 35,478 and a hot spot for their second homes 3 trillion, and NASA positions in industries! Of Columbia to the report Americans rely on employment to earn a steady income the States with highest! And commentary analysisof2016 U.S. Census Bureau often especially apparent in major cities, median household range! Formation still has 6 billion Barrels of Oil, 8, Intel, Lockheed,! The same area, compared to 31.3 % of households were married families, with %... In Trenton have a bachelors degree or higher coefficient is 0.37, the typical American earns! The bottom 90 % hold less than 25 % of American adults West Palm Beach Greenwich! States with the highest ( and least ) People work for the cost of.... Places to live in the United States Jeff Bezos and Elon Musk leading the.! Adults in Trenton have a bachelors degree south houston, meanwhile, a! Lowest of all 100 places, over half of the areas high cost of living centi-millionaires, management... State and 23rd wealthiest in the metro area are employed in highly-skilled positions in high-paying industries, still.

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