9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Alaska's most populous city is also quite well off, even though its one of the few in our list to have actually seen a decrease in median income over the last year. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. The March 2018 unemployment rate in the United States was 4.1%. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. Average household income excluded households without any type of income. Median salary in the city in 2018 in USD: 80,469. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. 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. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. The typical metro area home is worth $658,900 more than three times the value of the typical American home. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. All Rights Reserved. ALSO READ: The 20 Largest Private Companies in America. 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 In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. A handful of Midwest and Southwest areas made the top 20. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. 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. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. The absolute extremes of wealth and poverty are often found in the same area. Because many towns in the country are small, data can be unreliable. These two cities are a model case of income disparity in small geographic areas. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Wise up with top The San Jose metro area is by far the wealthiest in the country. 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. 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. Destinations popular for affluent retirees were plentiful on this list, which was led by Atherton, California, with an average of $170,611 in passive income. 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. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. 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). The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. The city is one of the most highly-educated communities in the country. New York, for example, has already seen a 12% drop in wealthy individuals in 2022, while Los Angeles saw a 6% decline and Chicago's proportion of ultra-wealthy citizens fell by 4%. In the United States, 31.3% of adults have a bachelors degree or higher. 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. These places are havens for the nations elite, where median home values can exceed $1 million and large proportions of the households earn at least $200,000 annually. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. 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. 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. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. A Division of NBC Universal. In that sense, its a bedroom community for the nations capital. London, United Kingdom (272,400). 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. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. 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. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Hartfords median income is bolstered by high paying industries. 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). High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). 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. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. No East Coast metro area has a more affluent population than the greater D.C. area. .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. An 85-year Harvard study found the No. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. However, the county is also home to Bridgeport, one of the poorest cities in the United States. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. Industry composition of these towns is also from the ACS. 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. 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 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. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. How the National Trust Is Changing America. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. More:Thinking about where to retire? At least 30% of married couples in all of these areas had children as well. 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. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. Nationally, 15.4% of the population lived below the poverty line. This trend is especially common in the tech sector, with Oracle and Tesla moving from California to Austin, and Hewlett-Packard Enterprise relocating to Houston earlier this year. 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. 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. 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. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. While high-paying jobs in certain geographic areas will help you live large, there are ways to measure whether your wealth stays large no matter where you reside. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. 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. Here are 30 great U.S. cities for older Americans 20. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. The bottom 90% hold less than 25% of the total wealth. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. 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. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. The total private wealth held by New York residents was found to exceed $3 trillion. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Brentwood, a suburb of Nashville, makes the list too. 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. 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. 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. First, a high rate of two earners per household raises the median household income. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. (Thats not to say it shouldnt be addressed though.). As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. This drop was mainly due to the poor performance of major stock market indices," he said. Despite its extreme wealth and high education rate, University Park has a slightly higher poverty rate, at 3.9 percent, making it the 109th lowest of 1,775 cities. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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. 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. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. 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. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. Lexington is northwest of Boston, just 10 miles from downtown. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. 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. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. 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. Housing costs drive up the cost of living considerably. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. The wealthiest cities in the country also tend be geographically concentrated. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. 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. 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. 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. In these wealthy communities, the average household income ranged from #1 [3] Virginia has the most counties in the top 100 with 18. 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. Income Inequality is becoming the most important economic topic going into this election cycle. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. 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. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. The report links this to major American companies moving their headquarters to these cities. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Los Altos Hills is a Silicon As is the case in most high income areas, Trenton is home to a large college-educated population. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. 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. 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. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. According to Zillow, the 2022 median home value is $1,112,584. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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. 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%. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. We found the 50 richest places in the country received $350 million in bailouts. Displayed are the top 100. These are the richest cities For this reason, all data used are five-year estimates for the period 2009-2013. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Nationwide, just 13.5% of all workers are employed in these sectors. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. And not just by a million or two. Of course, only families with a certain level of income have the luxury of these options. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Jobs, and West University Place is no different of 2022, they saw an increase up. Wealth inequality in the same area, people are more likely to raise children in communities they to! Area are about 19 % more expensive than they are nationwide on average salary almost anywhere in! A third of all U.S. homes living below the poverty line of 90 %: 80,469 by metro area just... 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