In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. In 2019, Apple invested $1 billion to build a new campus. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. As of 2019, 30,697 residents called Saratoga home. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. The Boston metro area is home to a number of higher education institutions including Boston University, Harvard University, and Northeastern University which awarded over 100,000 degrees in 2015 alone. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. 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. Another way we looked at the data was to measure income disparity in each location. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. More:Which town in your state is the poorest? The March 2018 unemployment rate in the United States was 4.1%. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. 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 This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The bucolic town of Los Altos Hills, California, climbed three spots to No. Source: Bloomberg analysis of data by the U.S. Census Bureau. 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. Hearst Magazine Media, Inc. All Rights Reserved. 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 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 area's high incomes may be necessary as a dollar spent there does not go as far as it does in the United States as a whole. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Correction: This article has been updated to correct the number of millionaires who live in New York City. Additionally, the majority of homes in the area are worth over half a million dollars. Income inequality is a growing problem in the United States. 20 Richest Towns in The US 2022 - The Wealthiest Towns in In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. New 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. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. This is why we selected the median salary. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. 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. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. 3. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. We 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: 82,650, Median salary in the city in 2018 in USD: 80,747. Nationally, 15.4% of the population lived below the poverty line. Average household income: $405,073. 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. 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. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. The area's high median income is partially attributable to a strong job market. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. We did not consider towns where the margin of error at 90% confidence was greater than 10% of the point estimate of both median household income and population. 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. Most of these wealthiest communities have large populations of highly-skilled workers. 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. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. 25 of America's highest paying jobs. The wealthiest 1% of Americans hold an amazing 40% of all wealth. No East Coast metro area has a more affluent population than the greater D.C. area. Of course, such high-paying jobs often require higher education and skill levels. 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. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. Remarkably, that's more than the total private wealth held in most major G-20 countries. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. 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. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. 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, Texas. The area also ranks among the wealthiest in the nation. All Rights Reserved. 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. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. The typical Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. In eight cities on this list, the typical home is worth over half a million dollars. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Average household income excluded households without any type of income. More:Want to be a high earner? 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. And this isn't a common theme throughout history, it has actually increased significantly over time. It has been home to many notable people, including John and Alice Coltrane. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. 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. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. 1. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. Moving from West to East, Americas second richest town is Scarsdale, New York, which is 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. Seksan Mongkhonkhamsao | Moment | Getty Images. 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. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. Lafayette sits to the east of Berkeley and touts notable wealth. 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. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. The city is one of the most highly-educated communities in the country. (That said, the latest five-year ACS accounts for years 20142018. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. 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. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. .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. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. 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. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. The education levels in these communities are especially high. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. This situation has worsened considerably in 2020. 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. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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. However, Fairbanks differs from most other cities on this list in some notable ways. 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. Wise up with top Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. 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. We may earn commission on some of the items you choose to buy. The typical metro area home is worth $658,900 more than three times the value of the typical American home. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. It Includes Palm Beach island and the town of West Palm Beach. The greater San Jose area isnt the only place where affluence is centered in California though. 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. The area's high incomes, however, are largely offset by a high cost of living. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Nearly 6,200 met the criteria. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Living in the city will cost you though. Now the typical home value in Southlake is $1,047,548. In Scarsdale, the median home was valued at more than $1,000,000. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. 84% of the families in the US have less wealth than the mean for the country. 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. Other states with five or more locations included Texas, Maryland and Illinois. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. ALSO READ: The 20 Largest Private Companies in America. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. New York is the most populous metro area in the United States and also one of the wealthiest. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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. 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. 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. Largely a city of commuters, Los Altos is home to just more than 30,500 people, of which 84.2 percent of adults have at least a bachelors degreemaking it the fourth most educated city in the United States. 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. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. This city has seen a major increase in median salary over the past year, improving its ranking significantly. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. Median Home Value only includes owner-occupied units. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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). 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. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. 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. We found the 50 richest places in the country received $350 million in bailouts. Moving from West to East, 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. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. 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. WebBillionaires Row. Click here to see the richest towns in America. 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. The 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, 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. 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. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. 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 Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. 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. McLean has a low poverty rate (2.7 percent) and a high median home value ($1,031,200 in 2019 and $1,226,956 in 2022, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden. 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. The top five cities with the fastest growing millionaire populations are not in the U.S., however. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. London, United Kingdom (272,400). 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. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. 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. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. And not just by a million or two. 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