those who made it rather than those who did not because of a lack of visibility. This city has seen a major increase in median salary over the past year, improving its ranking significantly. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. The San Jose metro area is by far the wealthiest in the country. The typical metro area household earns $78,195 per year, in line with the $78,945 statewide median income both of which are well above the national median household income of $57,617. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. However, the county is also home to Bridgeport, one of the poorest cities in the United States. ^ 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. Lexington is northwest of Boston, just 10 miles from downtown. This situation has worsened considerably in 2020. The typical San Francisco area household earns $96,677 annually. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. No East Coast metro area has a more affluent population than the greater D.C. area. 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. With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. The areas median income is bolstered by one of the lowest jobless rates in the country. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. Another way we looked at the data was to measure income disparity in each location. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies The total private wealth held by New York residents was found to exceed $3 trillion. We In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Another interesting fact about the city? Because many towns in the country are small, data can be unreliable. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. 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. 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. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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. Now the Midwest is starting to make some noise. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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. That again would not be representative of the entire population. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. 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. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. 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. 3. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. Area colleges and universities awarded 17,891 degrees in 2015 alone. 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. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. University Park Here is the list. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. The fastest-growing city in each state. 30 Richest Cities in the United States is originally published on Insider Monkey. This table includes only zip 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. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. Yet, because we will follow anyone with a comparatively higher success rate than us, we still worship these people even as we don't know where our next paycheck will come from, while they worry about the size of the yacht they should be getting. The bottom 90% hold less than 25% of the total wealth. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. In Piedmont, a typical household earned $207,222. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. 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. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 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. The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. A Division of NBC Universal. 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. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. 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 Winnetka, however, the median home value was $936,200. Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. Of course, only families with a certain level of income have the luxury of these options. More:Is your city's population keeping pace? 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. Here are 30 great U.S. cities for older Americans 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. Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. The wealthiest cities in the country also tend be geographically concentrated. 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. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest 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. Vector. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. This drop was mainly due to the poor performance of major stock market indices," he said. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. The No. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Most of these wealthiest communities have large populations of highly-skilled workers. The cost of living across California as a whole is about 13% higher than average. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. First, a high rate of two earners per household raises the median household income. 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. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. The area also ranks among the wealthiest in the nation. 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. Average household income: $405,073. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. 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. 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. Dix Hills is in the greater Huntington area in Long Island, New York. 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. (That said, the latest five-year ACS accounts for years 20142018. 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. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Income inequality is a growing problem in the United States. A handful of Midwest and Southwest areas made the top 20. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. University Park, Texas. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Here are 30 great U.S. cities for older Americans, Want to be a high earner? 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? The median household income of $77,613 in Santa Cruz-Watsonville is the 12th highest of any metro area in the country and the fourth highest in California. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. London, United Kingdom (272,400). Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. 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. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 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 report links this to major American companies moving their headquarters to these cities. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Remarkably, that's more than the total private wealth held in most major G-20 countries. 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. Here is the list, Thinking about where to retire? 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. Hawaii has a few well off cities, and Kapaa is no exception. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. The bucolic town of Los Altos Hills, California, climbed three spots to No. Why that is, I will explain later on in the methodology section. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Here are 30 great U.S. cities for older Americans 20. In three, over half of the adult population has a four-year college degree. ALSO READ: The 20 Largest Private Companies in America. 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. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. The 2022 median home value in the city is $2,895,125, according to Zillow. ALSO READ: The Healthiest County in Each State, 3. All Rights Reserved. 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%. The richest counties in the U.S. are found about where one would expect. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. 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. 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. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. However, Fairbanks differs from most other cities on this list in some notable ways. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Housing costs drive up the cost of living considerably. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. Click here to see the richest towns in America. 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 top five cities with the fastest growing millionaire populations are not in the U.S., however. Lafayette sits to the east of Berkeley and touts notable wealth. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. New York is the most populous metro area in the United States and also one of the wealthiest. 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. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. In Scarsdale, the median home was valued at more than $1,000,000. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. (Thats not to say it shouldnt be addressed though.). West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Click to skip ahead and jump to the 10 richest cities in the United States. For this reason, all data used are five-year estimates for the period 2009-2013. 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. 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. In these wealthy communities, the average household income ranged from #1 .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. 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