Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. (Thats not to say it shouldnt be addressed though.). Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. 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. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. [3] Virginia has the most counties in the top 100 with 18. 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. 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). At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Nearly 6,200 met the criteria. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. The oil boom in Midland is the primary reason why Midland has such a high median income. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. San Francisco Bay Area, U.S. (276,400), 4. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. This was no different in Glen Ridge, where nearly three-quarters of households included a married couple, compared to less than half of households nationwide. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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. 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. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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 richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins The village is home to hundreds of wealthy businesspeople, athletes and entertainers. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. 1 city on the list is Austin, Texas. To put it another way, the purchasing power of a dollar compared to the U.S. average is $1.13 in Birmingham and $0.79 in San Jose. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Like Los Altos, Saratoga is another city in the greater San Jose area. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. This is why we selected the median salary. The city is one of the most highly-educated communities in the country. Lafayette sits to the east of Berkeley and touts notable wealth. Area colleges and universities awarded 17,891 degrees in 2015 alone. 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. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. According to Zillow, the average cost of a home in Southlake steadily increased from 2013 to 2019 before shooting up in the past three years. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. ALSO READ: The 20 Largest Private Companies in America. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Essex Fells is a very small community with a population of 2,115. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. 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. Some of these wealthy towns are just a short drive away from the poorest areas in the country. 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. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. We High housing costs drive up the overall cost of living. However, Fairbanks differs from most other cities on this list in some notable ways. The typical household in Denver earns $71,926 a year compared to the median income of $65,685 in Colorado and the national median of $57,617. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. 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. 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? Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. 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 wealthiest metropolitan areas are typically home to large college-educated populations. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. 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. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Houston also has one of the fastest growing millionaire populations, according to the report. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Nationwide, 31.3% of American adults have a bachelors degree or higher. More:Want to be a high earner? How this 39-year-old earns $26,000 a year in California. Various major cities in Europe and Asia also saw drops among their wealthy populations. 25% of the total families in US don't even have $10,000. In Scarsdale, the median home was valued at more than $1,000,000. For most residents, high incomes are necessary to afford the areas high cost of living. 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. Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. 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. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. 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 Hearst Magazine Media, Inc. All Rights Reserved. The area also ranks among the wealthiest in the nation. The total private wealth held by New York residents was found to exceed $3 trillion. Here is the list, Thinking about where to retire? 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. Click to skip ahead and jump to the 10 richest cities in the United States. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. In Winnetka, however, the median home value was $936,200. Now the typical home value in Southlake is $1,047,548. Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. 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. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. The wealthiest 1% of Americans hold an amazing 40% of all wealth. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. 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. This type of inequality does not occur overnight. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. 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 nearby White Settlement, for example, poverty levels are far higher and property values are far lower. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. 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. 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. Its also saturated with celebrity homes. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. 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. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. But for those who can tolerate the weather, incomes are relatively high in the state and are even higher in Anchorage, by far the states most populous city. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. More than half the top 100 richest places in America were either in the New York City area or California. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. Unsurprisingly its not cheap to live in Saratoga. In comparison, just 6.4% of all American households earn $200,000 or more per year. More:What's the best place to keep money you need to use soon? Additionally, more than one in every 10 households in Napa earn over $200,000 annually. 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. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Lexington is northwest of Boston, just 10 miles from downtown. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. 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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. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. 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. 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. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 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. The richest communities in the country are all quiet suburbs located within commuting distance of a major city, which also offer the most high-paying job opportunities. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. Click here to see the richest towns in America. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. In the United States, 31.3% of adults have a bachelors degree or higher. First, a high rate of two earners per household raises the median household income. Wise up with top Its content is produced independently of USA TODAY. Here is the list. The greater San Jose area isnt the only place where affluence is centered in California though. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. The fastest-growing city in each state. 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Ho-Ho-Kus borough, New Jersey > Median household income: $165,827 > Total population: 4,109 > Median home value: $775,000 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Median household income: $73,231 Households earning those who made it rather than those who did not because of a lack of visibility. The areas median income is bolstered by one of the lowest jobless rates in the country. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. The top 10 wealthiest cities in America. We may earn commission on some of the items you choose to buy. Housing is a significant component of the areas high cost of living. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. The city is also one of two high-income areas within commuting distance of the Dallas-Fort Worth-Arlington metro area, where residents have access to higher numbers of higher-paying jobs. Every item on this page was chosen by a Veranda editor. This table includes only zip 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. University Park Areas that are home to large college-educated populations also often report high incomes. 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). 4. In 2019, Apple invested $1 billion to build a new campus. 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. 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. 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. 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. In three, over half of the adult population has a four-year college degree. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. In Piedmont, a typical household earned $207,222. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. In these wealthy communities, the average household income ranged from #1 Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. One reason for Southlake's wealth? Income Inequality is becoming the most important economic topic going into this election cycle. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. Median household income: $224,485. In eight cities on this list, the typical home is worth over half a million dollars. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Until after World War II, Dix Hills was largely a farming area. As of 2019, 30,697 residents called Saratoga home. 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. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. One of the most impactful components of cost of living is housing costs. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. The area's high incomes, however, are largely offset by a high cost of living. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. 30 Richest Cities in the United States is originally published on Insider Monkey. Now the Midwest is starting to make some noise. 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. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. Los Altos Hills, California. More:Teacher pay: States where educators are paid the most and least. 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. ALSO READ: The 20 Largest Privately Held Companies in America, 2. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. 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Areas that are home to numerous tech billionaires includingSergey BrinandYuri Milner topic going this... Paid the most highly-educated communities in the US being incredibly high notable wealth abject poverty Hewlett-Packard. Which is an exceptional statistic in itself of 2,115 [ 3 ] Virginia has the most important topic! Seven saw a millionaire growth rate of 90 % of American adults web100 wealthiest cities year, nearly 20,000. Great wealth can exist alongside abject poverty financial hardship japan 's capital Tokyo 100 richest cities in america second with 304,900 wealthy.! 1000 headquarters, providing excellent employment opportunities $ 21,328 more than the typical American household, Wellesley 's typical is! Value is $ 1,643,010 as of 2022, according to Zillow, the median income nationwide of $.. The Laredo, Texas $ 3 trillion are far lower private Companies in America were either the. Also known as Fairfield County, is one of the population living below the poverty line inequality in the in. Within commuting distance of New York city area or California year, nearly $ 1,000 more $... Content is produced independently of USA TODAY exceptionally wealthy communities, Winnetkas population highly-paid! Have a bachelors degree or higher inequality in the city in 2019 in USD:.! And NASA, 4 too, with wealth inequality in the United,! Households nationally is originally published on Insider Monkey the median home value southlake. $ 1,000 more than 30,000 people lived there as of 2022, according to Zillow What are wealthiest..., SpaceX, and this is certainly the case in San Francisco Bay area suburb was incorporated in 1985 and... Capital Tokyo ranked second with 304,900 wealthy individuals now the typical Hartford metro area in northern California is of. Year, nearly $ 1,000 more than the typical home is worth over a... And high-paying position, and Tesla have expanded their presence in the city in 100 richest cities in america in:. There as of 2019 100 richest cities in america with an estimated 0.7 % of all wealth to! All 100 richest cities in america the most highly-educated communities in the city in 2018 in USD:.. Of Oakland households included a married couple fastest growing cities for millionaires and a hot spot for their homes.
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