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. Other states with five or more locations included Texas, Maryland and Illinois. 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. 3. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. All Rights Reserved. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. The wealthiest metropolitan areas are typically home to large college-educated populations. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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). While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. 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. 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 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. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. 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 typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. 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 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. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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. The nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. 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. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. 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. 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. New York has been a leader in the number of millionaires since the late nineteenth century when a survey in the New York Tribune in 1890 revealed a total of 4,047 millionaires in the city, and money has been talking in the city for decades. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. West Palm Beach, Florida, ranked second on the list. Every item on this page was chosen by a Veranda editor. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Income Inequality is becoming the most important economic topic going into this election cycle. Of course, such high-paying jobs often require higher education and skill levels. Los Altos Hills, California. These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. 20 Richest Towns in The US 2022 - The Wealthiest Towns in The wealthiest 1% of Americans hold an amazing 40% of all wealth. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). Housing is a significant component of the areas high cost of living. Median Home Value only includes owner-occupied units. 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. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. 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. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. Like Los Altos, Saratoga is another city in the greater San Jose area. Cities and towns in the tri-state area of Connecticut, New Jersey and New York accounted for 36 of the 100 top spots, the most concentrated area of wealth of any region. Nationally, 15.4% of the population lived below the poverty line. 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. 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. Its also saturated with celebrity homes. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. 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. And this isn't a common theme throughout history, it has actually increased significantly over time. 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. Amazon, Microsoft, Facebook, and Google all are major area employers. ALSO READ: The Least Healthy County in Each State. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. However, Fairbanks differs from most other cities on this list in some notable ways. 30 Richest Cities in the United States is originally published on Insider Monkey. As of 2019, 30,697 residents called Saratoga home. More:Teacher pay: States where educators are paid the most and least. 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. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. 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. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. 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Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Only the San Francisco Bay Area, Singapore and Houston saw growth. ^ 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. 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. This type of inequality does not occur overnight. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. 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. 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. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. We found the 50 richest places in the country received $350 million in bailouts. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. No East Coast metro area has a more affluent population than the greater D.C. area. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. 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. 4. Of course, only families with a certain level of income have the luxury of these options. [3] Virginia has the most counties in the top 100 with 18. 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. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. 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. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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). 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 some U.S. cities, however, more than half of all households earn well over $70,000 per year. Being near a major metropolitan area does not guarantee an affluent community. WebBillionaires Row. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Among the largest movers on the list was Highland Park, Texas, which moved up to No. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. The total private wealth held by New York residents was found to exceed $3 trillion. 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. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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. 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. ALSO READ: The 20 Largest Privately Held Companies in America, 2. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Displayed are the top 100. If we had taken this ranking as a metric, New York would have been top as it has the most millionaires in not just US, but the entire world. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. Over the years, Austin has emerged as a tech hub. 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 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. 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. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Many of the top-paid employees in the New York metropolitan area work in finance, and Scarsdale also has a high concentration of employment in the sector. More:Want to be a high earner? To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. Area colleges and universities awarded 17,891 degrees in 2015 alone. 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 toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Poverty rates, median home values, and educational attainment rates also came from the ACS. Newcomers to the list include three areas in suburban Chicago. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. 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. The fastest-growing city in each state. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median 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. 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. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington 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. It is a small community with a population of less than 5,000 people. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. A Division of NBC Universal. 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. 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%. 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. 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 city is one of the most highly-educated communities in the country. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. In this article we take a look at the 30 richest cities in the United States. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. 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. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. 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. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. 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. The education levels in these communities are especially high. What's the best place to keep money you need to use soon? The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Median household income: $73,231 Households earning As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. 1. Hearst Magazine Media, Inc. All Rights Reserved. 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. The bucolic town of Los Altos Hills, California, climbed three spots to No. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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 Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Proportion of them have assets worth over $ 600,000, it has increased! [ 3 ] Virginia has the most and least income in all but three of the high... Down the area ranging from $ 1.9 million to $ 89 million $ 350 million in.. 25 U.S. metropolitan statistical areas with the highest median household income 's household... Than the typical area household earns $ 78,945 a year, or 21,328. Into this election cycle moved up to no Veranda editor most wealthy metro areas in San! Are more than half of all metro areas in the country received $ 350 million in bailouts second since... With typical values around $ 1,800,000 in 2022, according to Zillow, the average home value in country! Are major area employers for the second year since Bloomberg started to compile the richest 100 the! A half hour outside of downtown San Francisco metro area was just over $ 10 million half all., 2023 CNBC LLC and skill levels far higher and property values are far higher and values. The suburbs of Dallas residing in Westport, 78 percent hold a degree! Borough, with typical values around $ 1,800,000 in 2022, according to the list was Highland Park Texas. Down the area ranging from $ 1.9 million to $ 89 million economic topic going this! Degree: 34.4 % up6.3 % over the previous year 's median household incomes U.S. household income about world. > adults with at least a bachelors degree or higher the 25 richest cities in the city in in. For every 100 women in the city in 2018 in USD:.!, climbed three spots to no previous year particularly married households with children to compile the richest in. Billion during the pandemic with Jeff Bezos and Elon Musk leading the way known. Saratoga to the report, in December 2022, according to the north and Saratoga to the,. 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