Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. 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. ALSO READ: The 20 Largest Private Companies in America. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Remarkably, that's more than the total private wealth held in most major G-20 countries. 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. 1. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Because many towns in the country are small, data can be unreliable. Some of these wealthy towns are just a short drive away from the poorest areas in the country. High housing costs drive up the overall cost of living. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so its a great central location for commuters and beach lovers alike. 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. Partially as a result, the metro area is one of the best educated in the United States. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. 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. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 4. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. 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. Nationally, less than half of all households included a married couple. 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. 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. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. Newcomers to the list include three areas in suburban Chicago. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. A handful of Midwest and Southwest areas made the top 20. Oakland had an annual median household income of $52,583. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. 3. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. 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. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. In that sense, its a bedroom community for the nations capital. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. 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. We may earn commission on some of the items you choose to buy. In Piedmont, a typical household earned $207,222. And not just by a million or two. Piedmont city, California > Median household income: $207,222 > Total population: 10,852 > Median home value: $1,000,000+ > Metropolitan area: San Francisco-Oakland-Hayward, CA. WebBillionaires Row. 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. There are likely two reasons for this. Glen Ridge borough, New Jersey > Median household income: $167,101 > Total population: 7,561 > Median home value: $581,400 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Nearly 40% of households in the borough of Glen Ridge reported incomes of at least $200,000, compared to just 4.8% of households nationwide. 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). As is the case in most high income areas, Trenton is home to a large college-educated population. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Essex Fells is a very small community with a population of 2,115. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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). 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. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Why that is, I will explain later on in the methodology section. Bloomberg also ranked citiesby earnings from interest, dividends, rents, and royalties, as well as distributions from estates and trustsa subset of household income called passive income. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, which is due largely in part to the COVID-19 pandemic.). ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Hartfords median income is bolstered by high paying industries. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 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. An 85-year Harvard study found the No. 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%. 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. 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. Lexington is northwest of Boston, just 10 miles from downtown. Here is the list. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. 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. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. Educate your inbox. In Orinda, it was 71.6% of all households. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. The typical San Francisco area household earns $96,677 annually. 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? And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. While there are affluent areas all across the country, most of the very richest cities in the nation are concentrated in highly populated states with large economies, NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. More:Is your city's population keeping pace? According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. University Park, Texas. The metro area is one of seven in California to rank among the 25 wealthiest in the country. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. The total private wealth held by New York residents was found to exceed $3 trillion. Another way we looked at the data was to measure income disparity in each location. West University Place, Texas is a suburb of Houston and had an annual median household income of $205,135 and a poverty rate of just 2.3%. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. One reason for Southlake's wealth? San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. 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. 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. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. Income Inequality is becoming the most important economic topic going into this election cycle. 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. 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. The city is one of the most highly-educated communities in the country. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. 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 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. Of course, such high-paying jobs often require higher education and skill levels. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. Unlike the other top 10 richest cities in America, the typical home value in Ridgewood is less than $1 million, coming in at $840,862 in 2022, according to Zillow. Average household income: $405,073. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Yet another New Jersey community to make this list of the wealthiest towns in America, Essex Fells is just a short drive west of Glen Ridge. Nationally, 15.4% of the population lived below the poverty line. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. 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. 84% of the families in the US have less wealth than the mean for the country. We found the 50 richest places in the country received $350 million in bailouts. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. 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. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. The top 10 wealthiest cities in America. 10. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. The top five cities with the fastest growing millionaire populations are not in the U.S., however. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. 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. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? 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. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. 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. All Rights Reserved. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. The wealthiest metropolitan areas are typically home to large college-educated populations. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. 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