100 richest cities in america
Of the top 10 cities with the largest number of wealthy people, seven saw a decline. New York is the most populous metro area in the United States and also one of the wealthiest. Wise up with top Average household income excluded households without any type of income. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. 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. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. Lafayette sits to the east of Berkeley and touts notable wealth. 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. Like Los Altos, Saratoga is another city in the greater San Jose area. The bucolic town of Los Altos Hills, California, climbed three spots to No. 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%. For most residents, high incomes are necessary to afford the areas high cost of living. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. where the concentration of wealthiest cities is the densest). In Scarsdale, the median home was valued at more than $1,000,000. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. 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. There are likely two reasons for this. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. Seksan Mongkhonkhamsao | Moment | Getty Images. The bottom 90% hold less than 25% of the total wealth. Residents of Darnestown, Maryland, are most likely to sport similar paychecks, according to Bloombergs calculation of the Gini Indexa common measure of income distribution among a population. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 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. These are the richest cities However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. The greater San Jose area isnt the only place where affluence is centered in California though. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. The report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. Nationally, just 48.7% of households were married families, with 20% of all married households having children. This type of inequality does not occur overnight. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. 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. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. 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 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 five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Maryland is the wealthiest state in the country. More:Teacher pay: States where educators are paid the most and least. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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 mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. 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. Los Altos Hills, California. The wealth distribution in America is incredible for all the wrong reasons. Why that is, I will explain later on in the methodology section. The richest communities in America for years have been in Silicon Valley and the New York City area. A Division of NBC Universal. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. 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. 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. In the United States, 31.3% of adults have a bachelors degree or higher. 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%. For this reason, all data used are five-year estimates for the period 2009-2013. The richest counties in the U.S. are found about where one would expect. In eight cities on this list, the typical home is worth over half a million dollars. Of adults living in Ridgewood, 76 percent hold a bachelors degree. 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. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. The typical household in the state capital earns $71,685 a year about $21,000 more than what the typical North Carolina household earns and $14,000 more than what the typical American household earns. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. 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. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. As is the case in most high income areas, Trenton is home to a large college-educated population. Here are 30 great U.S. cities for older Americans, Want to be a high earner? The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. 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. Moving from West to East, We Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. We found the 50 richest places in the country received $350 million in bailouts. As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. 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). 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. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. 3. The 2022 median home value in the city is $2,895,125, according to Zillow. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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. Oakland had an annual median household income of $52,583. 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. Average household income: $405,073. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. The Chicago metropolitan area, where Winnetka is located, is not known for having a particularly expensive housing market -- the median home value there was just $206,300, 68th among large metro areas. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Income inequality is a growing problem in the United States. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. In Winnetka, however, the median home value was $936,200. 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. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. 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. Until after World War II, Dix Hills was largely a farming area. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. 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, 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. Essex Fells is a very small community with a population of 2,115. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. That again would not be representative of the entire population. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. But thats not all the city is known for. 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.). Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. Most of these wealthiest communities have large populations of highly-skilled workers. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. 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 wealthiest cities in the country also tend be geographically concentrated. Now the typical home value in Southlake is $1,047,548. 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. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Because many towns in the country are small, data can be unreliable. The top five cities with the fastest growing millionaire populations are not in the U.S., however. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. An 85-year Harvard study found the No. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Raleigh, N.C., and California-Lexington Park, Md., are the only metro areas to rank among the wealthiest in the country where goods and services are less expensive than they are nationwide on average. However, the Bay Areas high incomes are more than enough to offset the 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. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. 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. 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. The median home value is $2.06 million. 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. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. 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. 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. In 2019, Apple invested $1 billion to build a new campus. (That said, the latest five-year ACS accounts for years 20142018. McLean is in Fairfax County, which is renowned nationally for its public schools. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. 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. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. The region is home to several higher education institutions including North Carolina State University. Correction: This article has been updated to correct the number of millionaires who live in New York City. In this article we take a look at the 30 richest cities in the United States. 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 In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. Part of greater Boston, Wellesley is home to three collegesWellesley College, Babson College, and a campus of Massachusetts Bay Community Collegewhich makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelors degree. Hearst Magazine Media, Inc. All Rights Reserved. How this 39-year-old earns $26,000 a year in California. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. 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. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. 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. Homes are expensive in the New York area with a median value of $392,700. One reason for Southlake's wealth? Click here to see the richest towns in America. Its also saturated with celebrity homes. Median household income: $224,485. Source: Bloomberg analysis of data by the U.S. Census Bureau. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. 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. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Living in the city will cost you though. A handful of Midwest and Southwest areas made the top 20. 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%. Median Home Value only includes owner-occupied units. In Piedmont, a typical household earned $207,222. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. Click to skip ahead and jump to the 10 richest cities in the United States. Los Altos Hills is a Silicon In comparison, just 6.4% of all American households earn $200,000 or more per year. We may earn commission on some of the items you choose to buy. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. The fastest-growing city in each state. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 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. A Division of NBC Universal. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. 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. How the National Trust Is Changing America. 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. Or $ 21,328 more than the typical U.S. household income than the typical home is more... 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