The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Hawaii has a few well off cities, and Kapaa is no exception. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. 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. Bethesda is largely known for its proximity to the District of Columbia. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. 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. Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Major employers in the Denver metro area include defense contractors Lockheed Martin and Raytheon, financial services company Charles Schwab, several hospitals and health care providers, as well as technology companies like Oracle and Level 3 Communications. Here are 30 great U.S. cities for older Americans 20. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. It Includes Palm Beach island and the town of West Palm Beach. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. The city is one of the most highly-educated communities in the country. 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. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. The wealthiest metropolitan areas are typically home to large college-educated populations. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. This is why we selected the median salary. 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. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. West Palm Beach, Florida, ranked second on the list. The vast majority of Americans rely on employment to earn a steady income. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to millionaires. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. At least 30% of married couples in all of these areas had children as well. 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. What survivorship bias means is that we tend to focus on the success stories i.e. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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. Another way we looked at the data was to measure income disparity in each location. Alaska's most populous city is also quite well off, even though its one of the few in our list to have actually seen a decrease in median income over the last year. 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. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. 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. 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. 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 the United States, 31.3% of adults have a bachelors degree or higher. 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. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. The total private wealth held by New York residents was found to exceed $3 trillion. 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%. University Park The top 10 wealthiest cities in America. 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. 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. The richest communities in America for years have been in Silicon Valley and the New York City area. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. 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. McLean is in Fairfax County, which is renowned nationally for its public schools. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. We found the 50 richest places in the country received $350 million in bailouts. The bottom 90% hold less than 25% of the total wealth. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. 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. Nearly 6,200 met the criteria. Oakland had an annual median household income of $52,583. San Francisco Bay Area, U.S. (276,400), 4. Average household income: $405,073. 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. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. 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. A handful of Midwest and Southwest areas made the top 20. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. 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. Additionally, the majority of homes in the area are worth over half a million dollars. 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. Los Altos Hills, California. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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. 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 Santa Rosa metro area in northern California is one of the most expensive places to live in the country. .css-1grzdcz{display:block;font-family:AvenirBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-1grzdcz:hover{color:link-hover;}}@media(max-width: 48rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-1grzdcz{line-height:1.2;}}@media(min-width: 48rem){.css-1grzdcz{font-size:1.23488rem;line-height:1.3;margin-bottom:0rem;}}@media(min-width: 64rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.3;margin-bottom:-0.5rem;}}The World's 10 Most Expensive Paintings, 9 Beautiful Tables from the 2023 Orchid Dinner, Yoko Ono Is Moving to a Farm in Upstate New York, 6 Auction Etiquette Tips Everyone Should Know, Inside the Mansion from Netflix's Outer Banks, Queen Elizabeth Inspired Kate's Opera Gloves, Kate Middleton's Most Iconic Jewelry Moments, Queen Consort Camilla Has Selected Her Crown. 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. 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. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. 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. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Educate your inbox. Also, safety concerns and taxation are major drivers," Amoils said. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. 4. Like Los Altos, Saratoga is another city in the greater San Jose area. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. In eight cities on this list, the typical home is worth over half a million dollars. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Nationwide, just 13.5% of all workers are employed in these sectors. While tens of millions of people lost their job because of the pandemic and the ensuing lockdown, part of which is still implemented, the richest simply grew richer. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. In this article we take a look at the 30 richest cities in the United States. ALSO READ: The Least Healthy County in Each State. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. Living in the city will cost you though. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. A Division of NBC Universal. 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). Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Here is the list, Thinking about where to retire? According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. 1 city on the list is Austin, Texas. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. This type of inequality does not occur overnight. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. The total private wealth held by New York residents was found to exceed $3 trillion. Located in Connecticut, Torrington has been rated as one of the highest rated cities in the US, and the high income is a great incentive. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. 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. The typical San Francisco area household earns $96,677 annually. While many of the nations wealthiest towns are located in safe quiet neighborhoods well outside city limits, West University Place is well inside Houstons urban cluster. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. 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. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. 10. 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. Partially as a result, the metro area is one of the best educated in the United States. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. There are six cities in where the median household income is less than $20,000: (1) Livingston, Alabama; (2) Hawaiian Ocean View, Hawaii; (3) Homer, 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. New York City is home to a number of high paying industries most famously finance. Still, data can be subject to sampling issues. 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. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. 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. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. The areas median income is bolstered by one of the lowest jobless rates in the country. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. 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 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. 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. Compared to New York, a much smaller proportion of them have assets worth over $10 million. 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. Brentwood, a suburb of Nashville, makes the list too. In that sense, its a bedroom community for the nations capital. Housing is a significant component of the areas high cost of living. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. And not just by a million or two. Why that is, I will explain later on in the methodology section. Moving from West to East, 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%. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. And this isn't a common theme throughout history, it has actually increased significantly over time. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. More:Thinking about where to retire? Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. The wealthiest cities in the country also tend be geographically concentrated. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. What is the richest city in the US?Atherton, California. Average household income: $525,324.Scarsdale, New York.Hillsborough, California.Cherry Hills Village, Colorado.Los Altos Hills, California.Short Hills, New Jersey.Highland Park, Texas.Glencoe, Illinois. 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. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. 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. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. 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? While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Hearst Magazine Media, Inc. All Rights Reserved. Maryland is the wealthiest state in the country. 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. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. The oil boom in Midland is the primary reason why Midland has such a high median income. 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. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. where the concentration of wealthiest cities is the densest). 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. 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. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. This however led to another problem. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 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. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. Among the largest movers on the list was Highland Park, Texas, which moved up to No. 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 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.