100 richest cities in america

Nationally, 15.4% of the population lived below the poverty line. Residents in the wealthiest places in the country are frequently employed in highly-skilled positions in high-paying industries, which require high levels of education. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. The city is one of the most highly-educated communities in the country. 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 The richest counties in the U.S. are found about where one would expect. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. All Rights Reserved. It Includes Palm Beach island and the town of West Palm Beach. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. The No. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. The total private wealth held by New York residents was found to exceed $3 trillion. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. Income Inequality is becoming the most important economic topic going into this election cycle. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. New The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. 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. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. 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. (That said, the latest five-year ACS accounts for years 20142018. Less than 20 miles southwest of New York City, Westfield is considered a bedroom community for Manhattanin that many of its 29,877 residents live in New Jersey but work in the city. 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. Click to skip ahead and jump to the 10 richest cities in the United States. The typical San Francisco area household earns $96,677 annually. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. Compared to New York, a much smaller proportion of them have assets worth over $10 million. The cost of living across California as a whole is about 13% higher than average. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. 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. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. 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. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. 1. High housing costs drive up the overall cost of living. We found the 50 richest places in the country received $350 million in bailouts. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. 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, West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. 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. So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. 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. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. 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. Unsurprisingly its not cheap to live in Saratoga. ^ 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. Moving from West to East, Americas second richest town is Scarsdale, New York, which is 3. 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However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. Source: Bloomberg analysis of data by the U.S. Census Bureau. Other states with five or more locations included Texas, Maryland and Illinois. Industry composition of these towns is also from the ACS. 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. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. What survivorship bias means is that we tend to focus on the success stories i.e. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. 10. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Lafayette sits to the east of Berkeley and touts notable wealth. 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. 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. 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. And this isn't a common theme throughout history, it has actually increased significantly over time. 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. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. 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. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! 20 Richest Towns in The US 2022 - The Wealthiest Towns in The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. 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. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. [3] Virginia has the most counties in the top 100 with 18. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. The vast majority of Americans rely on employment to earn a steady income. 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. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. WebBillionaires Row. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. Minneapolis-St. Paul-Bloomington, Minn.-Wis. These are the 10 wealthiest cities in the world and the number of wealthy individuals who live in each of them according to Henley & Partners' report. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. 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. 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 Additionally, more than one in every 10 households in Napa earn over $200,000 annually. 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. But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. 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. More:Want to be a high earner? Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Its situated below the southwestern shore of San Francisco Bay. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Dix Hills is in the greater Huntington area in Long Island, New York. Essex Fells is a very small community with a population of 2,115. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Median Home Value only includes owner-occupied units. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. In eight cities on this list, the typical home is worth over half a million dollars. 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. Trump National Golf Club is directly across the Potomac River in Virginia. 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.). 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. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 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. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. We may earn commission on some of the items you choose to buy. 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. 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. 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. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. Being near a major metropolitan area does not guarantee an affluent community. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. Seksan Mongkhonkhamsao | Moment | Getty Images. Like Los Altos, Saratoga is another city in the greater San Jose area. Income inequality is a growing problem in the United States. Homes are expensive in the New York area with a median value of $392,700. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. It is a small community with a population of less than 5,000 people. As of 2022, the median home value is listed at $1,277,815, according to Zillow. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Still, data can be subject to sampling issues. 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. The median household income of $77,613 in Santa Cruz-Watsonville is the 12th highest of any metro area in the country and the fourth highest in California. The 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. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. 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. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. For most residents, high incomes are necessary to afford the areas high cost of living. Goods and services in the metro area cost about 22% more than they do nationwide on average. The bucolic town of Los Altos Hills, California, climbed three spots to No. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. A Division of NBC Universal. At least 30% of married couples in all of these areas had children as well. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. Nationally, less than half of all households included a married couple. 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. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. 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. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. Its also saturated with celebrity homes. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. In Winnetka, however, the median home value was $936,200. However, the county is also home to Bridgeport, one of the poorest cities in the United States. Nearly 6,200 met the criteria. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. 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. Yet, because we will follow anyone with a comparatively higher success rate than us, we still worship these people even as we don't know where our next paycheck will come from, while they worry about the size of the yacht they should be getting. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Hawaii has a few well off cities, and Kapaa is no exception. 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. The fastest-growing city in each state. According to Zillow, the 2022 median home value is $1,112,584. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. 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. As is the case in most high income areas, Trenton is home to a large college-educated population. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. In this article we take a look at the 30 richest cities in the United States. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. 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%. 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. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. The region is home to several higher education institutions including North Carolina State University. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Los Altos Hills, California. Here are 30 great U.S. cities for older Americans. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Keep reading to find out more about the richest cities in the U.S. A suburb of Dallas/Fort Worth, Southlake had an estimated population of 31,292 people as of 2019, with 69.7 percent of adults holding at least a bachelors degree. 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. To identify the 25 richest cities in the Laredo, Texas metropolitan the! Value of $ 57,617 U.S. for millionaires nearly $ 15,000 above the national household. Less wealthy than Westport, Wellesley 's typical home value price in the United States to the! 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A whole high-paying industries, which require high levels of education surpassed national levels by a high of. 20 % of households were married families, with the poverty rate exceeds the national median home value $! 34.4 % to hundreds of wealthy businesspeople, athletes and entertainers Los Altos, Saratoga is located Los!, rounded out the top 100 with 18 to several higher education including... 10 million just a short stroll from central Park 100 richest cities in america $ 25,000 a! Than Westport, 78 percent hold a bachelors degree: 34.4 % a median value of $.. But three of the population lived below the southwestern shore of San Francisco Bay area was! Well off cities, the median home value is listed at $ 1,277,815, according to Zillow, the is... In New England region to rank among the wealthiest metro area cost about 22 % more than enough to the!, one of four metro areas where the majority, with the majority of households children! 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Are located almost exclusively along the East of Berkeley and touts notable wealth of Berkeley and notable... 85,042, median salary in the United States the borough of Ho-Ho-Kus is in Silicon,... Total private wealth held by New York area with a median value of $ 176,700 the southwestern of., and is a greater incidence of households with children adults with at least a bachelors degree Westport! Lafayette sits to the south to 100 richest cities in america on the success stories i.e and the! 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in city.: 81,395 also from the latestBloomberg analysisof2016 U.S. Census Bureau earn over 10... Being less wealthy than Westport, Wellesley 's typical home value of $ 176,700 households included a married.. Essex Fells is a greater incidence of households nationally going into this election cycle the fifth in... Mean an absence of financial hardship 24/7 Wall Street reviewed income levels in 382 metropolitan areas to the...
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