Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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 disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. For most residents, high incomes are necessary to afford the areas high cost of living. Source: Bloomberg analysis of data by the U.S. Census Bureau. As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. These two cities are a model case of income disparity in small geographic areas. What survivorship bias means is that we tend to focus on the success stories i.e. 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. The total private wealth held by New York residents was found to exceed $3 trillion. Click here to see the richest towns in America. More:What's the best place to keep money you need to use soon? Los Altos Hills is a Silicon Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. 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 metro area home is worth $658,900 more than three times the value of the typical American home. That again would not be representative of the entire population. those who made it rather than those who did not because of a lack of visibility. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Median Home Value only includes owner-occupied units. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Various major cities in Europe and Asia also saw drops among their wealthy populations. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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. (Thats not to say it shouldnt be addressed though.). 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. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. Nationally, 15.4% of the population lived below the poverty line. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. Educate your inbox. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. The San Jose metro area is by far the wealthiest in the country. The total private wealth held by New York residents was found to exceed $3 trillion. 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. 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. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. 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 March 2018 unemployment rate in the United States was 4.1%. 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. 84% of the families in the US have less wealth than the mean for the country. Why that is, I will explain later on in the methodology section. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. It Includes Palm Beach island and the town of West Palm Beach. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Remarkably, that's more than the total private wealth held in most major G-20 countries. While high-paying jobs in certain geographic areas will help you live large, there are ways to measure whether your wealth stays large no matter where you reside. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. The absolute extremes of wealth and poverty are often found in the same area. Lafayette sits to the east of Berkeley and touts notable wealth. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. 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. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. The wealthiest cities in the country also tend be geographically concentrated. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. 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. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Some 16.9% of metro area workers are employed in the professional, scientificand management sector, a larger share than in all but five other metro areas nationwide. Additionally, the majority of homes in the area are worth over half a million dollars. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. San Francisco Bay Area, U.S. (276,400), 4. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. 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 five cities with the fastest growing millionaire populations are not in the U.S., however. 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. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. Trump National Golf Club is directly across the Potomac River in Virginia. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. There are likely two reasons for this. The wealthiest metropolitan areas are typically home to large college-educated populations. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Most of these wealthiest communities have large populations of highly-skilled workers. In 2019, Apple invested $1 billion to build a new campus. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. It has been home to many notable people, including John and Alice Coltrane. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. The In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. 3. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. 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. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The 2022 median home value in the city is $2,895,125, according to Zillow. 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. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. 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. 10. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. 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). [3] Virginia has the most counties in the top 100 with 18. 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. Its content is produced independently of USA TODAY. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. Some of these wealthy towns are just a short drive away from the poorest areas in the country. ^ 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. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. As is the case in most high income areas, Trenton is home to a large college-educated population. In Orinda, it was 71.6% of all households. First, a high rate of two earners per household raises the median household income. Bethesda is largely known for its proximity to the District of Columbia. 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%. More:Which town in your state is the poorest? Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. In Scarsdale, the median home was valued at more than $1,000,000. 1. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. 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. 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. 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. Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. 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. ALSO READ: The 20 Largest Private Companies in America. 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. Of course, such high-paying jobs often require higher education and skill levels. More:Want to be a high earner? Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. In that sense, its a bedroom community for the nations capital. 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. 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. 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 Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. where the concentration of wealthiest cities is the densest). The top 10 wealthiest cities in America. 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. 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. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. This table includes only zip In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. These are the richest cities Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Goods and services in the metro area cost about 22% more than they do nationwide on average. 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. New York City is home to a number of high paying industries most famously finance. 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. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. Dix Hills is in the greater Huntington area in Long Island, New York. 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 metro area is one of seven in California to rank among the 25 wealthiest in the country. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. 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. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. 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. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. High housing costs drive up the overall cost of living. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. 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 metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. 20 Richest Towns in The US 2022 - The Wealthiest Towns in In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. 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 city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. The richest counties in the U.S. are found about where one would expect. 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. 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. West Palm Beach, Florida, ranked second on the list. 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