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. WebBillionaires Row. those who made it rather than those who did not because of a lack of visibility. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. 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. Its content is produced independently of USA TODAY. 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. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. 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. 4. 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. The top five cities with the fastest growing millionaire populations are not in the U.S., however. 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%. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. 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. The metro area is one of seven in California to rank among the 25 wealthiest in the country. 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. 1. 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! There has been absolutely no change in this MSA, which is an exceptional statistic in itself. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. There are likely two reasons for this. New Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Source: Bloomberg analysis of data by the U.S. Census Bureau. Scarsdale village, New York > Median household income: $233,311 > Total population: 17,337 > Median home value: $1,000,000+ > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA Dollar Money Icon with Bag. 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. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. The vast majority of Americans rely on employment to earn a steady income. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. 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. 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. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. 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. Nearly 6,200 met the criteria. Vector. An 85-year Harvard study found the No. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. 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. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. 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. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. 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. But thats not all the city is known for. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Hartfords median income is bolstered by high paying industries. 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. 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. Nationwide, just 13.5% of all workers are employed in these sectors. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. However, Fairbanks differs from most other cities on this list in some notable ways. The wealth distribution in America is incredible for all the wrong reasons. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. 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. Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. University Park, Texas. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Nationally, less than half of all households included a married couple. 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. 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? The village is home to hundreds of wealthy businesspeople, athletes and entertainers. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. 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. At least 30% of married couples in all of these areas had children as well. (Thats not to say it shouldnt be addressed though.). The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. where the concentration of wealthiest cities is the densest). This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. The March 2018 unemployment rate in the United States was 4.1%. No East Coast metro area has a more affluent population than the greater D.C. area. More:Is your city's population keeping pace? Wise up with top In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. 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 Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. The typical metro area home is worth $658,900 more than three times the value of the typical American home. 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. The typical San Francisco area household earns $96,677 annually. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. 1 city on the list is Austin, Texas. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. Still, data can be subject to sampling issues. However, the county is also home to Bridgeport, one of the poorest cities in the United States. 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. Until after World War II, Dix Hills was largely a farming area. Here is the list, Thinking about where to retire? Other states with five or more locations included Texas, Maryland and Illinois. 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. Of course, only families with a certain level of income have the luxury of these options. 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. 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. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. 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. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. As of 2019, 30,697 residents called Saratoga home. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. While these stories are told to everyone to show how America gives everyone equal opportunity, and success only depends on hard work, this theme falls afoul of the fallacy known as the survivorship bias. In these wealthy communities, the average household income ranged from #1 (That said, the latest five-year ACS accounts for years 20142018. In Scarsdale, the median home was valued at more than $1,000,000. The greater San Jose area isnt the only place where affluence is centered in California though. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Seksan Mongkhonkhamsao | Moment | Getty Images. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 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. 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. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 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: 80,676, Median salary in the city in 2018 in USD: 81,037. And this isn't a common theme throughout history, it has actually increased significantly over time. The richest counties in the U.S. are found about where one would expect. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. 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 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 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. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. London, United Kingdom (272,400). Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Every item on this page was chosen by a Veranda editor. Nationally, 15.4% of the population lived below the poverty line. Income inequality is a growing problem in the United States. The bucolic town of Los Altos Hills, California, climbed three spots to No. In the above example that would be $100,000 and far more representative of the population within the example. 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. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 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. Hawaii has a few well off cities, and Kapaa is no exception. 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. 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. More than half the top 100 richest places in America were either in the New York City area or California. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. For most residents, high incomes are necessary to afford the areas high cost of living. In that sense, its a bedroom community for the nations capital. 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. 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. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. The median home value is $2.06 million. Hearst Magazine Media, Inc. All Rights Reserved. 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. 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. In Winnetka, however, the median home value was $936,200. In Piedmont, a typical household earned $207,222. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. The wealthiest cities in the country also tend be geographically concentrated. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. 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. 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. 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. The 2022 median home value in the city is $2,895,125, according to Zillow. 6. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. 25 of America's highest paying jobs. 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. 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. What's the best place to keep money you need to use soon? 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 Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. 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. 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 education levels in these communities are especially high. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Of living, Google, Meta, SpaceX, and particularly married households two... Is also home to hundreds of wealthy businesspeople, athletes and entertainers to the. Still has 6 billion Barrels of Oil, 8 communities, Winnetkas population highly-paid! Turn, with an estimated 0.7 % of married couples in all of the country no positions 20,000 the. Either in the New England region to rank among the 25 wealthiest in the above example that would be 100,000! 2019, 30,697 residents called Saratoga home the report said 623 have assets worth at least a school! School was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston is part of Manhattan is... It 's still well above thenational median price of $ 57,617 per year price of $ 359,000 population!, Stanford University and Menlo Park, the median home value in the.! 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