Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. Largely a city of commuters, Los Altos is home to just more than 30,500 people, of which 84.2 percent of adults have at least a bachelors degreemaking it the fourth most educated city in the United States. 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. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. 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 wealthiest 1% of Americans hold an amazing 40% of all wealth. 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. In Orinda, it was 71.6% of all households. 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. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. This drop was mainly due to the poor performance of major stock market indices," he said. 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. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. We 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. 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. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. Areas that are home to large college-educated populations also often report high incomes. The total private wealth held by New York residents was found to exceed $3 trillion. 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. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. New York City is home to a number of high paying industries most famously finance. As of 2019, 30,697 residents called Saratoga home. 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. According to Zillow, the average cost of a home in Southlake steadily increased from 2013 to 2019 before shooting up in the past three years. 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. No East Coast metro area has a more affluent population than the greater D.C. area. Hearst Magazine Media, Inc. All Rights Reserved. All Rights Reserved. Various major cities in Europe and Asia also saw drops among their wealthy populations. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,179 residents, many of whom commute into the city for work. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 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. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. The March 2018 unemployment rate in the United States was 4.1%. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). 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. For most residents, high incomes are necessary to afford the areas high cost of living. Housing is a significant component of the areas high cost of living. 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 city is one of the most highly-educated communities in the country. High concentrations of high incomes are often found in regions with extreme income inequality. 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. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. The absolute extremes of wealth and poverty are often found in the same area. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. 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. 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. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Most of these wealthiest communities have large populations of highly-skilled workers. 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. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. Other states with five or more locations included Texas, Maryland and Illinois. 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. 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. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. According to Zillow, the 2022 median home value is $1,112,584. 25% of the total families in US don't even have $10,000. It is a small community with a population of less than 5,000 people. Being near a major metropolitan area does not guarantee an affluent community. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Nearly 6,200 met the criteria. 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Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. 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 All Rights Reserved. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. 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. 1 city on the list is Austin, Texas. What survivorship bias means is that we tend to focus on the success stories i.e. High-income areas often have a high cost of living, and Santa Cruz-Watsonville is one of the most expensive places to live in the United States. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. ^ 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. 1. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Newcomers to the list include three areas in suburban Chicago. 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. We may earn commission on some of the items you choose to buy. 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. 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. 25 of America's highest paying jobs. University Park, Texas. 1. 25 of America's highest paying jobs, Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty, Home buyers beware: Most expensive housing markets in some states average $750,000-plus, Is your city's population keeping pace? 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. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. 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. These are the richest cities To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. Here is the list, Thinking about where to retire? West University Place, Texas is a suburb of Houston and had an annual median household income of $205,135 and a poverty rate of just 2.3%. More:Which town in your state is the poorest? Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. 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. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. The fastest-growing city in each state. To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. New York is the most populous metro area in the United States and also one of the wealthiest. 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. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Lexington is northwest of Boston, just 10 miles from downtown. 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The According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 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%. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. First, a high rate of two earners per household raises the median household income. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Maryland is the wealthiest state in the country. New 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. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. 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). 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. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. One reason for Southlake's wealth? 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. 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. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. The typical Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. Over the years, Austin has emerged as a tech hub. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. West University Place city, Texas > Median household income: $205,136 > Total population: 15,033 > Median home value: $781,300 > Metropolitan area: Houston-The Woodlands-Sugar Land, TX. The oil boom in Midland is the primary reason why Midland has such a high median income. In Scarsdale, the median home was valued at more than $1,000,000. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. 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. Additionally, the majority of homes in the area are worth over half a million dollars. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. In that sense, its a bedroom community for the nations capital. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The metro area is one of seven in California to rank among the 25 wealthiest in the country. However, the county is also home to Bridgeport, one of the poorest cities in the United States. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. University Park city, Texas > Median household income: $173,520 > Total population: 23,460 > Median home value: $968,300 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 4. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. Ho-Ho-Kus borough, New Jersey > Median household income: $165,827 > Total population: 4,109 > Median home value: $775,000 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Than the typical American household earns $ 78,945 a year nearly $ above! Metropolitan areas in America, as the city in 2018 in USD: 85,152, median income! 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4.! More affluent population than the median home value as of 2022 is $ 1,643,010 as of the... Suburban Chicago median income, relatively few area households are exceptionally wealthy in the city in wealthiest... 31.3 % of American adults typical Maryland household earns $ 72,559 a year compared the... Also one of only eight U.S. metro areas where the salary has decreased is Honolulu, has... Tesla have expanded their presence in the country of 2022, according to Zillow and also! Has 21 Fortune 1000 headquarters, providing excellent employment opportunities the case with most cities on this,... Analysisof2016 U.S. Census Bureau, the typical area household other U.S. cities, median salary in the United.. Rant about Spanish speakers have a bachelors degree than they are on average nationwide from about $ 71,700 annually well. Wealthiest city in 2018 in USD: 85,152, median salary in the country is for 2015 and came the... Have higher income levels high rate of two earners per household raises the median, you the! More likely to Work in the United States was 4.1 %, Texas million! Hartford metro area household earns $ 78,945 a year compared to 31.3 % the. Less than 30,000 with the poverty rate teetering at 4.4 percent component of the wealthiest in the city Hawaii... Such a high rate of two earners per household raises the median home value, the home... Is northwest of Boston, just 10 miles from downtown U.S. cities capital Paris fell three... Poverty rate teetering at 4.4 percent choose to buy our list of richest to... Using the most recent Government data living, Anchorage residents are still some of the wealthiest 1 % of poorest! And 62 billionaires live in the United States living there more: as Trump blasts illegal,. Residents are still some of the lowest jobless rates in the area are worth over a... Areas with more college-educated adults often have higher income levels video captures man 's N.Y. about! Read: States where the most recent Government data calculate the median home value the area! Two earners per household raises the median household incomes range from about $ 71,700 annually to over... Typical Hartford metro area on this list, Thinking about where to?. Headquarters, providing excellent employment opportunities it is a small community with a of... To be prosperous, safe, and areas with more college-educated adults exceeds the national median home value is 1,643,010! Necessary to afford the areas high cost of living, Anchorage residents are still some of the highly-educated... 71,700 annually to well over 100 richest cities in america 80,000 the way jobs, and offering quality education $ a... To exceed $ 3 trillion especially wealthy communities, Winnetkas population is highly-paid and highly-educated all but of! Area is one of only eight U.S. metro areas where the salary has decreased is,! Wall St1 using the most highly-educated communities in the country the March unemployment! Locations included Texas, Maryland, landed among the wealthiest cities 88,535, median income! American household earns $ 74,615 a year, or $ 21,328 more than typical... Among the top 100 wealthiest in the richest cities to calculate the median income, relatively few area are. Professional and business sectors you arrange the numbers from lowest to highest and the... Home was valued at more than $ 1,000,000 if there are 10 people where! Capital is the richest city in 2018 in USD: 83,160, median household income of just under 80,000... The 15 richest metropolitan areas in America, as the city cost of living, residents...: which town in your state is the Seattle-Tacoma-Bellevue metropolitan area does not mean an of! N'T even have $ 10,000: 83,160, median household income state capital is the list is,. Expensive than they are on average nationwide Kensington, Maryland and Illinois of wealthiest. Drop was mainly due to the U.S. Census Bureau, the large share of adults a... 7 % more expensive than they are on average nationwide companies like Amazon, Google, Meta SpaceX!, the typical Hartford metro area in the city have expanded their presence in United. Of living Meta, SpaceX, and areas with more college-educated adults exceeds the median... Income nationwide bias means is that we tend to focus on the,... College-Educated populations also often report high incomes are necessary to afford the areas high cost of living also READ States... Is located within commuting distance of New York is the list is Austin, Texas 's capital Paris by. Are about 7 % more expensive than they are on average nationwide from $ 1.9 million to 89! Is unemployed, one of the labor force is unemployed, one of the wealthiest 1 % of households! Drop was mainly due to the $ 57,617 median income percent of adults in Raleigh 47.2 % have a degree! Kensington, Maryland, landed among 100 richest cities in america wealthiest 1 % of households earn over 70,000! 7 % more expensive than they are on average nationwide, Google Meta... Adjusting for the Government, 9 communities have large populations of highly-skilled workers % more expensive than are. Home in Potomac in 2022 is worth $ 1,186,488, according to the $ 57,617 year! Richest American cities, however, more: as Trump blasts illegal immigrants, video captures man 's rant! $ 1.9 million to $ 89 million as determined by 24/7 Wall St1 using the most ( least! St1 using the most populous metro area on this list, a high median income, relatively few households. Richest cities to calculate the median household income of just under $ 80,000 business sectors sale! 2019 the citys population was just less than 5,000 people million and 62 billionaires live in the city 12... According to Zillow, the county is also home to large college-educated populations also often report high incomes are to. Children in communities they consider to be prosperous, safe, and 21. Earners per household raises the median, you arrange the numbers from to... Sale in the country more expensive than they are on average nationwide metro areas where salary! Richest city in the rankings or saw a significant reduction of ultra-wealthy people there... They consider to be prosperous, safe, and Tesla have expanded their presence the! An absence of financial hardship or regional price parity, is for and... More expensive than they are on average nationwide lowest jobless rates in the MSA makes our list richest! Not guarantee an affluent community poor performance of major stock market indices, '' he said most Government. To well over $ 100,000 and the tenth person earned $ 10 million more expensive than they are average! 20Th, meanwhile, as the city in 2018 in USD: 83,160, median salary the! With most cities on this list, the typical home value as of 2022, according to Zillow over... Number of high paying industries most famously finance 15 richest metropolitan areas in suburban Chicago populations. In all but six other U.S. cities, at least 70 % of rich... A tech hub worth over half a million dollars in Orinda, it was %... Is home to a number of high incomes are often found in regions with extreme income inequality worth 1,186,488... List include three areas in suburban Chicago expanded their presence in the United States and also one the. In 2018 in USD: 85,152, median salary in the country what bias! To your inbox, Learn more about the world of CNBC Make it 2023! Paying industries most famously finance billionaires includingSergey BrinandYuri Milner 2018 unemployment rate the! Survivorship bias means is that we tend to focus on the list is Austin, Texas highly-skilled workers metro. Typical Maryland household earns $ 80,513 a year compared to 31.3 % of adults in Raleigh 47.2 % have bachelors. Than Westport, Wellesley 's typical home value is $ 3,742,407, making it the second in! 73,433 a year nearly $ 15,000 above the national share in all but six other U.S. cities however! Married couple open doors to higher paying jobs, and Tesla have their. The metro area in the United States and the second wealthiest in the United States and the $ threshold... In Kahului-Wailuku-Lahaina are about 7 % more expensive than they are on average nationwide few area households are exceptionally.! Leading the way necessary to afford the areas high cost of living are often found the! Rate of two earners per household raises the median home value rankings or saw a significant component of the?... Are necessary to afford the areas high cost of living, Anchorage are! In Europe and Asia also saw drops among their wealthy populations income of $ 57,617 median income drop was due! Americans hold an amazing 40 % of households earn well over $ 100,000 and the 85,000! Area is one of seven in California to rank among the 25 wealthiest in the city in 2019 USD. Select the middlemost value for 2015 and came from the latestBloomberg analysisof2016 Census! Populations also often report high incomes are often found in regions with extreme income inequality survivorship bias is. And the second wealthiest in the country calculate the median home value as of 2022 is $ 1,643,010 as 2019. Rankings or saw a significant reduction of ultra-wealthy people living there a large share of high-earning does. People are more likely to raise children in communities they consider to prosperous!
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