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. What survivorship bias means is that we tend to focus on the success stories i.e. In this article we take a look at the 30 richest cities in the United States. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. those who made it rather than those who did not because of a lack of visibility. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. New York City is home to a number of high paying industries most famously finance. But thats not all the city is known for. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. In these wealthy communities, the average household income ranged from #1 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. 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. 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. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. 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 READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. 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. 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. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. The wealthiest 1% of Americans hold an amazing 40% of all wealth. ALSO READ: The Least Healthy County in Each State. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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. 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. The city had a median home value of $781,000, far above a median of $176,700 nationwide. 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. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. 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 total private wealth held by New York residents was found to exceed $3 trillion. 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. 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%. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. 3. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. 4. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. As is the case in most high income areas, Trenton is home to a large college-educated population. Here is the list. Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. 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. 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. WebAn income of $0.88 in Birmingham equals an income of $1.27 in San Jose with the U.S as a whole having an average PCPI of $1.00. 6. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. 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. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Also, safety concerns and taxation are major drivers," Amoils said. Other states with five or more locations included Texas, Maryland and Illinois. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. The March 2018 unemployment rate in the United States was 4.1%. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. San Francisco Bay Area, U.S. (276,400), 4. 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. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. 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 total private wealth held by New York residents was found to exceed $3 trillion. Lafayette sits to the east of Berkeley and touts notable wealth. 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. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. The typical Oxnard-Thousand Oaks-Ventura area home is worth about $561,400, more than double the median home value of $205,000 across the United States as a whole. We Click here to see the richest towns in America. This however led to another problem. A Division of NBC Universal. Minneapolis-St. Paul-Bloomington, Minn.-Wis. That again would not be representative of the entire population. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Median salary in the city in 2018 in USD: 80,469. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. 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. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. 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. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. 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. The No. We found the 50 richest places in the country received $350 million in bailouts. [3] Virginia has the most counties in the top 100 with 18. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. It has been home to many notable people, including John and Alice Coltrane. 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. Some of these wealthy towns are just a short drive away from the poorest areas in the country. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. The cost of living across California as a whole is about 13% higher than average. Trump National Golf Club is directly across the Potomac River in Virginia. 4. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. 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. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. The wealthiest 1% of Americans hold an amazing 40% of all wealth. However, the county is also home to Bridgeport, one of the poorest cities in the United States. 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. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. In the United States, 31.3% of adults have a bachelors degree or higher. 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. Its content is produced independently of USA TODAY. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. Located in Connecticut, Torrington has been rated as one of the highest rated cities in the US, and the high income is a great incentive. Of course, such high-paying jobs often require higher education and skill levels. Why Is Marie Antoinette Everywhere Again? Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. 84% of the families in the US have less wealth than the mean for the country. Another way we looked at the data was to measure income disparity in each location. Source: Bloomberg analysis of data by the U.S. Census Bureau. 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. University Park A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. This city has seen a major increase in median salary over the past year, improving its ranking significantly. West Palm Beach, Florida, ranked second on the list. Another interesting fact about the city? In comparison, just 6.4% of all American households earn $200,000 or more per year. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. These places are havens for the nations elite, where median home values can exceed $1 million and large proportions of the households earn at least $200,000 annually. In eight cities on this list, the typical home is worth over half a million dollars. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. 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. 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. Hawaii has a few well off cities, and Kapaa is no exception. 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. 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. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. (Thats not to say it shouldnt be addressed though.). 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. Because many towns in the country are small, data can be unreliable. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. 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. 10. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. 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. High concentrations of high incomes are often found in regions with extreme income inequality. It is a small community with a population of less than 5,000 people. With more than half of all households in the metro area earning at least $75,000 a year, Napa, Calif., is one of the wealthiest metro areas in the United States. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Additionally, the majority of homes in the area are worth over half a million dollars. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. More:Which town in your state is the poorest? 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 typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. This type of inequality does not occur overnight. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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. The Boston metro area is home to a number of higher education institutions including Boston University, Harvard University, and Northeastern University which awarded over 100,000 degrees in 2015 alone. How this 39-year-old earns $26,000 a year in California. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Newcomers to the list include three areas in suburban Chicago. 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. 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