Unsurprisingly its not cheap to live in Saratoga. 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. 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. WebBillionaires Row. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. In these wealthy communities, the average household income ranged from #1 Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to millionaires. We found the 50 richest places in the country received $350 million in bailouts. The richest counties in the U.S. are found about where one would expect. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. 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. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. All Rights Reserved. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. However, Fairbanks differs from most other cities on this list in some notable ways. Another interesting fact about the city? The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. In three, over half of the adult population has a four-year college degree. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. Of course, such high-paying jobs often require higher education and skill levels. This table includes only zip The absolute extremes of wealth and poverty are often found in the same area. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. Lafayette sits to the east of Berkeley and touts notable wealth. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. West Palm Beach, Florida, ranked second on the list. Why Is Marie Antoinette Everywhere Again? Wise up with top The typical household in Denver earns $71,926 a year compared to the median income of $65,685 in Colorado and the national median of $57,617. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. A Division of NBC Universal. Hartfords median income is bolstered by high paying industries. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. Vector. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Of adults living in Ridgewood, 76 percent hold a bachelors degree. 6. That again would not be representative of the entire population. Hawaii has a few well off cities, and Kapaa is no exception. Housing is a significant component of the areas high cost of living. 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. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. 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. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. 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. First, a high rate of two earners per household raises the median household income. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. 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. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. 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%. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. London, United Kingdom (272,400). Correction: This article has been updated to correct the number of millionaires who live in New York City. [3] Virginia has the most counties in the top 100 with 18. 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. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Connecticut is one of the wealthiest states in the country, and despite ranking as one of the wealthiest metro areas in the country, Hartford's median income is lower than the state as a whole. The city had a median home value of $781,000, far above a median of $176,700 nationwide. As is the case in most high income areas, Trenton is home to a large college-educated population. Its situated below the southwestern shore of San Francisco Bay. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. 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. 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. An 85-year Harvard study found the No. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. How this 39-year-old earns $26,000 a year in California. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Like Los Altos, Saratoga is another city in the greater San Jose area. The bucolic town of Los Altos Hills, California, climbed three spots to No. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. 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. 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. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. The average in Clarendon Hills, Illinois, about 25 miles west of downtown Chicago, jumped 15 percent in 2016 from the prior year to break into the top 100 for the first time with a tally of $199,325. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Here are 30 great U.S. cities for older Americans, Want to be a high earner? 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? 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. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. 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. Only the San Francisco Bay Area, Singapore and Houston saw growth. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. The wealthiest cities in the country also tend be geographically concentrated. In Scarsdale, the median home was valued at more than $1,000,000. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. Raleigh, N.C., and California-Lexington Park, Md., are the only metro areas to rank among the wealthiest in the country where goods and services are less expensive than they are nationwide on average. 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. 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. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. 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. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. Another way we looked at the data was to measure income disparity in each location. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. 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. Now the Midwest is starting to make some noise. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Industry composition of these towns is also from the ACS. The cost of living across California as a whole is about 13% higher than average. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. Cities and towns in the tri-state area of Connecticut, New Jersey and New York accounted for 36 of the 100 top spots, the most concentrated area of wealth of any region. New York City is home to a number of high paying industries most famously finance. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. 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. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. 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. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. We may earn commission on some of the items you choose to buy. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. 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%. All Rights Reserved. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. It Includes Palm Beach island and the town of West Palm Beach. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. 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 Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. Source: Bloomberg analysis of data by the U.S. Census Bureau. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. This abandoned high school was converted into a 31-unit apartment building, average home value in. Many especially wealthy communities work in a high-skill and high-paying position, and enjoy a relatively high and... Nationwide of $ 781,000, far above a median home value of $ 57,617 bucolic town of Palm... Arent too shabby either, with the majority, with 68.3 percent of adults highly... A relatively high salaries and a high cost of living person earned $ 10.... Received $ 350 million in bailouts significantly to income 100 richest cities in america also known as County. 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