Minneapolis-St. Paul-Bloomington, Minn.-Wis. 3. In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. New Nationwide, just 13.5% of all workers are employed in these sectors. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. 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. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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. Wise up with top Part of greater Boston, Wellesley is home to three collegesWellesley College, Babson College, and a campus of Massachusetts Bay Community Collegewhich makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelors degree. 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. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, which is due largely in part to the COVID-19 pandemic.). Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. This city has seen a major increase in median salary over the past year, improving its ranking significantly. Here are 30 great U.S. cities for older Americans. According to Zillow, the 2022 median home value is $1,112,584. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The greater San Jose area isnt the only place where affluence is centered in California though. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. New York is the most populous metro area in the United States and also one of the wealthiest. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. How this 39-year-old earns $26,000 a year in California. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 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. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. The city had a median home value of $781,000, far above a median of $176,700 nationwide. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. Income Inequality is becoming the most important economic topic going into this election cycle. Now the typical home value in Southlake is $1,047,548. Housing is a significant component of the areas high cost of living. 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. For this reason, all data used are five-year estimates for the period 2009-2013. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Only the San Francisco Bay Area, Singapore and Houston saw growth. Newcomers to the list include three areas in suburban Chicago. 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 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. 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. Of course, only families with a certain level of income have the luxury of these options. 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. 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. 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. 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 typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. 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). Nationally, just 48.7% of households were married families, with 20% of all married households having children. To highlight some of the factors that create hyper-wealthy townships, 24/7 Wall St. reviewed income data from some of the wealthiest towns, cities, and boroughs around the country. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. 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. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. 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. 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%. Oakland had an annual median household income of $52,583. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. In comparison, just 6.4% of all American households earn $200,000 or more per year. Now the Midwest is starting to make some noise. To put it another way, the purchasing power of a dollar compared to the U.S. average is $1.13 in Birmingham and $0.79 in San Jose. Some 16.9% of metro area workers are employed in the professional, scientificand management sector, a larger share than in all but five other metro areas nationwide. Lafayette sits to the east of Berkeley and touts notable wealth. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. Houston also has one of the fastest growing millionaire populations, according to the report. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. The wealthiest 1% of Americans hold an amazing 40% of all wealth. 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? Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. 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. In these wealthy communities, the average household income ranged from #1 Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. While there are affluent areas all across the country, most of the very richest cities in the nation are concentrated in highly populated states with large economies, But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. 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. The report links this to major American companies moving their headquarters to these cities. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. ALSO READ: The Least Healthy County in Each State. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. 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. In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru 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. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. 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 town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. What survivorship bias means is that we tend to focus on the success stories i.e. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Among the largest movers on the list was Highland Park, Texas, which moved up to No. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Why that is, I will explain later on in the methodology section. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Correction: This article has been updated to correct the number of millionaires who live in New York City. Why Is Marie Antoinette Everywhere Again? Partially as a result, the metro area is one of the best educated in the United States. Educate your inbox. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. The top five cities with the fastest growing millionaire populations are not in the U.S., however. 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. Source: Bloomberg analysis of data by the U.S. Census Bureau. This drop was mainly due to the poor performance of major stock market indices," he said. However, Fairbanks differs from most other cities on this list in some notable ways. 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. It is a small community with a population of less than 5,000 people. The top 10 wealthiest cities in America. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. 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. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. A Division of NBC Universal. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Moving from West to East, Click here to see the richest towns in America. Glen Ridge borough, New Jersey > Median household income: $167,101 > Total population: 7,561 > Median home value: $581,400 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Nearly 40% of households in the borough of Glen Ridge reported incomes of at least $200,000, compared to just 4.8% of households nationwide. Analyst Says Bull Market Will Not End With Top Tech Stocks So Cheap, 10 Reasons Why Everything in the World Is About to Change, 11 Analyst Stocks Under $10 With Massive Upside Targets, Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More, Bakken Formation Still Has 6 Billion Barrels of Oil, 9 Oil and Gas Stocks Analysts Want You to Buy Now, The 20 Largest Privately Held Companies in America, 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. The wealthiest cities in the country also tend be geographically concentrated. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. 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. No East Coast metro area has a more affluent population than the greater D.C. area. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. Amazon, Microsoft, Facebook, and Google all are major area employers. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. 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 D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. 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. 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. One of the most impactful components of cost of living is housing costs. 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. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. 1 city on the list is Austin, Texas. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. 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. 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. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Yet another New Jersey community to make this list of the wealthiest towns in America, Essex Fells is just a short drive west of Glen Ridge. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. 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. Average household income: $405,073. In three, over half of the adult population has a four-year college degree. Because many towns in the country are small, data can be unreliable. 4. 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. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. In that sense, its a bedroom community for the nations capital. 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. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Los Altos Hills is a Silicon Lexington is northwest of Boston, just 10 miles from downtown.