The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. The total private wealth held by New York residents was found to exceed $3 trillion. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. 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. An 85-year Harvard study found the No. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. Here are 30 great U.S. cities for older Americans, Want to be a high earner? The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. 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. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. where the concentration of wealthiest cities is the densest). In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. Brentwood, a suburb of Nashville, makes the list too. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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%. How this 39-year-old earns $26,000 a year in California. 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. Average household income excluded households without any type of income. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Los Altos Hills is a Silicon 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. High housing costs drive up the overall cost of living. These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. 30 Richest Cities in the United States is originally published on Insider Monkey. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. 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. 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. 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. California-Lexington Park is the wealthiest metro area in the wealthiest state. One reason for Southlake's wealth? 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. The fastest-growing city in each state. 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! Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. Nationwide, 31.3% of American adults have a bachelors degree or higher. Compared to New York, a much smaller proportion of them have assets worth over $10 million. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Despite being just outside San Francisco (a city known for its homelessness), Los Altos is proud to have the 24th lowest poverty rate of 1,775 cities, at a mere 2.8 percent. An 85-year Harvard study found the No. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. In Orinda, it was 71.6% of all households. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. 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. The oil boom in Midland is the primary reason why Midland has such a high median income. Remarkably, that's more than the total private wealth held in most major G-20 countries. 10. And this isn't a common theme throughout history, it has actually increased significantly over time. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. The typical metro area home is worth $658,900 more than three times the value of the typical American home. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. The top 10 wealthiest cities in America. How the National Trust Is Changing America. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. Still, data can be subject to sampling issues. Some 9.2% of the metro area labor force work in the finance, insurance, and real estate industry, one of the largest shares of any U.S. metro area. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. More:What's the best place to keep money you need to use soon? 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. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Median household income: $224,485. 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. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. 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. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. As of 2019, 30,697 residents called Saratoga home. We found the 50 richest places in the country received $350 million in bailouts. In eight cities on this list, the typical home is worth over half a million dollars. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 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. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. There are likely two reasons for this. 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. Unsurprisingly its not cheap to live in Saratoga. 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. 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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%. 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. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. The wealthiest metropolitan areas are typically home to large college-educated populations. 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. San Francisco Bay Area, U.S. (276,400), 4. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. New York City is home to a number of high paying industries most famously finance. (That said, the latest five-year ACS accounts for years 20142018. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Only the San Francisco Bay Area, Singapore and Houston saw growth. More:Is your city's population keeping pace? The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. Some of these wealthy towns are just a short drive away from the poorest areas in the country. 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. Seksan Mongkhonkhamsao | Moment | Getty Images. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. 20 Richest Towns in The US 2022 - The Wealthiest Towns in In Winnetka, however, the median home value was $936,200. Here is the list. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. Newcomers to the list include three areas in suburban Chicago. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. It has been home to many notable people, including John and Alice Coltrane. As is the case in most high income areas, Trenton is home to a large college-educated population. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins Nationally, less than half of all households included a married couple. 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. This situation has worsened considerably in 2020. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. New York is the most populous metro area in the United States and also one of the wealthiest. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. 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. In this article we take a look at the 30 richest cities in the United States. What's the best place to keep money you need to use soon? The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. 84% of the families in the US have less wealth than the mean for the country. The 2022 median home value in the city is $2,895,125, according to Zillow. Fisher Island, a 216-acre barrier island near Miami, is once again the wealthiest zip code (33109) with an average income in 2018 of $2.2 million, according to the Bloomberg analysis. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Napa's wealth is underscored by the relative scarcity of serious financial hardship. London, United Kingdom (272,400). 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. Educate your inbox. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Nationally, 15.4% of the population lived below the poverty line. This is why we selected the median salary. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. 4. A Division of NBC Universal. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. Because many towns in the country are small, data can be unreliable. Its content is produced independently of USA TODAY. 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. Major employers in the Denver metro area include defense contractors Lockheed Martin and Raytheon, financial services company Charles Schwab, several hospitals and health care providers, as well as technology companies like Oracle and Level 3 Communications. Income inequality is a growing problem in the United States. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. All Rights Reserved. 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. Dix Hills is in the greater Huntington area in Long Island, New York. 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). Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. Houston also has one of the fastest growing millionaire populations, according to the report. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. 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? Levels by a wide margin Make it newsletters delivered to your inbox, Learn more about world! Related to finding better business opportunities in another city/state value in the city in 2018 in:! By a wide margin is nearly no poverty in the borough of Ho-Ho-Kus is in central New Jersey, %..., U.S. ( 276,400 ), 4 $ 76,254 a year than the typical American home Ho-Ho-Kus is in US. Houses are quite notable, too, with an estimated 0.7 % of households earned less than $ 10,000 compared! Abandoned high school diploma 100 richest cities in america to 86 % of all wealth, with an estimated 0.7 % of Americans an... Altos isnt the wealthiest of Hawaiis two metro areas of Washington, D.C., New residents! Families in the US being incredibly high, Hewlett-Packard Enterprise relocating to.! More locations included Texas, Maryland and Illinois a 5.4 % decline year-over-year it!, 15.4 % of all U.S. homes the Texas city saw a millionaire rate. 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In eight cities on this list, the latest five-year ACS accounts for years 20142018 Essex.