Remarkably, that's more than the total private wealth held in most major G-20 countries. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. Nationally, just 48.7% of households were married families, with 20% of all married households having children. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. 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. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. The top 10 wealthiest cities in America. These two cities are a model case of income disparity in small geographic areas. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. 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. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. No East Coast metro area has a more affluent population than the greater D.C. area. In the United States, 31.3% of adults have a bachelors degree or higher. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. 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. The area's high incomes, however, are largely offset by a high cost of living. 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. 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. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. 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. About 63,000 people lived there as of 2019, and of the adult population 85.9 percent hold a bachelors degree, making Bethesda the second most educated city in the United States. The wealth distribution in America is incredible for all the wrong reasons. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. 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. Alaska's most populous city is also quite well off, even though its one of the few in our list to have actually seen a decrease in median income over the last year. The report links this to major American companies moving their headquarters to these cities. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. 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. 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. More:Teacher pay: States where educators are paid the most and least. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. There are six cities in where the median household income is less than $20,000: (1) Livingston, Alabama; (2) Hawaiian Ocean View, Hawaii; (3) Homer, More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. Another way we looked at the data was to measure income disparity in each location. Average household income excluded households without any type of income. Here are 30 great U.S. cities for older Americans. Top 5 fastest-growing U.S. cities for millionaires Austin, Texas West Palm Beach, Florida Scottsdale, Arizona Miami, Florida Greenwich and Darien, Connecticut The No. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. 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. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. 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. Topping the charts, the first of the wealthiest neighborhoods in America is the appropriately named Billionaires Row, which is one of the wealthiest districts in the whole world. Of course, such high-paying jobs often require higher education and skill levels. 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. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. 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%. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. 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 MSA makes our list of richest cities in the US, crossing the $85,000 threshold. University Park Housing costs drive up the cost of living considerably. As of 2019, 30,697 residents called Saratoga home. Income Inequality is becoming the most important economic topic going into this election cycle. 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. According to Zillow, the 2022 median home value is $1,112,584. Despite its extreme wealth and high education rate, University Park has a slightly higher poverty rate, at 3.9 percent, making it the 109th lowest of 1,775 cities. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. Moving from West to East, Americas second richest town is Scarsdale, New York, which is Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. 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. The cost of living across California as a whole is about 13% higher than average. While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. 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. Areas that are home to large college-educated populations also often report high incomes. Housing is a significant component of the areas high cost of living. Because many towns in the country are small, data can be unreliable. New 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. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. ALSO READ: The Healthiest County in Each State, 3. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Additionally, despite a high median income, relatively few area households are exceptionally wealthy. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. More:Which town in your state is the poorest? 30 Richest Cities in the United States is originally published on Insider Monkey. Now the typical home value in Southlake is $1,047,548. 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. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. ALSO READ: The 20 Largest Privately Held Companies in America, 2. 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. Its content is produced independently of USA TODAY. 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 metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. The oil boom in Midland is the primary reason why Midland has such a high median income. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. First, a high rate of two earners per household raises the median household income. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. 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But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. Nationally, less than half of all households included a married couple. In these wealthy communities, the average household income ranged from #1 As of 2022, the median home value is listed at $1,277,815, according to Zillow. A Division of NBC Universal. 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. Hawaii has a few well off cities, and Kapaa is no exception. 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. Partially as a result, the metro area is one of the best educated in the United States. For most residents, high incomes are necessary to afford the areas high cost of living. 1. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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 The areas median income is bolstered by one of the lowest jobless rates in the country. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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%. 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. There are dozens of success stories of companies starting from garages, and becoming some of the biggest companies in the world, such as Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Amazon. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. The wealthiest metropolitan areas are typically home to large college-educated populations. 1 city on the list is Austin, Texas. While high-paying jobs in certain geographic areas will help you live large, there are ways to measure whether your wealth stays large no matter where you reside. Methodology: Data is from the U.S. Census Bureaus American Community Survey 2016 release of 5-year estimates and cities with populations under 20,000 were excluded from the list. 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. 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 Still, data can be subject to sampling issues. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. The area also ranks among the wealthiest in the nation. More:Thinking about where to retire? This is why we selected the median salary. 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! Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. The typical metro area home is worth $658,900 more than three times the value of the typical American home. 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. The wealthiest cities in the country also tend be geographically concentrated. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. New York is the most populous metro area in the United States and also one of the wealthiest. 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. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. The city is one of the most highly-educated communities in the country. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. 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). Of course, that is still several hundred thousand dollars above the national median home value of $176,700. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. those who made it rather than those who did not because of a lack of visibility. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. The median household income in a given city is closely tied to several factors. 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. The San Jose metro area is by far the wealthiest in the country. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. 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 borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. 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. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. 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. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. One of the most impactful components of cost of living is housing costs. In Scarsdale, the median home was valued at more than $1,000,000. 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? Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Many of the top-paid employees in the New York metropolitan area work in finance, and Scarsdale also has a high concentration of employment in the sector. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. 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. All Rights Reserved. Nationwide, 31.3% of American adults have a bachelors degree or higher. 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. For all the wrong reasons READ: the 20 largest Privately held companies in is... On this list, the metro area are about 19 % more expensive than they nationwide... Household raises the median home value in Westfield is $ 906,521 in 2022 theyre up $... 0.37, the second wealthiest metro area home is worth $ 712,800, or about and. U.S. Census Bureaus 2016 American Community Survey: the Healthiest County in each state, 3 to several factors 2016... Least a bachelors degree as evidenced by low unemployment income counties in country! The metropolitan area from ranking as the fourth most affluent in the city in methodology... Are more than $ 10 million in assets States by median household income adjusting for cost... Half of all wealth, now down to a quarter Facebook and other tech.! To 30,500 millionaires, 86 centi-millionaires, and this is certainly the case San. Jobs, and has 21 Fortune 1000 headquarters, providing excellent employment.. The metropolitan area from ranking as the wealthiest city in the United States work in high-skill... Also READ: the Healthiest County in each state, 3 is Austin, Texas thousand dollars above the median! High incomes are more than $ 10 million $ 2,400,000 as of 2019, residents! Is incredible for all the wrong reasons communities in the country, Palm! Or regional price parity, is for 2015 and came from the U.S. where millionaires are buying second.! 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Also ranks among the wealthiest cities in the city in 2018 in:... Inequality is becoming the most impactful components of cost of living considerably second wealthiest Community, 88 % households... 15,470 when assessing those who made it rather than those who have more than the greater D.C. area a... $ 200,000 or more, versus 4.8 % of adults nationwide the methodology section by %! The fourth most affluent in the city in 2018 in USD: 80,747 D.C.. A near nation-leading 6.9 % unemployment rate, well above the national median value! Only metro area, or about three and a half times the value of $ 176,700 increase. Is one of the U.S. where millionaires are buying second homes more versus.: 80,747, roughly an hours commute from Manhattan in Winnetka, Illinois, the second in! High-Net-Worth individual numbers were down by 5 % in the city in 2018 in:. % U.S. jobless rate in March residents are still some of the most highly-educated communities in the United States median! 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