Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. More than half the top 100 richest places in America were either in the New York City area or 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. 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. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Source: Bloomberg analysis of data by the U.S. Census Bureau. ALSO READ: The 20 Largest Privately Held Companies in America, 2. However, the Bay Areas high incomes are more than enough to offset the 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. 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 December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. 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 richest communities in the country are all quiet suburbs located within commuting distance of a major city, which also offer the most high-paying job opportunities. Nationally, less than half of all households included a married couple. 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. 84% of the families in the US have less wealth than the mean for the country. 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. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. For this reason, all data used are five-year estimates for the period 2009-2013. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. 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. More:What's the best place to keep money you need to use soon? Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. 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. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. The richest counties in the U.S. are found about where one would expect. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. 25 of America's highest paying jobs. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. 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. We may earn commission on some of the items you choose to buy. 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. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. In Orinda, it was 71.6% of all households. London, United Kingdom (272,400). At least 30% of married couples in all of these areas had children as well. 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. 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.). Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Homes are expensive in the New York area with a median value of $392,700. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. 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. Income Inequality is becoming the most important economic topic going into this election cycle. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Seksan Mongkhonkhamsao | Moment | Getty Images. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. 4. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. The bottom 90% hold less than 25% of the total wealth. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. 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. 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. WebBillionaires Row. Vector. 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. 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%. 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. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. Here is the list. 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. Nationwide, 31.3% of American adults have a bachelors degree or higher. More:Which town in your state is the poorest? Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. 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. where the concentration of wealthiest cities is the densest). Over the years, Austin has emerged as a tech hub. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. 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. McLean has a low poverty rate (2.7 percent) and a high median home value ($1,031,200 in 2019 and $1,226,956 in 2022, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. Median household income: $73,231 Households earning One of the most impactful components of cost of living is housing costs. In comparison, just 6.4% of all American households earn $200,000 or more per year. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. The vast majority of Americans rely on employment to earn a steady income. Why that is, I will explain later on in the methodology section. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. 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? The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. 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. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. 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 wealthiest 1% of Americans hold an amazing 40% of all wealth. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. 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. The Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. Unsurprisingly its not cheap to live in Saratoga. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. New York, for example, has already seen a 12% drop in wealthy individuals in 2022, while Los Angeles saw a 6% decline and Chicago's proportion of ultra-wealthy citizens fell by 4%. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. 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: 83,626, Median salary in the city in 2018 in USD: 78,978. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. The No. 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 In Winnetka, however, the median home value was $936,200. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. It may have the most millionaires in the entire world, but the median salary is still not even in the top 10, and hence New York has to lay low in our list. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. It Includes Palm Beach island and the town of West Palm Beach. A Division of NBC Universal. These two cities are a model case of income disparity in small geographic areas. In that sense, its a bedroom community for the nations capital. ^ Basically, the metropolitan areas of Maastricht, Lige, Hasselt-Genk, Sittard-Geleen, Heerlen-Kerkrade and Aachen-Dren constitute the densely populated urban core of the MeuseRhine Euroregion. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. 1 city on the list is Austin, Texas. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Correction: This article has been updated to correct the number of millionaires who live in New York City. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. 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%. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. All Rights Reserved. Its situated below the southwestern shore of San Francisco Bay. Trump National Golf Club is directly across the Potomac River in Virginia. Some of these wealthy towns are just a short drive away from the poorest areas in the country. More:Thinking about where to retire? Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Dix Hills is in the greater Huntington area in Long Island, New York. 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. 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. High housing costs drive up the overall cost of living. Remarkably, that's more than the total private wealth held in most major G-20 countries. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 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. 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, Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. A handful of Midwest and Southwest areas made the top 20. Another interesting fact about the city? Hawaii has a few well off cities, and Kapaa is no exception. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. The median household income in a given city is closely tied to several factors. 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. As of 2022, the median home value is listed at $1,277,815, according to Zillow. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). 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. America is often known in the world as the capitalist dream, with laws designed in a way to encourage innovation and promise of untold riches. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. 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. Than 25 % of households earned less than half the top 10 cities with the Largest number wealthy... Wealth Held in most major G-20 countries and six billionaires exceptionally wealthy the case with most cities on list... Least 30 % of married couples in all but two of the total wealth compared to the $ median..., 76 percent hold a bachelors degree a population in which 69.7 percent of adults in! 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