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High unemployment in an area can drag down the area's median household income as many households may not be earning wages. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. 6. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. 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! The area's median income surpasses incomes in the next wealthiest metro area nearby San Francisco by over $13,000. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. In three, over half of the adult population has a four-year college degree. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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. Every item on this page was chosen by a Veranda editor. Hearst Magazine Media, Inc. All Rights Reserved. The wealthiest cities in the country also tend be geographically concentrated. 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. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. Hawaii has a few well off cities, and Kapaa is no exception. Another way we looked at the data was to measure income disparity in each location. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. Amazon, Microsoft, Facebook, and Google all are major area employers. 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. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. The area's high incomes, however, are largely offset by a high cost of living. 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. However, Fairbanks differs from most other cities on this list in some notable ways. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Lexington is northwest of Boston, just 10 miles from downtown. More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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. The 2022 median home value in the city is $2,895,125, according to Zillow. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 4. Of course, such high-paying jobs often require higher education and skill levels. The region is home to several higher education institutions including North Carolina State University. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. Los Altos Hills, California. In that sense, its a bedroom community for the nations capital. Homes are expensive in the New York area with a median value of $392,700. 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. 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. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. Click here to see the richest towns in America. 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. West Palm Beach, Florida, ranked second on the list. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. 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. The total private wealth held by New York residents was found to exceed $3 trillion. 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. 1 city on the list is Austin, Texas. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. The top five cities with the fastest growing millionaire populations are not in the U.S., however. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. 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. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. An 85-year Harvard study found the No. Its also saturated with celebrity homes. 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: 85,042, Median salary in the city in 2018 in USD: 68,902. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. High housing costs drive up the overall cost of living. 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:Want to be a high earner? All Rights Reserved. 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. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Over the years, Austin has emerged as a tech hub. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. ALSO READ: The 20 Largest Private Companies in America. The bucolic town of Los Altos Hills, California, climbed three spots to No. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. 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. Various major cities in Europe and Asia also saw drops among their wealthy populations. This type of inequality does not occur overnight. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. These are the richest towns in the country. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. The typical metro area home is worth $658,900 more than three times the value of the typical American home. Most of these wealthiest communities have large populations of highly-skilled workers. 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 city had a median home value of $781,000, far above a median of $176,700 nationwide. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. Here are 30 great U.S. cities for older Americans 20. Housing is a significant component of the areas high cost of living. Now the Midwest is starting to make some noise. We may earn commission on some of the items you choose to buy. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. 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. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 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. In the above example that would be $100,000 and far more representative of the population within the example. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. 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 the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. New York is the most populous metro area in the United States and also one of the wealthiest. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Seksan Mongkhonkhamsao | Moment | Getty Images. First, a high rate of two earners per household raises the median household income. In eight cities on this list, the typical home is worth over half a million dollars. Housing costs drive up the cost of living considerably. Destinations popular for affluent retirees were plentiful on this list, which was led by Atherton, California, with an average of $170,611 in passive income. The typical household in New Jersey earns $76,126 a year, or about $18,500 more than the typical American household and the third highest state median household income after only Maryland and Alaska. 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. Lafayette sits to the east of Berkeley and touts notable wealth. Area colleges and universities awarded 17,891 degrees in 2015 alone. Brentwood, a suburb of Nashville, makes the list too. 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. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. It has been home to many notable people, including John and Alice Coltrane. Essex Fells is a very small community with a population of 2,115. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. 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 disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. It is a small community with a population of less than 5,000 people. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. Here is the list, Thinking about where to retire? Unlike the other top 10 richest cities in America, the typical home value in Ridgewood is less than $1 million, coming in at $840,862 in 2022, according to Zillow. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. And this isn't a common theme throughout history, it has actually increased significantly over time. 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. Correction: This article has been updated to correct the number of millionaires who live in New York City. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Wise up with top Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Newcomers to the list include three areas in suburban Chicago. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. McLean is in Fairfax County, which is renowned nationally for its public schools. More than half the top 100 richest places in America were either in the New York City area or California. Another option was using the mean, or the average earnings of each city. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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