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. As is the case in most high income areas, Trenton is home to a large college-educated population. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. 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. As of 2019, 30,697 residents called Saratoga home. And not just by a million or two. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Housing costs drive up the cost of living considerably. The city is one of the most highly-educated communities in the country. San Francisco Bay Area, U.S. (276,400), 4. The richest communities in America for years have been in Silicon Valley and the New York City area. 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. Why Is Marie Antoinette Everywhere Again? In Piedmont, a typical household earned $207,222. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. West Palm Beach, Florida, ranked second on the list. 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 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. Educate your inbox. Being near a major metropolitan area does not guarantee an affluent community. The typical San Francisco area household earns $96,677 annually. Essex Fells is a very small community with a population of 2,115. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. 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. 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. 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. This drop was mainly due to the poor performance of major stock market indices," he said. those who made it rather than those who did not because of a lack of visibility. 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. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners. Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. 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. Click here to see the richest towns in America. 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. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. Displayed are the top 100. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. 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. 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. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. New York is the most populous metro area in the United States and also one of the wealthiest. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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. 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.). More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. The education levels in these communities are especially high. 25 of America's highest paying jobs. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. The report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. Some of these wealthy towns are just a short drive away from the poorest areas in the country. An 85-year Harvard study found the No. (That said, the latest five-year ACS accounts for years 20142018. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. For most residents, high incomes are necessary to afford the areas high cost of living. Like Los Altos, Saratoga is another city in the greater San Jose area. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. This situation has worsened considerably in 2020. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. However, the county is also home to Bridgeport, one of the poorest cities in the United States. The area's high median income is partially attributable to a strong job market. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Why that is, I will explain later on in the methodology section. 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. Another interesting fact about the city? The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Only the San Francisco Bay Area, Singapore and Houston saw growth. 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. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. 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. 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. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. New York City is home to a number of high paying industries most famously finance. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Its also saturated with celebrity homes. 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. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. 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. Wise up with top "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. 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. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Now the typical home value in Southlake is $1,047,548. 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. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. 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. 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. 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. Every item on this page was chosen by a Veranda editor. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Lexington is northwest of Boston, just 10 miles from downtown. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. New York has been a leader in the number of millionaires since the late nineteenth century when a survey in the New York Tribune in 1890 revealed a total of 4,047 millionaires in the city, and money has been talking in the city for decades. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Industry composition of these towns is also from the ACS. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. 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. In this article we take a look at the 30 richest cities in the United States. High concentrations of high incomes are often found in regions with extreme income inequality. 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). One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. But thats not all the city is known for. We may earn commission on some of the items you choose to buy. 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 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. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Cities and towns in the tri-state area of Connecticut, New Jersey and New York accounted for 36 of the 100 top spots, the most concentrated area of wealth of any region. 20 Richest Towns in The US 2022 - The Wealthiest Towns in Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. In eight cities on this list, less than 3% of the labor force was out of work in March. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. Of course, such high-paying jobs often require higher education and skill levels. And this isn't a common theme throughout history, it has actually increased significantly over time. 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. All Rights Reserved. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. In eight cities on this list, the typical home is worth over half a million dollars. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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. How the National Trust Is Changing America. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Homes are expensive in the New York area with a median value of $392,700. In three, over half of the adult population has a four-year college degree. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. 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. 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 bucolic town of Los Altos Hills, California, climbed three spots to No. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. 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. 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. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. ^ 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. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. 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