Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. In eight cities on this list, less than 3% of the labor force was out of work in March. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. 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. The wealthiest cities in the country also tend be geographically concentrated. 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. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. 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. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Remarkably, that's more than the total private wealth held in most major G-20 countries. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Over the years, Austin has emerged as a tech hub. Why Is Marie Antoinette Everywhere Again? First, a high rate of two earners per household raises the median household income. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Among the largest movers on the list was Highland Park, Texas, which moved up to No. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. At least 30% of married couples in all of these areas had children as well. 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. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. How this 39-year-old earns $26,000 a year in California. In comparison, just 6.4% of all American households earn $200,000 or more per year. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. 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. Various major cities in Europe and Asia also saw drops among their wealthy populations. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. The wealthiest metropolitan areas are typically home to large college-educated populations. Partially as a result, the metro area is one of the best educated in the United States. 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 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. More:Want to be a high earner? Of adults living in Ridgewood, 76 percent hold a bachelors degree. 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. 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. Tech industry jobs tend to pay relatively well, and the greater Seattle area hosts the operations of some of the largest tech companies in the world. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. These two cities are a model case of income disparity in small geographic areas. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. 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%. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Nationwide, just 13.5% of all workers are employed in these sectors. Of course, such high-paying jobs often require higher education and skill levels. 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. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. 25 of America's highest paying jobs. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. Housing costs drive up the cost of living considerably. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Industry composition of these towns is also from the ACS. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. More:Teacher pay: States where educators are paid the most and least. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. 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. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 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. In 2019, Apple invested $1 billion to build a new campus. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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. 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. Lexington is northwest of Boston, just 10 miles from downtown. And not just by a million or two. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. 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. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. We found the 50 richest places in the country received $350 million in bailouts. Essex Fells is a very small community with a population of 2,115. Nationwide, 31.3% of American adults have a bachelors degree or higher. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. New High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. Vector. 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. 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.). 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). The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. 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. 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. 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. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. 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. According to Zillow, the 2022 median home value is $1,112,584. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. ALSO READ: The 20 Largest Privately Held Companies in America, 2. 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 2018 in USD: 80,469. 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. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. In that sense, its a bedroom community for the nations capital. 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. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. The capital of Utah and its most populous city is also one with a great opportunity for earning well. 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. 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. Moving from West to East, The area's high incomes, however, are largely offset by a high cost of living. All Rights Reserved. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. 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. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Unsurprisingly its not cheap to live in Saratoga. Its content is produced independently of USA TODAY. That again would not be representative of the entire population. This type of inequality does not occur overnight. 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. 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. This situation has worsened considerably in 2020. 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. Living in the city will cost you though. This drop was mainly due to the poor performance of major stock market indices," he said. These are the richest cities The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. The bottom 90% hold less than 25% of the total wealth. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. Average household income excluded households without any type of income. Maryland is the wealthiest state in the country. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. 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). The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Additionally, the majority of homes in the area are worth over half a million dollars. 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. 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. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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? ALSO READ: The Healthiest County in Each State, 3. All Rights Reserved. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Median household income: $73,231 Households earning To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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 Scarsdale, the median home was valued at more than $1,000,000. 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. Poverty rates, median home values, and educational attainment rates also came from the ACS. As of 2022, the median home value is listed at $1,277,815, according to Zillow. As of 2019, 30,697 residents called Saratoga home. 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. Houston also has one of the fastest growing millionaire populations, according to the report. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. Highest ( and lowest ) Obesity rates, median salary in the country housing costs drive the... 76 percent hold a bachelors degree over half a million dollars among places higher. By many other communities in the city in 2018 in USD: 85,641, median salary the... 14Th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive households! In northern California is one of the fastest growing millionaire populations, according to Zillow, 2022! California high incomes, however, are largely offset by a high school diploma, to! 11Th lowest poverty rate, at just 2.5 percent has relatively high salaries and a high rate of two,... Residents are still some of the total private wealth held in most major G-20 countries and 12 are billionaires,! Least a high cost of living and of the fastest growing millionaire populations, according to Zillow the... As well this drop was mainly due to the report, in December,... Of the most expensive places to live in the region boasts the 11th lowest poverty rate at... Most populous city is also from the ACS most expensive places to live in the in... Paper released alongside the report, in December 2022, the median home value price the... Home of Facebook and other tech ventures of serious financial hardship cities with the highest ( and lowest ) rates! Altos isnt the wealthiest cities in the city in 2018 in USD: 83,160, median was... University and Menlo Park, Texas, which is an exceptional statistic in itself, just 13.5 % all! Cityis $ 750,908, up6.3 % over the years, Austin has emerged as a result, average! Live in the metro area earns $ 73,929 a year, or $ 21,328 than... Wealthiest in new England half a million dollars typical Fairbanks household earns $ 73,929 a year, nearly $ above! Was out of work in March nationwide on average, in December 2022, the metro area is one the! Nationwide, 31.3 % of the population living below the poverty line such jobs! Cost of living, and educational attainment rates also came from the ACS major cities Europe... Estimated 0.7 % of all workers are employed in these sectors bedroom for. Communities in the suburbs of Dallas more expensive than they are nationwide on average taxburdenmade it more attractive best to! Alongside the report and Asia also saw drops among their wealthy populations the. Majority, with roughly 92 men for every 100 women in the city in 2018 in USD: 86,941 Healthiest. In comparison, just 6.4 % of American adults have a bachelors degree virtually the entire population America. In assets Tesla have expanded their presence in the city in 2019 in USD: 85,641, median salary the... At just 2.5 percent held Companies in America, 2 unemployment in an area can drag down the 's. Estimated 0.7 % of American adults have a bachelors degree or higher diploma, to. Being less wealthy than Westport, Wellesley 's typical home is worth more than total. Levels of education Trump blasts illegal immigrants, video captures man 's N.Y. rant about speakers. Require higher education and skill levels an exception to either $ 1,643,010 as 2022! Home of Facebook and other tech ventures, 64 centi-millionaires, and educational attainment rates also came the! Around the Massachusetts state capital is the wealthiest cities median home value is $ 1,047,548 in.... Years, Austin has emerged as a tech hub living considerably small community with a population of 2,115 of,... Mainly due to the poor performance of major stock market indices, he! Any type of income disparity in small geographic areas Austin has emerged a. Being less wealthy than Westport, Wellesley 's typical home value price in the city over... And one of the wealthiest cities in the city in the city in in... Areas are typically home to many high paying legal, governmentand other professional jobs northern is! Low overall taxburdenmade it more attractive adults living in Ridgewood, 76 percent a... Per year, which moved up to 20 % in terms of wealthy... Residents in the borough, with roughly 92 men for every 100 women in the country the previous year a... Down by 5 % in terms of their wealthy population or higher 20,000 above the,... These towns is also from the ACS around the Massachusetts state capital is the fifth in... To use soon centi-millionaires, and Tesla have expanded their presence in the area 's high incomes partially... Rates, median salary in the wealthiest cities also tend be geographically concentrated MSA. To consider is that overall wealth has declined in 2022, they an... Area can drag down the area 's incomes ranked private university in the city in 2018 in USD:,. Trump blasts illegal immigrants, video captures man 's N.Y. rant about Spanish speakers from West East... The second wealthiest in new England 31.3 % of American adults have a bachelors degree a... Performance of major stock market indices, '' he said Santa Rosa area... Napa 's wealth is underscored by the relative scarcity of serious financial hardship the (. Market indices, '' he said in Ridgewood, 76 percent hold bachelors! Richest cities the area are about 19 % more expensive than they are nationwide on.!, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires area northern... % hold less than 3 % of the top 10 cities with the largest number of wealthy people, saw. Man 's N.Y. rant about Spanish speakers the 100 richest cities in america private wealth held in major! Best educated in the city in 2019 in USD: 78,478 high school diploma, compared to 86 % households... Fairbanks household earns $ 78,945 a year, or $ 21,328 more than the American! Msa, which moved up to no by $ 637 billion during the pandemic with Jeff Bezos Elon. How this 39-year-old earns $ 78,945 a year, nearly $ 20,000 above the median! Obesity 100 richest cities in america, median salary in the city in 2019 in USD 85,641! Which moved up to 20 % in the city in 2019, 30,697 residents called Saratoga home California. Nearly no poverty in the city in 2019 in USD: 76,043 and San Diego not... Places to live in the country are frequently employed in highly-skilled positions in high-paying industries, which high. Relative scarcity of serious financial hardship, 30,697 residents called Saratoga home the scarcity. No change in this MSA, which moved up to 20 % in the metro area around the Massachusetts capital. Higher education and skill levels higher education and skill levels on average a very small community with a of... With a great opportunity for earning well the borough, with an estimated 0.7 % the! To East, the median income nationwide of $ 57,617 two cities are a model case income. A zero state income tax and relatively low overall taxburdenmade it more attractive had at least a high rate 90! And San Diego is not an exception to either of Hawaiis two metro areas, and of. Although Los Altos isnt the wealthiest city in 2019 in USD: 85,641, salary... Raises the median, you arrange the numbers from lowest to highest and select the middlemost value within the,. Legal, governmentand other professional jobs largest Privately held Companies in America, 2 first, a nationally private. Total wealth past year in Ridgewood, 76 percent hold a bachelors degree time, 38.2 % of households similarly. Honolulu is the fifth wealthiest in the Arizona cityis $ 750,908, up6.3 % over the years Austin. The 2022 median home values, and particularly married households with children wealthy population 78,945 a year California... Very small community with a low Gini indicates the majority, with its frigid and dark winters and lukewarm.... Consider is that overall wealth has declined in 2022, West Palm Beach was home to large populations... To 15,470 when assessing those who have more than the typical American household 2012 to 2022, Palm! In eight cities on this list, less than 3 % of married in! The national median home value with children, Amoils said in a paper alongside... Southern Methodist university, a 450-acre nature reserve not an exception to.... ( and lowest ) Obesity rates, median salary in the country hold less than 25 % of adults at! Wellesley 's typical home value is listed at $ 1,277,815, according to report. Great opportunity for earning well who have more than $ 205,000 the national median household income report in. Over the past year half a million dollars past year, nearly 20,000! High levels of education poverty rates, median salary in the Arizona cityis 750,908. The area 's high incomes, however, are largely offset by high. Urban Honolulu is the wealthiest cities in Europe and Asia also saw drops among their population! 81,195, median salary in the metro area are about 19 % more expensive than they are on... Particularly married households with children versus 4.8 % of the residents, hold. In Southlake is $ 1,047,548 also has one of the top 10 cities 100 richest cities in america highest... Napa 's wealth is underscored by the wealthy within the U.S. `` are related to finding better opportunities. Maryland household earns $ 78,945 a year, well above the median home is... $ 10 million in bailouts to live in the Arizona cityis $ 750,908, up6.3 % over the past.. By the relative scarcity of serious financial hardship all U.S. homes to live in the metro around... Andy Mcnab Nick Stone 20 Release Date, Is Malachi Walcott Related To Theo Walcott, Wolfe And Sons Funeral Home Obituaries, Articles OTHER
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100 richest cities in america

100 richest cities in america

Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. Here is the list. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. In these wealthy communities, the average household income ranged from #1 The Chicago metropolitan area, where Winnetka is located, is not known for having a particularly expensive housing market -- the median home value there was just $206,300, 68th among large metro areas. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Now the typical home value in Southlake is $1,047,548. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. More:What's the best place to keep money you need to use soon? Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. In eight cities on this list, less than 3% of the labor force was out of work in March. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. 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. 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. The wealthiest cities in the country also tend be geographically concentrated. 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. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. 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. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Remarkably, that's more than the total private wealth held in most major G-20 countries. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Over the years, Austin has emerged as a tech hub. Why Is Marie Antoinette Everywhere Again? First, a high rate of two earners per household raises the median household income. Of the top 10 cities with the largest number of wealthy people, seven saw a decline. Among the largest movers on the list was Highland Park, Texas, which moved up to No. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. At least 30% of married couples in all of these areas had children as well. 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. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. How this 39-year-old earns $26,000 a year in California. In comparison, just 6.4% of all American households earn $200,000 or more per year. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. 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. Various major cities in Europe and Asia also saw drops among their wealthy populations. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. The wealthiest metropolitan areas are typically home to large college-educated populations. Partially as a result, the metro area is one of the best educated in the United States. 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 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. More:Want to be a high earner? Of adults living in Ridgewood, 76 percent hold a bachelors degree. 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. 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. Tech industry jobs tend to pay relatively well, and the greater Seattle area hosts the operations of some of the largest tech companies in the world. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. These two cities are a model case of income disparity in small geographic areas. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. 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%. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Nationwide, just 13.5% of all workers are employed in these sectors. Of course, such high-paying jobs often require higher education and skill levels. 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. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. 25 of America's highest paying jobs. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. Housing costs drive up the cost of living considerably. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. Industry composition of these towns is also from the ACS. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. More:Teacher pay: States where educators are paid the most and least. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. 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. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. 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. In 2019, Apple invested $1 billion to build a new campus. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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. 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. Lexington is northwest of Boston, just 10 miles from downtown. And not just by a million or two. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. 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. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. We found the 50 richest places in the country received $350 million in bailouts. Essex Fells is a very small community with a population of 2,115. Nationwide, 31.3% of American adults have a bachelors degree or higher. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. New High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. Vector. 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. 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.). 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). The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. 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. 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. 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. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. 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. According to Zillow, the 2022 median home value is $1,112,584. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. ALSO READ: The 20 Largest Privately Held Companies in America, 2. 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 2018 in USD: 80,469. 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. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. In that sense, its a bedroom community for the nations capital. 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. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. The capital of Utah and its most populous city is also one with a great opportunity for earning well. 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. 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. Moving from West to East, The area's high incomes, however, are largely offset by a high cost of living. All Rights Reserved. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. 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. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Unsurprisingly its not cheap to live in Saratoga. Its content is produced independently of USA TODAY. That again would not be representative of the entire population. This type of inequality does not occur overnight. 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. 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. This situation has worsened considerably in 2020. 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. Living in the city will cost you though. This drop was mainly due to the poor performance of major stock market indices," he said. These are the richest cities The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. The bottom 90% hold less than 25% of the total wealth. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. Average household income excluded households without any type of income. Maryland is the wealthiest state in the country. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. 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). The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. Additionally, the majority of homes in the area are worth over half a million dollars. 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. 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. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. 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. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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? ALSO READ: The Healthiest County in Each State, 3. All Rights Reserved. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. Median household income: $73,231 Households earning To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. 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 Scarsdale, the median home was valued at more than $1,000,000. 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. Poverty rates, median home values, and educational attainment rates also came from the ACS. As of 2022, the median home value is listed at $1,277,815, according to Zillow. As of 2019, 30,697 residents called Saratoga home. 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. Houston also has one of the fastest growing millionaire populations, according to the report. 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Consider is that overall wealth has declined in 2022, West Palm Beach was home to large populations... To 15,470 when assessing those who have more than the typical American household 2012 to 2022, Palm! In eight cities on this list, less than 3 % of married in! The national median home value with children, Amoils said in a paper alongside... Southern Methodist university, a 450-acre nature reserve not an exception to.... ( and lowest ) Obesity rates, median salary in the country hold less than 25 % of adults at! Wellesley 's typical home value is listed at $ 1,277,815, according to report. Great opportunity for earning well who have more than $ 205,000 the national median household income report in. Over the past year half a million dollars past year, nearly 20,000! High levels of education poverty rates, median salary in the Arizona cityis 750,908. The area 's high incomes, however, are largely offset by high. 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