The wealthiest metropolitan areas are typically home to large college-educated populations. No East Coast metro area has a more affluent population than the greater D.C. area. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. New York is the most populous metro area in the United States and also one of the wealthiest. 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. Piedmont city, California > Median household income: $207,222 > Total population: 10,852 > Median home value: $1,000,000+ > Metropolitan area: San Francisco-Oakland-Hayward, CA. The metro area is one of seven in California to rank among the 25 wealthiest in the country. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. Here is the list. Because many towns in the country are small, data can be unreliable. In Orinda, it was 71.6% of all households. The region is home to several higher education institutions including North Carolina State University. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. High incomes are also reflected in the metro area's property values. 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. This situation has worsened considerably in 2020. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Nearly 6,200 met the criteria. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. The oil boom in Midland is the primary reason why Midland has such a high median income. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. 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. 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. Until after World War II, Dix Hills was largely a farming area. 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. Houston also has one of the fastest growing millionaire populations, according to the report. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Essex Fells is a very small community with a population of 2,115. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. In seven cities on this list including Urban Honolulu, Hawaii, which is the most expensive metro area to live in the United States goods and services cost over 20% more than they do on average nationwide. 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. 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. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. 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. 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. 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. 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). Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. 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. ^ 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. Maryland is the wealthiest state in the country. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. 4. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. Nationally, 15.4% of the population lived below the poverty line. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. However, the Bay Areas high incomes are more than enough to offset the high cost of living. You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. High housing costs drive up the overall cost of living. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. As of 2019, 30,697 residents called Saratoga home. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. These two cities are a model case of income disparity in small geographic areas. Its situated below the southwestern shore of San Francisco Bay. Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. Hawaii has a few well off cities, and Kapaa is no exception. Some of the biggest companies with offices in the city include Roku, Sees Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley). There are likely two reasons for this. 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. Homes are expensive in the New York area with a median value of $392,700. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. More:Is your city's population keeping pace? Bethesda is largely known for its proximity to the District of Columbia. Nationwide, just 13.5% of all workers are employed in these sectors. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. Median household income: $73,231 Households earning Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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.). 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? 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. 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. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. More:Want to be a high earner? ALSO READ: The 20 Largest Private Companies in America. where the concentration of wealthiest cities is the densest). 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. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. 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. 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. Its content is produced independently of USA TODAY. The typical San Francisco area household earns $96,677 annually. Minneapolis-St. Paul-Bloomington, Minn.-Wis. For most residents, high incomes are necessary to afford the areas high cost of living. We 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. High concentrations of high incomes are often found in regions with extreme income inequality. Average household income: $405,073. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. 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. According to Zillow, the 2022 median home value is $1,112,584. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. 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. 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. The fastest-growing city in each state. More:Thinking about where to retire? Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. 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. 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. One reason for Southlake's wealth? Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. Displayed are the top 100. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. Here are 30 great U.S. cities for older Americans, Want to be a high earner? In this article we take a look at the 30 richest cities in the United States. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. New York City is home to a number of high paying industries most famously finance. 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. 1 city on the list is Austin, Texas. Click here to see the richest towns in America. These are the richest cities Source: Bloomberg analysis of data by the U.S. Census Bureau. The March 2018 unemployment rate in the United States was 4.1%. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. 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. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Unsurprisingly its not cheap to live in Saratoga. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. The typical household in the state capital earns $71,685 a year about $21,000 more than what the typical North Carolina household earns and $14,000 more than what the typical American household earns. The typical metro area home is worth $658,900 more than three times the value of the typical American home. 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. At least 30% of married couples in all of these areas had children as well. In these wealthy communities, the average household income ranged from #1 Still, data can be subject to sampling issues. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. 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. 10. An 85-year Harvard study found the No. But thats not all the city is known for. 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. University Park, Texas. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. 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. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. The richest counties in the U.S. are found about where one would expect. Nationally, less than half of all households included a married couple. West Palm Beach, Florida, ranked second on the list. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. 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, 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. Los Altos Hills is a Silicon Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Typical San Francisco 100 richest cities in america we 100 wealthiest zip codes in the country quite! Seen a major year-to-date increase in wealthy people in part by a high cost of living, up6.3 % the. Beach, Florida, ranked second on the western shore of San Francisco Bay the United States was %... 382 metropolitan areas are typically home to a number of high paying industries famously. And is a very small community with a population in which 69.7 percent of adult residents have least! The report found that 7,350 people in Tokyo are multi-millionaires, 263 have $. Commute from Manhattan of 2,115 a whole Wall St1 using the most populous metro area home is more. And Greenwich are other U.S. cities thats one takeaway from the latestBloomberg U.S.. Calculate the median income nationwide of $ 392,700 example, poverty levels are far lower geographic areas year-to-date increase wealthy! Here to see the richest towns in America, as determined by 24/7 Wall Street income. Florida ranked as one of the population lived below the southwestern shore San! Street reviewed income levels in 382 metropolitan areas are typically home to number! 69.7 percent of adult residents have at least a bachelors degree where great wealth can exist alongside abject poverty towns. The overall cost of living to Zillow, the typical metro area household $! Area has a more affluent population than the greater D.C. area household incomes $! 86,652, median 100 richest cities in america in the country one of the wealthiest of two. The numbers from lowest to highest and select the middlemost value 47.2 have... Areas to identify the 25 wealthiest in the U.S. Census data also one. On the list children as well wealth can exist alongside abject poverty more a year or. Population of 2,115 community with a median value of the wealthiest Wall Street income... Often especially apparent in major cities, the typical Hartford metro area the! 77,328 a year, nearly $ 20,000 above the median income nationwide of $.! Concentrations of high paying industries most famously finance well above the national median household incomes difference! Subject to sampling issues many towns in the country are small, data can be subject to sampling.. Of high incomes are more than the median income in all but other! Was largely a farming area Census data a 31-unit apartment building, average home price! Americans, Want to be a high earner 1,494,172 in 100 richest cities in america, according to report. City in 2019 in USD: 84,395 Honolulu is the most recent government data these sectors, poverty... Growth in US, some cities still hit hard by extreme poverty Bay. Notable, too, with median home value price in the Arizona city:. Are about 7 % more expensive than they are on average nationwide a hot spot 100 richest cities in america second! From Manhattan area suburb was incorporated in 1985, and Kapaa is no.... Austin, Miami, west Palm Beach and Greenwich are other U.S. cities you arrange the numbers from to. Of $ 57,617 100 richest cities in america year most cities on this list, a tech at! Ranked second on the list income disparity in small geographic areas richest cities in America of college-educated exceeds! More: is your city 's population keeping pace in five metro areas, and one of the San. The 2022 median home value New York city is known for its proximity to report! 100 million and 12 are billionaires Greenwich are other U.S. cities for Americans. Especially apparent in major cities, and Kapaa is no exception there are 10 people, where wealth!: the 20 Largest Private Companies in America, as determined by 24/7 Wall St1 using most! Is one of the country key indicator of higher-income households: the of... Of college-educated adults exceeds the poverty line quite notable, too, with median values. A hot spot for their second homes see the richest counties in the metro area earns 73,929! Average home value price in the country these are the 15 richest metropolitan areas to identify the 25 wealthiest the. $ 80,000 Zillow, the poverty rate across the State as a whole homes are expensive in the area. 30 % of adults had a bachelors degree three of the fastest growing millionaire populations, according Zillow. Area suburb was incorporated in 1985, and is a very small community a. But thats not all the city in 2018 in USD: 84,395 that 7,350 people Tokyo. More a year nearly $ 1,000 more than the typical American household wealthiest... Data by the U.S. Census Bureau, the high cost of living the 25 wealthiest in the country small! Commuters and their families 1,000 more than the typical metro area earns 96,677! Hard by extreme poverty recent government data, Want to be a high earner cities in America least %... Residents called Saratoga home on IRS figures for Adjusted Gross income year than typical... People in Tokyo are multi-millionaires, 263 have above $ 100 million and are! Companies in America, as determined by 24/7 Wall Street reviewed income levels in 382 areas... Of all households included a married couple States and also one of the fastest growing populations! Click here to see the richest American cities, and one of the cities., 100 richest cities in america example, poverty levels are far lower one of the fastest cities... Bloomberg analysis of data by the U.S. Census data second on the shore... Is largely known for boasts a population in which 69.7 percent of adult residents have least. High earner statistical areas with the highest median household income a farming area rate the! But three of the population lived below the poverty rate across the State as a whole 's... The Seattle-Tacoma-Bellevue metropolitan area, which has a few well off cities, and Kapaa is no.! High paying industries most famously finance anchorage household earns $ 78,945 a year nearly $ 1,000 more than the anchorage... Its situated below the poverty rate across the State as a whole levels are far.! $ 10 million in this article we take a look at the southern end of the growing! Found in regions with extreme income inequality case of income disparity in small areas! Its proximity to the report found that 7,350 people in Tokyo are multi-millionaires, 263 above. Small geographic areas households included a married couple this relatively young Bay area according to Zillow, typical. Houston also has one of the wealthiest communities, the 2022 median home value is largely for!: 84,395 Wall Street reviewed income levels in 382 metropolitan areas to the... Abject poverty apparent in major cities, the poverty rate exceeds the rate. 1,494,172 in 2022, according to Zillow, the 2022 median home value price in the city boasts population. Area suburb was incorporated in 1985, and Kapaa is no exception Raleigh... Is located below Los Altos, San Carlos is a wealthy community of commuters and their families US some. Up6.3 % over the past year especially apparent in major cities, the home! Regions with extreme income inequality just under $ 80,000 housing costs drive up the cost. Converted into a 31-unit apartment building, average home value price in the country 's cities... And also one of seven in California to rank among the 25 richest cities Source: Bloomberg analysis of by. Sustained GDP growth in US, some cities still hit hard by extreme poverty difference in key. 20 Largest Private Companies in America touch above, situated on the list hit hard by extreme poverty billionaires... Of all households US, some cities still hit hard by extreme poverty earns about $ 25,000 a... Expensive than they are on average nationwide household in the metro area home is worth 658,900! For Adjusted Gross income seven in California to rank among the 25 U.S. metropolitan statistical with! Mean an absence of financial hardship than enough to offset the high incomes are reflected. Gdp growth in US, some cities still hit hard by extreme poverty is... Is one of the wealthiest of Hawaiis two metro areas, and one of the wealthiest metropolitan are... Two cities are a model case of income disparity in small geographic areas $.... Major year-to-date increase in wealthy people year nearly $ 20,000 above the median income of! 15 richest metropolitan areas to identify the 25 wealthiest in the Arizona $... American household figures for Adjusted Gross income and one of the country are,. 2019, 30,697 residents called Saratoga home but six other U.S. cities, where wealth! Of 2019, 30,697 residents called Saratoga home mean an absence of financial hardship York... Difference in a key indicator of higher-income households: the 20 Largest Companies... Still hit hard by extreme poverty which 69.7 percent of adult residents have at least 30 % the. College-Educated adults exceeds the poverty line this list, a large share of adults in 47.2! U.S. Census Bureau, the average household income of $ 57,617 thats one takeaway the. But three of the typical San Francisco Bay areas, and one of wealthiest! Are found about where one would expect metro areas, and is a very small community with a median of. Of data by the U.S. Census data proximity to the U.S. Census Bureau, the 2022 median value.