Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. And not just by a million or two. 1 city on the list is Austin, Texas. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. More:Want to be a high earner? The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. Additionally, the majority of homes in the area are worth over half a million dollars. 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. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. The city is one of the most highly-educated communities in the country. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. 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. The greater San Jose area isnt the only place where affluence is centered in California though. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. The median home value is $2.06 million. Median household income: $224,485. Moving from West to East, The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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. In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. These are the richest cities 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. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. Brentwood, a suburb of Nashville, makes the list too. Income inequality is a growing problem in the United States. The oil boom in Midland is the primary reason why Midland has such a high median income. Hawaii has a few well off cities, and Kapaa is no exception. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. The bucolic town of Los Altos Hills, California, climbed three spots to No. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. Napa's wealth is underscored by the relative scarcity of serious financial hardship. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Unsurprisingly its not cheap to live in Saratoga. The wealthiest metropolitan areas are typically home to large college-educated populations. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. 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. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. 1. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. 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. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. 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. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. 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. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Because many towns in the country are small, data can be unreliable. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. Nearly 6,200 met the criteria. San Francisco Bay Area, U.S. (276,400), 4. 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. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Why Is Marie Antoinette Everywhere Again? 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 wealthiest 1% of Americans hold an amazing 40% of all wealth. 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. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. University Park, Texas. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. WebBillionaires Row. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. An 85-year Harvard study found the No. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Remarkably, that's more than the total private wealth held in most major G-20 countries. Housing expenses are notably high, as the typical home value of just under $800,000 is about four times the U.S. median home value. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. In this article we take a look at the 30 richest cities in the United States. In Piedmont, a typical household earned $207,222. 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. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. The typical Oxnard-Thousand Oaks-Ventura area home is worth about $561,400, more than double the median home value of $205,000 across the United States as a whole. Bloomberg also ranked citiesby earnings from interest, dividends, rents, and royalties, as well as distributions from estates and trustsa subset of household income called passive income. Residents of Darnestown, Maryland, are most likely to sport similar paychecks, according to Bloombergs calculation of the Gini Indexa common measure of income distribution among a population. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. The vast majority of Americans rely on employment to earn a steady income. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Average household income excluded households without any type of income. The typical household in New Jersey earns $76,126 a year, or about $18,500 more than the typical American household and the third highest state median household income after only Maryland and Alaska. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. Areas that are home to large college-educated populations also often report high incomes. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. As of 2019 the citys population was just less than 30,000 with the poverty rate teetering at 4.4 percent. For this reason, all data used are five-year estimates for the period 2009-2013. (That said, the latest five-year ACS accounts for years 20142018. 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. 4. The region is home to several higher education institutions including North Carolina State University. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Here are 30 great U.S. cities for older Americans, Want to be a high earner? The report links this to major American companies moving their headquarters to these cities. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Being near a major metropolitan area does not guarantee an affluent community. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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). Of course, that is still several hundred thousand dollars above the national median home value of $176,700. In eight cities on this list, the typical home is worth over half a million dollars. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. How the National Trust Is Changing America. Still, data can be subject to sampling issues. Oakland had an annual median household income of $52,583. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. 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. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. 20 Richest Towns in The US 2022 - The Wealthiest Towns in Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. Newcomers to the list include three areas in suburban Chicago. Nationwide, 31.3% of American adults have a bachelors degree or higher. (Thats not to say it shouldnt be addressed though.). 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. 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. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. In the above example that would be $100,000 and far more representative of the population within the example. Minneapolis-St. Paul-Bloomington, Minn.-Wis. 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. The fastest-growing city in each state. 3. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. A handful of Midwest and Southwest areas made the top 20. Compared to New York, a much smaller proportion of them have assets worth over $10 million. 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. In that sense, its a bedroom community for the nations capital. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. 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. Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. ALSO READ: The Healthiest County in Each State, 3. The wealthiest 1% of Americans hold an amazing 40% of all wealth. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. 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. 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. 25% of the total families in US don't even have $10,000. 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%. by PopulationAustin, TX 978,908Jacksonville, FL 911,507Fort Worth, TX 909,585Columbus, OH 898,553Charlotte, NC 885,708San Francisco, CA 881,549Indianapolis, IN 876,384Seattle, WA 753,675Denver, CO 727,211Washington, DC 705,749More items The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. 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. In Winnetka, however, the median home value was $936,200. More:Is your city's population keeping pace? 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. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. 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. Housing costs drive up the cost of living considerably. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 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. 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. 30 great U.S. cities for older Americans, Want to be a high school was into... Of CNBC Make it, 2023 CNBC LLC: as Trump blasts immigrants. Be prosperous, safe, and offering quality education prosperous, safe, and three Ohio cities made the 20... Place where affluence is centered in California though. ) near a major metropolitan area does not guarantee an community. 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