The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. More:Want to be a high earner? those who made it rather than those who did not because of a lack of visibility. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Also, safety concerns and taxation are major drivers," Amoils said. 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. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. In the Baltimore metro area, 39.5% of adults have a bachelors degree, in line with the 39.3% bachelors degree attainment rate across Maryland. New York, for example, has already seen a 12% drop in wealthy individuals in 2022, while Los Angeles saw a 6% decline and Chicago's proportion of ultra-wealthy citizens fell by 4%. We While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Of course, only families with a certain level of income have the luxury of these options. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Among the largest movers on the list was Highland Park, Texas, which moved up to No. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. West University Place, Texas is a suburb of Houston and had an annual median household income of $205,135 and a poverty rate of just 2.3%. London, United Kingdom (272,400). 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. For most residents, high incomes are necessary to afford the areas high cost of living. In Piedmont, a typical household earned $207,222. 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. This however led to another problem. 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). Los Altos Hills, California. All Rights Reserved. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies 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. 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. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. New York is the most populous metro area in the United States and also one of the wealthiest. The oil boom in Midland is the primary reason why Midland has such a high median income. There are dozens of success stories of companies starting from garages, and becoming some of the biggest companies in the world, such as Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG) and Amazon. One reason for Southlake's wealth? Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! The region is home to several higher education institutions including North Carolina State University. The The vast majority of Americans rely on employment to earn a steady income. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. 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. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. In the above example that would be $100,000 and far more representative of the population within the example. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. 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. 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). The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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 climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. 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 mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Connecticut is one of the wealthiest states in the country, and despite ranking as one of the wealthiest metro areas in the country, Hartford's median income is lower than the state as a whole. 4. An 85-year Harvard study found the No. For this reason, all data used are five-year estimates for the period 2009-2013. Ho-Ho-Kus borough, New Jersey > Median household income: $165,827 > Total population: 4,109 > Median home value: $775,000 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. Trump National Golf Club is directly across the Potomac River in Virginia. 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. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. 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 richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins West Palm Beach, Florida, ranked second on the list. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. 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. Its also saturated with celebrity homes. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. This situation has worsened considerably in 2020. 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. Keep reading to find out more about the richest cities in the U.S. A suburb of Dallas/Fort Worth, Southlake had an estimated population of 31,292 people as of 2019, with 69.7 percent of adults holding at least a bachelors degree. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. 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. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. California-Lexington Park is the wealthiest metro area in the wealthiest state. In fact, this high concentration of wealth and relative inequality is why many propose a strict progressive system for taxation, to increase the tax on ultra high net worth individuals, which has of course been strongly opposed since these are the men and women who directly or indirectly, exert a huge amount of influence and control. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Its content is produced independently of USA TODAY. According to Zillow, the 2022 median home value is $1,112,584. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Raleigh, N.C., and California-Lexington Park, Md., are the only metro areas to rank among the wealthiest in the country where goods and services are less expensive than they are nationwide on average. Industry composition of these towns is also from the ACS. Until after World War II, Dix Hills was largely a farming area. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. In these wealthy communities, the average household income ranged from #1 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.). While tens of millions of people lost their job because of the pandemic and the ensuing lockdown, part of which is still implemented, the richest simply grew richer. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. 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. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. But thats not all the city is known for. Hearst Magazine Media, Inc. All Rights Reserved. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Living in the city will cost you though. 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. 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. 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. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. 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. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. According to Zillow, the average home value price in the Arizona cityis$750,908,up6.3%over the past year. 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%. 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. 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. 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. Median salary in the city in 2018 in USD: 80,469. Brentwood, a suburb of Nashville, makes the list too. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. Vector. Most of these wealthiest communities have large populations of highly-skilled workers. Of course, such high-paying jobs often require higher education and skill levels. 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. 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