Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. It Includes Palm Beach island and the town of West Palm Beach. 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. The area's high incomes, however, are largely offset by a high cost of living. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. 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. In the United States, 31.3% of adults have a bachelors degree or higher. Brentwood, a suburb of Nashville, makes the list too. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. It is a small community with a population of less than 5,000 people. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. ALSO READ: The 20 Largest Private Companies in America. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 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. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Housing costs drive up the cost of living considerably. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. Here are 30 great U.S. cities for older Americans 20. Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. In these wealthy communities, the average household income ranged from #1 84% of the families in the US have less wealth than the mean for the country. 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. Median household income: $224,485. Nationwide, just 13.5% of all workers are employed in these sectors. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. High incomes are also reflected in the metro area's property values. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. All Rights Reserved. Part of greater Boston, Wellesley is home to three collegesWellesley College, Babson College, and a campus of Massachusetts Bay Community Collegewhich makes it no surprise that the city has the fifth highest percentage of adults with at least a bachelors degree. The average in Clarendon Hills, Illinois, about 25 miles west of downtown Chicago, jumped 15 percent in 2016 from the prior year to break into the top 100 for the first time with a tally of $199,325. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. Since the onset of the coronavirus pandemic and the shift to flexible working, companies require less office space and many employees moved to smaller cities to improve their quality of life and lower their cost of living. We may earn commission on some of the items you choose to buy. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. These are the richest towns in the country. 25% of the total families in US don't even have $10,000. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. The median home value is $2.06 million. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. This drop was mainly due to the poor performance of major stock market indices," he said. Only the San Francisco Bay Area, Singapore and Houston saw growth. 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. Source: Bloomberg analysis of data by the U.S. Census Bureau. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. The wealth distribution in America is incredible for all the wrong reasons. 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 absolute extremes of wealth and poverty are often found in the same area. Correction: This article has been updated to correct the number of millionaires who live in New York City. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Hearst Magazine Media, Inc. All Rights Reserved. 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. 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. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. 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. 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. 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. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. The wealthiest 1% of Americans hold an amazing 40% of all wealth. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. As of 2019, 30,697 residents called Saratoga home. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Lafayette sits to the east of Berkeley and touts notable wealth. 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. While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. How the National Trust Is Changing America. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. Here are 30 great U.S. cities for older Americans. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. The top five cities with the fastest growing millionaire populations are not in the U.S., however. In comparison, just 6.4% of all American households earn $200,000 or more per year. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so its a great central location for commuters and beach lovers alike. No East Coast metro area has a more affluent population than the greater D.C. area. In Scarsdale, the median home was valued at more than $1,000,000. The bucolic town of Los Altos Hills, California, climbed three spots to No. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. As of 2022, the median home value is listed at $1,277,815, according to Zillow. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. 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. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. 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. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. 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. Its content is produced independently of USA TODAY. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. ALSO READ: The 20 Largest Privately Held Companies in America, 2. This table includes only zip Housing is a significant component of the areas high cost of living. 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. Napa's wealth is underscored by the relative scarcity of serious financial hardship. Of course, such high-paying jobs often require higher education and skill levels. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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 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. 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. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? The typical metro area home is worth $658,900 more than three times the value of the typical American home. A handful of Midwest and Southwest areas made the top 20. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Hawaii has a few well off cities, and Kapaa is no exception. where the concentration of wealthiest cities is the densest). In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. 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. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Oakland had an annual median household income of $52,583. 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. 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. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. 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. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. The top 10 wealthiest cities in America. Unsurprisingly its not cheap to live in Saratoga. Being near a major metropolitan area does not guarantee an affluent community. 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. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. Area colleges and universities awarded 17,891 degrees in 2015 alone. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. And this isn't a common theme throughout history, it has actually increased significantly over time. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. 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. Still, data can be subject to sampling issues. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Had at least $ 100 million and 62 billionaires live in the city in 2018 in USD:.... 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