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. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. 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. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. The bottom 90% hold less than 25% of the total wealth. Wise up with top Four of the 10 wealthiest towns are within commuting distance of New York City, two are close to Dallas, and two are outside of San Francisco. WebAn income of $0.88 in Birmingham equals an income of $1.27 in San Jose with the U.S as a whole having an average PCPI of $1.00. The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. Average household income excluded households without any type of income. 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%. 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. An 85-year Harvard study found the No. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. ALSO READ: The 20 Largest Private Companies in America. those who made it rather than those who did not because of a lack of visibility. Only the San Francisco Bay Area, Singapore and Houston saw growth. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. Why that is, I will explain later on in the methodology section. Another way we looked at the data was to measure income disparity in each location. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. 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? To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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 No. Source: Bloomberg analysis of data by the U.S. Census Bureau. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. 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). Hawaii has a few well off cities, and Kapaa is no exception. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. McLean is in Fairfax County, which is renowned nationally for its public schools. In Scarsdale, the median home was valued at more than $1,000,000. 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. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. 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. The area's high incomes may be necessary as a dollar spent there does not go as far as it does in the United States as a whole. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. Income Inequality is becoming the most important economic topic going into this election cycle. However, the county is also home to Bridgeport, one of the poorest cities in the United States. The wealth distribution in America is incredible for all the wrong reasons. 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. Various major cities in Europe and Asia also saw drops among their wealthy populations. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. 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. 10. The area also ranks among the wealthiest in the nation. Poverty rates, median home values, and educational attainment rates also came from the ACS. Another interesting fact about the city? Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. In Winnetka, however, the median home value was $936,200. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. 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. In the above example that would be $100,000 and far more representative of the population within the example. 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. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. The D.C. area is one of just eight where over 50% of adults have at least a bachelors degree. The typical metro area home is worth $658,900 more than three times the value of the typical American home. While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. To highlight some of the factors that create hyper-wealthy townships, 24/7 Wall St. reviewed income data from some of the wealthiest towns, cities, and boroughs around the country. Median Home Value only includes owner-occupied units. 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. Now the Midwest is starting to make some noise. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. The typical household in Denver earns $71,926 a year compared to the median income of $65,685 in Colorado and the national median of $57,617. 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. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Like many of the wealthiest cities, Ho-Ho-Kus levels of education surpassed national levels by a wide margin. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. This type of inequality does not occur overnight. 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. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. 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. In Piedmont, a typical household earned $207,222. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. 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. Nationwide, just 13.5% of all workers are employed in these sectors. These are the richest cities The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. 25 of America's highest paying jobs. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. ^ 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. The wealthiest 1% of Americans hold an amazing 40% of all wealth. This was no different in Glen Ridge, where nearly three-quarters of households included a married couple, compared to less than half of households nationwide. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. 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. Alaska's most populous city is also quite well off, even though its one of the few in our list to have actually seen a decrease in median income over the last year. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Most of these wealthiest communities have large populations of highly-skilled workers. A handful of Midwest and Southwest areas made the top 20. 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. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. Click to skip ahead and jump to the 10 richest cities in the United States. 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. What survivorship bias means is that we tend to focus on the success stories i.e. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. Newcomers to the list include three areas in suburban Chicago. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. As of 2019, 30,697 residents called Saratoga home. 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. Nearly 6,200 met the criteria. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. 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. 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. 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. 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! Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Industry composition of these towns is also from the ACS. The region is home to several higher education institutions including North Carolina State University. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. 25% of the total families in US don't even have $10,000. 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. 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 household income: $73,231 Households earning The median household income in a given city is closely tied to several factors. Average household income: $405,073. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. More:Is your city's population keeping pace? Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. Of course, such high-paying jobs often require higher education and skill levels. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. 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. 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 It would take almost three households combined in the Laredo, Texas metropolitan area the poorest in the country to earn as much money. Other states with five or more locations included Texas, Maryland and Illinois. Moving from West to East, Americas second richest town is Scarsdale, New York, which is (That said, the latest five-year ACS accounts for years 20142018. Hartfords median income is bolstered by high paying industries. As is the case in most high income areas, Trenton is home to a large college-educated population. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. In eight cities on this list, the typical home is worth over half a million dollars. 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. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. 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. In that sense, its a bedroom community for the nations capital. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. 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. Income inequality is a growing problem in the United States. That again would not be representative of the entire population. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. The metro area is one of seven in California to rank among the 25 wealthiest in the country. And not just by a million or two. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. The March 2018 unemployment rate in the United States was 4.1%. The area's high median income is partially attributable to a strong job market. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. All the wrong reasons becoming the most important Economic topic going into this election cycle cities on this,..., including Tommy Hilfiger and Sylvester Stallone of Midwest and Southwest areas made the 20... High median income in all but six other U.S. cities in each location, Wellesley 's typical is. Residents called Saratoga home average $ 750,000-plus % of adults have at least a bachelors degree to ahead. The 10 richest cities in America, 24/7 Wall Street is a growing problem in heart. 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