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. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. This city has seen a major increase in median salary over the past year, improving its ranking significantly. 3. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. 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 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. A Division of NBC Universal. ALSO READ: The 20 Largest Privately Held Companies in America, 2. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. 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%. Dix Hills is in the greater Huntington area in Long Island, New York. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Displayed are the top 100. The city is one of the most highly-educated communities in the country. 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. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. 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). Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. Based on the 2019 five-year ACS data, many cities in America were noticing a massive rise in income, with much of the wealth concentrated in Californiaa whopping nine of the 25 richest cities in the U.S. are located within the state. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. 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. We found the 50 richest places in the country received $350 million in bailouts. Other states with five or more locations included Texas, Maryland and Illinois. That again would not be representative of the entire population. The capital of Utah and its most populous city is also one with a great opportunity for earning well. 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. 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. Goods and services in New York-Newark-Jersey City are about 22% more expensive than they are on average nationwide. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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%. 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. 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. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. How this 39-year-old earns $26,000 a year in California. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. 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. 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. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. 4. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Every item on this page was chosen by a Veranda editor. 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. 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. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Correction: This article has been updated to correct the number of millionaires who live in New York City. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. New York City is home to a number of high paying industries most famously finance. 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, 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. 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 climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. Essex Fells is a very small community with a population of 2,115. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. In the United States, 31.3% of adults have a bachelors degree or higher. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Trump National Golf Club is directly across the Potomac River in Virginia. While these stories are told to everyone to show how America gives everyone equal opportunity, and success only depends on hard work, this theme falls afoul of the fallacy known as the survivorship bias. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. Another way we looked at the data was to measure income disparity in each location. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. The bucolic town of Los Altos Hills, California, climbed three spots to No. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. 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. The 2022 median home value in the city is $2,895,125, according to Zillow. 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. Why that is, I will explain later on in the methodology section. Median salary in the city in 2019 in USD: 80,676, Median salary in the city in 2018 in USD: 81,037. Industry composition of these towns is also from the ACS. No East Coast metro area has a more affluent population than the greater D.C. area. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,179 residents, many of whom commute into the city for work. The wealthiest cities in the country also tend be geographically concentrated. Oakland had an annual median household income of $52,583. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. 10. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. How the National Trust Is Changing America. 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. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. Seksan Mongkhonkhamsao | Moment | Getty Images. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. 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. The fastest-growing city in each state. 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. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. University Park, Texas. Wise up with top Remarkably, that's more than the total private wealth held in most major G-20 countries. 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. The area's high median income is partially attributable to a strong job market. Also from the ACS, we reviewed poverty rates, median home values, educational attainment rates, the shares of households making less than $10,000 and more than $200,000, as well as the percentage of households that are married, and have children. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. 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. There are likely two reasons for this. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. Houston also has one of the fastest growing millionaire populations, according to the report. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to Nationally, 15.4% of the population lived below the poverty line. 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. McLean is in Fairfax County, which is renowned nationally for its public schools. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. An 85-year Harvard study found the No. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. 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. The success of these companies have made some of them cross the $1 trillion threshold, while the owners have made tens of billions of dollars, some even crossing a hundred billion in net worth. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. These two cities are a model case of income disparity in small geographic areas. Destinations popular for affluent retirees were plentiful on this list, which was led by Atherton, California, with an average of $170,611 in passive income. 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. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Los Altos Hills is a Silicon Of adults residing in Westport, 78 percent hold a bachelors degree or higher. The While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. The wealthiest metropolitan areas are typically home to large college-educated populations. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. 20 Richest Towns in The US 2022 - The Wealthiest Towns in Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. In Piedmont, a typical household earned $207,222. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. 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