Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Vector. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. 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. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. The area's high incomes, however, are largely offset by a high cost of living. The financial center of the U.S. isrecognized as the wealthiest city in the world by several measures. According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. Until after World War II, Dix Hills was largely a farming area. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. The cost of living across California as a whole is about 13% higher than average. Newcomers to the list include three areas in suburban Chicago. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. Unemployment rates are from the Bureau of Labor Statistics and are as of March 2018, the most recent period for which data is available. More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. Amazon, Microsoft, Facebook, and Google all are major area employers. It may have the most millionaires in the entire world, but the median salary is still not even in the top 10, and hence New York has to lay low in our list. 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. 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. Nationally, 15.4% of the population lived below the poverty line. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 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. Another interesting fact about the city? 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. This is why we selected the median salary. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. Industry composition of these towns is also from the ACS. those who made it rather than those who did not because of a lack of visibility. Average household income: $405,073. Other states with five or more locations included Texas, Maryland and Illinois. 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. [3] Virginia has the most counties in the top 100 with 18. 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 March 2018 unemployment rate in the United States was 4.1%. 25 of America's highest paying jobs. 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. Click here to see the richest towns in America. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. San Francisco Bay Area, U.S. (276,400), 4. The capital of Utah and its most populous city is also one with a great opportunity for earning well. 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. Homes are expensive in the New York area with a median value of $392,700. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Another option was using the mean, or the average earnings of each city. 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. ALSO READ: The 20 Largest Private Companies in America. Hawaii has a few well off cities, and Kapaa is no exception. One reason for Southlake's wealth? Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. 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. 4. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. 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. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. New York City is home to a number of high paying industries most famously finance. 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? Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. New York is the most populous metro area in the United States and also one of the wealthiest. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 25% of the total families in US don't even have $10,000. Its situated below the southwestern shore of San Francisco Bay. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. 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. 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. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. More:Thinking about where to retire? While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. 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. As one of the densest cities on this listwith 60,257 residents as of 2019its not entirely shocking that of all the richest cities in America, Cupertino has one of the highest poverty rates at 6 percent. Here are 30 great U.S. cities for older Americans 20. 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. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. 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. The total private wealth held by New York residents was found to exceed $3 trillion. However, the county is also home to Bridgeport, one of the poorest cities in the United States. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 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. The metro area is one of seven in California to rank among the 25 wealthiest in the country. 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. ALSO READ: The Least Healthy County in Each State. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). In this article we take a look at the 30 richest cities in the United States. As for home value, the typical home in Potomac in 2022 is worth $1,186,488, according to Zillow. Still, data can be subject to sampling issues. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. 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: 83,698, Median salary in the city in 2018 in USD: 79,578. The education levels in these communities are especially high. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. 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 every metro area on this list, the typical home is worth more than $205,000 the national median home value. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. 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. The village is home to hundreds of wealthy businesspeople, athletes and entertainers. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. 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. Why that is, I will explain later on in the methodology section. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. The metropolitan area serving the district, which includes parts of Virginia, Maryland, and West Virginia, has a median household income in excess of $95,000. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. 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. Nationwide, just 13.5% of all workers are employed in these sectors. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. 84% of the families in the US have less wealth than the mean for the country. (Thats not to say it shouldnt be addressed though.). According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. As of 2019, 30,697 residents called Saratoga home. This situation has worsened considerably in 2020. 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. 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. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. While the wealth of the city is high, the poverty rate is notably low, at just 2.5 percentthe 11th lowest of 1,775 cities. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. Largely a city of commuters, Los Altos is home to just more than 30,500 people, of which 84.2 percent of adults have at least a bachelors degreemaking it the fourth most educated city in the United States. More:Want to be a high earner? Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. The absolute extremes of wealth and poverty are often found in the same area. Hartfords median income is bolstered by high paying industries. Among the largest movers on the list was Highland Park, Texas, which moved up to No. The oil boom in Midland is the primary reason why Midland has such a high median income. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Average household income excluded households without any type of income. The area also ranks among the wealthiest in the nation. 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. 30 Richest Cities in the United States is originally published on Insider Monkey. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. 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. 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. Of course, such high-paying jobs often require higher education and skill levels. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Minneapolis-St. Paul-Bloomington, Minn.-Wis. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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