But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. The absolute extremes of wealth and poverty are often found in the same area. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. 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. First, a high rate of two earners per household raises the median household income. 84% of the families in the US have less wealth than the mean for the country. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. In these wealthy communities, the average household income ranged from #1 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%. ALSO READ: The 20 Largest Private Companies in America. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. The typical metro area home is worth $658,900 more than three times the value of the typical American home. We The richest communities in America for years have been in Silicon Valley and the New York City area. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. The education levels in these communities are especially high. The total private wealth held by New York residents was found to exceed $3 trillion. In Orinda, it was 71.6% of all households. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 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. 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. Displayed are the top 100. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. All Rights Reserved. Seksan Mongkhonkhamsao | Moment | Getty Images. The metro area is one of seven in California to rank among the 25 wealthiest in the country. Maryland is the wealthiest state in the country. Remarkably, that's more than the total private wealth held in most major G-20 countries. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. The bottom 90% hold less than 25% of the total wealth. The typical Twin Cities household earns $73,231 a year, well above the median income across Minnesota of $65,599 and the median across the United States of $57,617. 6. Here are 30 great U.S. cities for older Americans 20. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. Until after World War II, Dix Hills was largely a farming area. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Fisher Island, a 216-acre barrier island near Miami, is once again the wealthiest zip code (33109) with an average income in 2018 of $2.2 million, according to the Bloomberg analysis. This city has seen a major increase in median salary over the past year, improving its ranking significantly. 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). 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 houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. New York has been a leader in the number of millionaires since the late nineteenth century when a survey in the New York Tribune in 1890 revealed a total of 4,047 millionaires in the city, and money has been talking in the city for decades. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Average household income excluded households without any type of income. 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. London, United Kingdom (272,400). 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. Scarsdale village, New York > Median household income: $233,311 > Total population: 17,337 > Median home value: $1,000,000+ > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA Dollar Money Icon with Bag. 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.). In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. University Park city, Texas > Median household income: $173,520 > Total population: 23,460 > Median home value: $968,300 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. How the National Trust Is Changing America. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. Nearly 6,200 met the criteria. Hartfords median income is bolstered by high paying industries. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. 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 areas median income is bolstered by one of the lowest jobless rates in the country. Other states with five or more locations included Texas, Maryland and Illinois. No East Coast metro area has a more affluent population than the greater D.C. area. The richest cities in each state: Some of wealthiest are in California, Maryland, New York and Virginia Grant Suneson, Evan Comen and Samuel Stebbins 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 wealth distribution in America is incredible for all the wrong reasons. Just 0.7% of households earned less than $10,000, compared to 7.2% of households nationally. Essex Fells is a very small community with a population of 2,115. 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%. In comparison, just 6.4% of all American households earn $200,000 or more per year. Homes in Orinda cost even more than properties in San Francisco, which is already one of the most expensive housing markets in the country. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. 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. 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. 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. Piedmont services the Bay Area, and those employed are much more likely to work in the professional and business sectors. 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. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. In Winnetka, however, the median home value was $936,200. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. 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. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. This drop was mainly due to the poor performance of major stock market indices," he said. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. [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. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. Partially as a result, the metro area is one of the best educated in the United States. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median income. 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. One reason for Southlake's wealth? As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. The area's high incomes, however, are largely offset by a high cost of living. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. 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. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. 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 We may earn commission on some of the items you choose to buy. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. It has been home to many notable people, including John and Alice Coltrane. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Nationally, less than half of all households included a married couple. Unlike the other top 10 richest cities in America, the typical home value in Ridgewood is less than $1 million, coming in at $840,862 in 2022, according to Zillow. Here is the list, Thinking about where to retire? These are the richest towns in the country. New Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. They also have a healthy job market and a concentration of industries that tend to pay higher wages. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. 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. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. 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. 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. 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. 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 millionaires. These are the richest cities As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. 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. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. The fastest-growing city in each state. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. 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. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. New York City is home to a number of high paying industries most famously finance. 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. 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, > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. McLean has a low poverty rate (2.7 percent) and a high median home value ($1,031,200 in 2019 and $1,226,956 in 2022, according to Zillow) and has been home to many high-ranking public officials, including President Joseph R. Biden, Jr. and First Lady Dr. Jill Biden. 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. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 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. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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 annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. 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! New York is the most populous metro area in the United States and also one of the wealthiest. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. High incomes are also reflected in the metro area's property values. Here are 30 great U.S. cities for older Americans, Want to be a high earner? 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. 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. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. More:Thinking about where to retire? Hawaii has a few well off cities, and Kapaa is no exception. Living in the city will cost you though. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. 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. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. 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? According to Zillow, homes in San Carlos cost around $2,400,000 as of 2022. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Nationwide, just 13.5% of all workers are employed in these sectors. 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