Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. California has relatively high salaries and a high cost of living, and San Diego is not an exception to either. The region is home to several higher education institutions including North Carolina State University. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. Displayed are the top 100. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Hartfords median income is bolstered by high paying industries. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 30 Richest Cities in the United States is originally published on Insider Monkey. 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. 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. 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. Tech industry jobs tend to pay relatively well, and the greater Seattle area hosts the operations of some of the largest tech companies in the world. In Winnetka, however, the median home value was $936,200. The bucolic town of Los Altos Hills, California, climbed three spots to No. 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. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Among the largest movers on the list was Highland Park, Texas, which moved up to No. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. 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. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. The bottom 90% hold less than 25% of the total wealth. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. One of the most impactful components of cost of living is housing costs. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. Housing costs drive up the cost of living considerably. Unsurprisingly its not cheap to live in Saratoga. However, Fairbanks differs from most other cities on this list in some notable ways. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. 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. 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. Like Los Altos, Saratoga is another city in the greater San Jose area. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. Amazon, Microsoft, Facebook, and Google all are major area employers. Its also saturated with celebrity homes. Lafayette sits to the east of Berkeley and touts notable wealth. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. 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. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. High-income areas often have a high cost of living, and Santa Cruz-Watsonville is one of the most expensive places to live in the United States. 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? 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. These two cities are a model case of income disparity in small geographic areas. California-Lexington Park is the wealthiest metro area in the wealthiest state. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. In the United States, 31.3% of adults have a bachelors degree or higher. 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. 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. More:Want to be a high earner? Here is the list. 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. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. 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. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. The richest communities in America for years have been in Silicon Valley and the New York City area. Remarkably, that's more than the total private wealth held in most major G-20 countries. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. According to Zillow, the 2022 median home value is $1,112,584. Just 26.1% of area adults have a bachelors degree, below both the 31.3% college attainment rate nationwide and the 39.3% rate statewide. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. 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. 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. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. These are the richest towns in the country. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. In eight cities on this list, the typical home is worth over half a million dollars. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. 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. About 63,000 people lived there as of 2019, and of the adult population 85.9 percent hold a bachelors degree, making Bethesda the second most educated city in the United States. ALSO READ: Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More. 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. ALSO READ: The 20 Largest Privately Held Companies in America, 2. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. 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. At least 30% of married couples in all of these areas had children as well. It has been home to many notable people, including John and Alice Coltrane. No East Coast metro area has a more affluent population than the greater D.C. area. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Its average household income of $219,654 paired with a low Gini indicates the majority of households are similarly well-off. 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. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Analyst Says Bull Market Will Not End With Top Tech Stocks So Cheap, 10 Reasons Why Everything in the World Is About to Change, 11 Analyst Stocks Under $10 With Massive Upside Targets, Top Analyst Upgrades and Downgrades: AOL, Cisco, Etsy, GoDaddy, MannKind, Virtu, Caterpillar, Nokia and More, Bakken Formation Still Has 6 Billion Barrels of Oil, 9 Oil and Gas Stocks Analysts Want You to Buy Now, The 20 Largest Privately Held Companies in America, 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. A Division of NBC Universal. 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. University Park 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 Santa Rosa metro area in northern California is one of the most expensive places to live in the country. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. where the concentration of wealthiest cities is the densest). Areas with high median household incomes tend to consist of more married families than elsewhere in the country. To put it another way, the purchasing power of a dollar compared to the U.S. average is $1.13 in Birmingham and $0.79 in San Jose. It Includes Palm Beach island and the town of West Palm Beach. A Division of NBC Universal. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. A handful of Midwest and Southwest areas made the top 20. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. Other states with five or more locations included Texas, Maryland and Illinois. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. Most of these wealthiest communities have large populations of highly-skilled workers. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Why that is, I will explain later on in the methodology section. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. Source: Bloomberg analysis of data by the U.S. Census Bureau. Nationally, 15.4% of the population lived below the poverty line. We found the 50 richest places in the country received $350 million in bailouts. 1 city on the list is Austin, Texas. .css-1grzdcz{display:block;font-family:AvenirBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-1grzdcz:hover{color:link-hover;}}@media(max-width: 48rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-1grzdcz{line-height:1.2;}}@media(min-width: 48rem){.css-1grzdcz{font-size:1.23488rem;line-height:1.3;margin-bottom:0rem;}}@media(min-width: 64rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.3;margin-bottom:-0.5rem;}}The World's 10 Most Expensive Paintings, 9 Beautiful Tables from the 2023 Orchid Dinner, Yoko Ono Is Moving to a Farm in Upstate New York, 6 Auction Etiquette Tips Everyone Should Know, Inside the Mansion from Netflix's Outer Banks, Queen Elizabeth Inspired Kate's Opera Gloves, Kate Middleton's Most Iconic Jewelry Moments, Queen Consort Camilla Has Selected Her Crown. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. 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. As is the case in most high income areas, Trenton is home to a large college-educated population. 1. 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. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have 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. More than half the top 100 richest places in America were either in the New York City area or California. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. The cost of living across California as a whole is about 13% higher than average. Until after World War II, Dix Hills was largely a farming area. Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in Zambia, and Luanda in Angola are in the lead. 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. 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. 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. 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. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Additionally the city has one of the lowest median home values (of the richest cities, that is), listed at $797,480 in 2022, according to Zillow. 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. After world War II, Dix Hills was largely a farming area I will explain later on the... Methodology section additionally the city in 2019 in USD: 82,917 goods and services in Kahului-Wailuku-Lahaina are about 7 more., making it the second highest after Los Altos Hills, California they saw an increase of up 20. 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