The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. 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. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Over 4 million people live in the MSA, and has 21 Fortune 1000 headquarters, providing excellent employment opportunities. Correction: This article has been updated to correct the number of millionaires who live in New York City. 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 The top 10 wealthiest cities in America. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. 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. Another way we looked at the data was to measure income disparity in each location. Newcomers to the list include three areas in suburban Chicago. 3. 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.). 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. Also, safety concerns and taxation are major drivers," Amoils said. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. This drop was mainly due to the poor performance of major stock market indices," he said. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. What's the best place to keep money you need to use soon? Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. And, as a fun fact, once upon a time F. Scott Fitzgerald lived in Westport, as did Martha Stewartboth of whom only add to the citys lavish appeal. 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. 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. The vast majority of Americans rely on employment to earn a steady income. 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. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. Displayed are the top 100. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. More:Teacher pay: States where educators are paid the most and least. Here is the list, Thinking about where to retire? In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. 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. ^ 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. As of 2019, 30,697 residents called Saratoga home. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. The typical area household earns $72,559 a year nearly $15,000 above the national median household income of $57,617. 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. We 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. 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. Median household income: $224,485. The city is one of the most highly-educated communities in the country. This situation has worsened considerably in 2020. Moving from West to East, Americas second richest town is Scarsdale, New York, which is Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. Nationally, less than half of all households included a married couple. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. The total private wealth held by New York residents was found to exceed $3 trillion. In Piedmont, a typical household earned $207,222. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. In Vallejo-Fairfield and the rest of California high incomes are partially offset by a high cost of living. 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. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. Seksan Mongkhonkhamsao | Moment | Getty Images. 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. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. This table includes only zip Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. In these wealthy communities, the average household income ranged from #1 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. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. 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. Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. 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. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Why Is Marie Antoinette Everywhere Again? Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. 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 the United States, 31.3% of adults have a bachelors degree or higher. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. 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. 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. In Winnetka, Illinois, the second wealthiest community, 88% of adults had at least a bachelors degree. Partially as a result, the metro area is one of the best educated in the United States. 25 of America's highest paying jobs. 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. Income Inequality is becoming the most important economic topic going into this election cycle. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. 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. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. 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. by PopulationAustin, TX 978,908Jacksonville, FL 911,507Fort Worth, TX 909,585Columbus, OH 898,553Charlotte, NC 885,708San Francisco, CA 881,549Indianapolis, IN 876,384Seattle, WA 753,675Denver, CO 727,211Washington, DC 705,749More items 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. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. More:Thinking about where to retire? In 2019, Apple invested $1 billion to build a new campus. Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. 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. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. 20 Richest Towns in The US 2022 - The Wealthiest Towns in Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. 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. The wealthiest cities in the country also tend be geographically concentrated. Darnestowns Gini coefficient is 0.37, the lowest of all 100 places. Housing costs drive up the cost of living considerably. 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. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. The San Jose metro area is by far the wealthiest in the country. What survivorship bias means is that we tend to focus on the success stories i.e. Here are 30 great U.S. cities for older Americans 20. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. 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%. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. The city had a median home value of $781,000, far above a median of $176,700 nationwide. 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. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. Another interesting fact about the city? Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. 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. A Division of NBC Universal. The greater San Jose area isnt the only place where affluence is centered in California though. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. Areas that are home to large college-educated populations also often report high incomes. 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