While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. 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. The median household income in Trenton of $77,650 a year is about $1,500 more than the statewide median and $20,000 more than the national median. Of course, such high-paying jobs often require higher education and skill levels. The fastest-growing city in each state. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. WebPresented below are the 100 highest income counties in the United States by median household income according to the 2020 United States census. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. Industry composition of these towns is also from the ACS. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. The Income inequality is a growing problem in the United States. 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 What's the best place to keep money you need to use soon? These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. Only the San Francisco Bay Area, Singapore and Houston saw growth. 25% of the total families in US don't even have $10,000. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. The bottom 90% hold less than 25% of the total wealth. [3] Virginia has the most counties in the top 100 with 18. Here are 30 great U.S. cities for older Americans 20. Click to skip ahead and jump to the 10 richest cities in the United States. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. Area colleges and universities awarded 17,891 degrees in 2015 alone. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. The Chicago metropolitan area, where Winnetka is located, is not known for having a particularly expensive housing market -- the median home value there was just $206,300, 68th among large metro areas. Imagine if there are 10 people, where 9 people earn $100,000 and the tenth person earned $10 million. Here are 30 great U.S. cities for older Americans, Want to be a high earner? High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. 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, ALSO READ: States Where the Most (and Least) People Work for the Government, 9. As of 2022, the median home value is listed at $1,277,815, according to Zillow. New York City is home to a number of high paying industries most famously finance. Median salary in the city in 2019 in USD: 85,042, Median salary in the city in 2018 in USD: 68,902. 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. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. 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. Being near a major metropolitan area does not guarantee an affluent community. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. 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. Over one in four workers in the metro area are employed in either the information or the professional, scientific, and management industries. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Compared to New York, a much smaller proportion of them have assets worth over $10 million. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. The wealth distribution in America is incredible for all the wrong reasons. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. In Orinda, it was 71.6% of all households. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. For most residents, high incomes are necessary to afford the areas high cost of living. Some of the biggest companies with offices in the city include Roku, Sees Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley). Napa's wealth is underscored by the relative scarcity of serious financial hardship. 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. ALSO READ: The 20 Largest Privately Held Companies in America, 2. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. Housing is a significant component of the areas high cost of living. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Goods and services in the metro area are about 16% more expensive than they are on average nationwide. 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. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. One reason for Southlake's wealth? Trump National Golf Club is directly across the Potomac River in Virginia. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. 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%. Average household income: $405,073. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. The wealthiest 1% of Americans hold an amazing 40% of all wealth. This table includes only zip 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. 3. How this 39-year-old earns $26,000 a year in California. 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. Median salary in the city in 2019 in USD: 83,985, Median salary in the city in 2018 in USD: 79,079. Also, safety concerns and taxation are major drivers," Amoils said. Here is the list. McLean is in Fairfax County, which is renowned nationally for its public schools. What is the richest city in the US?Atherton, California. Average household income: $525,324.Scarsdale, New York.Hillsborough, California.Cherry Hills Village, Colorado.Los Altos Hills, California.Short Hills, New Jersey.Highland Park, Texas.Glencoe, Illinois. The absolute extremes of wealth and poverty are often found in the same area. 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. Yet, because we will follow anyone with a comparatively higher success rate than us, we still worship these people even as we don't know where our next paycheck will come from, while they worry about the size of the yacht they should be getting. Oakland had an annual median household income of $52,583. All Rights Reserved. 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! 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. 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. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. We found the 50 richest places in the country received $350 million in bailouts. And not just by a million or two. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. 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. New The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. 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. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. Most of these wealthiest communities have large populations of highly-skilled workers. Unsurprisingly its not cheap to live in Saratoga. 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. (Thats not to say it shouldnt be addressed though.). Fairbanks is the second wealthiest metro area in Alaska and the 13th wealthiest nationwide. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. It Includes Palm Beach island and the town of West Palm Beach. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Here are 30 great U.S. cities for older Americans. This is despite the fact that the vast majority comprises of those who have not made it, and that there are unique conditions that have led to success in these cases, including a huge amount of luck, which has no logical explanation behind it. 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. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. ALSO READ: The Healthiest County in Each State, 3. 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. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Major employers in the Denver metro area include defense contractors Lockheed Martin and Raytheon, financial services company Charles Schwab, several hospitals and health care providers, as well as technology companies like Oracle and Level 3 Communications. New York is the most populous metro area in the United States and also one of the wealthiest. Poverty rates, median home values, and educational attainment rates also came from the ACS. Nationwide, just 13.5% of all workers are employed in these sectors. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. A Division of NBC Universal. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. 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 area also ranks among the wealthiest in the nation. Ask a Fool, More:As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers. To calculate our rankings, we thought of several ways, including determining the richest cities by the number of millionaire or billionaires they had. 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