Over the years, Austin has emerged as a tech hub. The March 2018 unemployment rate in the United States was 4.1%. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. The wealthiest 1% of Americans hold an amazing 40% of all wealth. 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. New York is the most populous metro area in the United States and also one of the wealthiest. The most prosperous metro areas in the country often have relatively strong job markets, as evidenced by low unemployment. If we had taken this ranking as a metric, New York would have been top as it has the most millionaires in not just US, but the entire world. those who made it rather than those who did not because of a lack of visibility. 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. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. 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 region is home to several higher education institutions including North Carolina State University. 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. 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. 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. Median salary in the city in 2019 in USD: 83,698, Median salary in the city in 2018 in USD: 79,578. The report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. 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. And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. This trend is especially common in the tech sector, with Oracle and Tesla moving from California to Austin, and Hewlett-Packard Enterprise relocating to Houston earlier this year. It has been home to many notable people, including John and Alice Coltrane. Los Altos Hills is a Silicon In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. West Palm Beach, Florida, ranked second on the list. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. As of 2022, the median home value is listed at $1,277,815, according to Zillow. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. This city has seen a major increase in median salary over the past year, improving its ranking significantly. Its situated below the southwestern shore of San Francisco Bay. 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. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). Of course, such high-paying jobs often require higher education and skill levels. Of course, only families with a certain level of income have the luxury of these options. While these stories are told to everyone to show how America gives everyone equal opportunity, and success only depends on hard work, this theme falls afoul of the fallacy known as the survivorship bias. A Division of NBC Universal. The absolute extremes of wealth and poverty are often found in the same area. Still, data can be subject to sampling issues. The richest counties in the U.S. are found about where one would expect. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. Whereas Saratoga is located below Los Altos, San Carlos is a touch above, situated on the western shore of San Francisco Bay. 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). Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. 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. In the United States, 31.3% of adults have a bachelors degree or higher. Being near a major metropolitan area does not guarantee an affluent community. Los Altoswhich means The Heights in Spanishis on the western border of Silicon Valley, located in the San Francisco Bay area. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. Correction: This article has been updated to correct the number of millionaires who live in New York City. Also, safety concerns and taxation are major drivers," Amoils said. 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%. High concentrations of high incomes are often found in regions with extreme income inequality. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. Housing is a significant component of the areas high cost of living. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. What survivorship bias means is that we tend to focus on the success stories i.e. The total private wealth held by New York residents was found to exceed $3 trillion. The bottom 90% hold less than 25% of the total wealth. The town ofsix square miles is near Palo Alto, Stanford University and Menlo Park, the home of Facebook and other tech ventures. In that sense, its a bedroom community for the nations capital. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. 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. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. ALSO READ: The 20 Largest Private Companies in America. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. Here are 30 great U.S. cities for older Americans 20. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. Many major cities fell in the rankings or saw a significant reduction of ultra-wealthy people living there. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. According to Zillow, the average cost of a home in Southlake steadily increased from 2013 to 2019 before shooting up in the past three years. The Boston metro area is home to a number of higher education institutions including Boston University, Harvard University, and Northeastern University which awarded over 100,000 degrees in 2015 alone. Glen Ridge borough, New Jersey > Median household income: $167,101 > Total population: 7,561 > Median home value: $581,400 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. Nearly 40% of households in the borough of Glen Ridge reported incomes of at least $200,000, compared to just 4.8% of households nationwide. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. San Francisco Bay Area, U.S. (276,400), 4. More:Which town in your state is the poorest? 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. Nationwide, just 13.5% of all workers are employed in these sectors. Only the San Francisco Bay Area, Singapore and Houston saw growth. For most residents, high incomes are necessary to afford the areas high cost of living. Click to skip ahead and jump to the 10 richest cities in the United States. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. How this 39-year-old earns $26,000 a year in California. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. 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. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. This table includes only zip In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru 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. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. While that may seem quite high, its surprisingly ranked only 57th of the 1,775 cities evaluated. However, Fairbanks differs from most other cities on this list in some notable ways. Hearst Magazine Media, Inc. All Rights Reserved. Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Dix Hills is in the greater Huntington area in Long Island, New York. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. The bucolic town of Los Altos Hills, California, climbed three spots to No. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. The greater San Jose area isnt the only place where affluence is centered in California though. 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. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. Living in the city will cost you though. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. Ask a Fool, As Trump blasts illegal immigrants, video captures man's N.Y. rant about Spanish speakers, Which town in your state is the poorest? The median home value is $2.06 million. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). Now the typical home value in Southlake is $1,047,548. First, a high rate of two earners per household raises the median household income. Income inequality is a growing problem in the United States. These two cities are a model case of income disparity in small geographic areas. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. This situation has worsened considerably in 2020. 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. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. 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 area also ranks among the wealthiest in the nation. 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. 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