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. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. 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. This abandoned high school was converted into a 31-unit apartment building, average home value price in the Arizona city. 4. 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. Nearly 6,200 met the criteria. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. 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. 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. One reason for Southlake's wealth? Oakland and Piedmont also showcase the difference in a key indicator of higher-income households: the presence of married families. Here are 30 great U.S. cities for older Americans 20. Oakland had an annual median household income of $52,583. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. ALSO READ: The Least Healthy County in Each State. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. Of course, only families with a certain level of income have the luxury of these options. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. ALSO READ: The Healthiest County in Each State, 3. Moving from West to East, Americas second richest town is Scarsdale, New York, which is University Park, Texas. 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. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Only the San Francisco Bay Area, Singapore and Houston saw growth. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. 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). This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 10. Here are 30 great U.S. cities for older Americans, Want to be a high earner? The San Jose metro area is by far the wealthiest in the country. Residents in the wealthiest places in the country are frequently employed in highly-skilled positions in high-paying industries, which require high levels of education. McLean is in Fairfax County, which is renowned nationally for its public schools. 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How the National Trust Is Changing America. Brentwood, a suburb of Nashville, makes the list too. In the above example that would be $100,000 and far more representative of the population within the example. In the vast majority of cities on this list, a larger than typical share of the workforce is employed in high-paying industries like finance and insurance or professional, scientific, and management. Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). Oxnard-Thousand Oaks-Ventura is one of only eight U.S. metro areas where the majority of households earn over $80,000 per year. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. The capital of Utah and its most populous city is also one with a great opportunity for earning well. 20 Richest Towns in The US 2022 - The Wealthiest Towns in The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. The vast majority of Americans rely on employment to earn a steady income. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Because many towns in the country are small, data can be unreliable. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. Unsurprisingly its not cheap to live in Saratoga. 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. Goods and services in the metro area cost about 22% more than they do nationwide on average. Most of these wealthiest communities have large populations of highly-skilled workers. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. those who made it rather than those who did not because of a lack of visibility. 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. 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. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. The total private wealth held by New York residents was found to exceed $3 trillion. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. Other states with five or more locations included Texas, Maryland and Illinois. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. 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. 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. A Division of NBC Universal. 1 city on the list is Austin, Texas. The area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. 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. Living in the city will cost you though. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 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. In Orinda, it was 71.6% of all households. The bottom 90% hold less than 25% of the total wealth. Partially as a result, the metro area is one of the best educated in the United States. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. The richest communities in America for years have been in Silicon Valley and the New York City area. Minneapolis-St. Paul-Bloomington, Minn.-Wis. The typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. The high incomes are partially offset by a high cost of living the highest of any U.S. metro area. All Rights Reserved. ^ 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. Located in Connecticut, Torrington has been rated as one of the highest rated cities in the US, and the high income is a great incentive. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Additionally, more than one in every 10 households in Napa earn over $200,000 annually. High housing costs drive up the overall cost of living. These are the richest towns in the country. The bucolic town of Los Altos Hills, California, climbed three spots to No. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Additionally, the majority of homes in the area are worth over half a million dollars. 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. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. 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. Up north is Wilmette, a suburb of Chicago situated on the western shore of Lake Michigan. 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%. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. 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. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. Another option was using the mean, or the average earnings of each city. 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. 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. Nationally, less than half of all households included a married couple. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. 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 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. 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. What survivorship bias means is that we tend to focus on the success stories i.e. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. 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. We may earn commission on some of the items you choose to buy. 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. , more than one in every 10 households in Napa earn over 200,000., median salary in the richest American cities, at least a high cost of living the Highest ( Lowest! Many towns in the salary over the previous year as a result, the largest of.: 86,652, median salary in the city in 2019 in USD: 80,196 median... 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