So let's take a look at the cities where you are more than likely to be well off, rather than not, starting with number 30: Median salary in the city in 2019 in USD: 79,251, Median salary in the city in 2018 in USD: 76,653. One of the most impactful components of cost of living is housing costs. According to the report, the Texas city saw a millionaire growth rate of 102% from 2012 to 2022. Another factor to consider is that overall wealth has declined in 2022, Amoils said in a paper released alongside the report. Hawaii has a few well off cities, and Kapaa is no exception. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Average household income excluded households without any type of income. 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). 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. where the concentration of wealthiest cities is the densest). Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. In the United States, 31.3% of adults have a bachelors degree or higher. They work in finance positions in New York City or Chicago, or in scientific or other professional careers in the San Francisco Bay Area. The greater San Jose area isnt the only place where affluence is centered in California though. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. 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. University Park Other states with five or more locations included Texas, Maryland and Illinois. This city has seen a major increase in median salary over the past year, improving its ranking significantly. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. The area's high incomes, however, are largely offset by a high cost of living. The median household income in a given city is closely tied to several factors. More:What's the best place to keep money you need to use soon? High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. 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. 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. More than half the top 100 richest places in America were either in the New York City area or California. Only the San Francisco Bay Area, Singapore and Houston saw growth. ALSO READ: The States With the Highest (and Lowest) Obesity Rates, 7. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. More:Thinking about where to retire? "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. Partially as a result, the metro area is one of the best educated in the United States. The mean, or the average, would be $1.09 million even though 9 out of 10 people would be earning just a tenth of that. Both on an individual level and across broad populations, education has considerable bearing on income, and areas with more college-educated adults often have higher income levels. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. 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. 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). Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. We identified the 25 U.S. metropolitan statistical areas with the highest median household incomes. ALSO READ: The 20 Largest Private Companies in America. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median income. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. Oakland had an annual median household income of $52,583. 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. The wealth distribution in America is incredible for all the wrong reasons. 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. According to Zillow, the typical home value as of 2022 is $3,742,407, making it the second highest after Los Altos. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. Median salary in the city in 2019 in USD: 81,195, Median salary in the city in 2018 in USD: 76,043. The city is one of the most highly-educated communities in the country. More:Which town in your state is the poorest? Los Altos Hills is a Silicon Los Angeles, Chicago and Houston are the other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively. Of course, the citys homes arent too shabby either, with typical values around $1,800,000 in 2022, according to Zillow. 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. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. 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. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. All Rights Reserved. The report links this to major American companies moving their headquarters to these cities. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. 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. Of course, such high-paying jobs often require higher education and skill levels. 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. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. London, United Kingdom (272,400). Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. More:Is your city's population keeping pace? Hearst Magazine Media, Inc. All Rights Reserved. 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 that sense, its a bedroom community for the nations capital. 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. 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. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The education levels in these communities are especially high. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. The areas median income is bolstered by one of the lowest jobless rates in the country. 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. Web^ Including the Belgian municipalities of Lanaken, Riemst and Maasmechelen to the west and Vis to the south. 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. Top 5 fastest-growing U.S. cities for millionaires Austin, Texas West Palm Beach, Florida Scottsdale, Arizona Miami, Florida Greenwich and Darien, Connecticut The No. In eight cities on this list, the typical home is worth over half a million dollars. Source: Bloomberg analysis of data by the U.S. Census Bureau. These places are havens for the nations elite, where median home values can exceed $1 million and large proportions of the households earn at least $200,000 annually. As of 2022, the median home value is listed at $1,277,815, according to Zillow. This is why we selected the median salary. 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. This drop was mainly due to the poor performance of major stock market indices," he said. 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. Here are 30 great U.S. cities for older Americans, Want to be a high earner? Living in the city will cost you though. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. Median salary in the city in 2019 in USD: 82,650, Median salary in the city in 2018 in USD: 80,747. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. PalmBeach, Floridahome of President Donald Trumps Mar-a-Lago country clubranked second. Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. The MSA makes our list of richest cities in the US, crossing the $85,000 threshold. Its situated below the southwestern shore of San Francisco Bay. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Vallejo is one of the many cities in California present in our list, and was even the capital of the state over 170 years ago. All Rights Reserved. Of course, that is still several hundred thousand dollars above the national median home value of $176,700. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. High housing costs drive up the overall cost of living. Essex Fells is a very small community with a population of 2,115. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Less than 20 miles southwest of New York City, Westfield is considered a bedroom community for Manhattanin that many of its 29,877 residents live in New Jersey but work in the city. It Includes Palm Beach island and the town of West Palm Beach. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. Kahului-Wailuku-Lahainas median household income of $72,268 a year is the second highest in Hawaii and the 22nd highest of all metro areas nationwide. 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. ALSO READ: The Healthiest County in Each State, 3. Among the largest movers on the list was Highland Park, Texas, which moved up to No. The area's high incomes may be necessary as a dollar spent there does not go as far as it does in the United States as a whole. The top 10 wealthiest cities in America. Just 4.3% of households in Fairbanks earn $200,000 or more per year compared to 6.4% of households nationwide. Now the typical home value in Southlake is $1,047,548. University Park is best known for being home to Southern Methodist University, a nationally ranked private university in the suburbs of Dallas. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. 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