We may earn commission on some of the items you choose to buy. 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. Lafayette sits to the east of Berkeley and touts notable wealth. 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. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. In that sense, its a bedroom community for the nations capital. 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. In comparison, just 6.4% of all American households earn $200,000 or more per year. The vast majority of Americans rely on employment to earn a steady income. Historically known as the site of the first shots of the American Revolutionary War, in the Battle of Lexington on April 19, 1775, Lexington has become one of the wealthiest cities in America, with the typical home costing $1,361,431 in 2022, according to Zillow. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. 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. 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, Housing expenses are notably high, as the typical home value of just under $800,000 is about four times the U.S. median home value. Essex Fells borough, New Jersey > Median household income: $171,681 > Total population: 2,115 > Median home value: $820,800 > Metropolitan area: New York-Newark-Jersey City, NY-NJ-PA. 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 While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. London, United Kingdom (272,400). Maryland is the wealthiest state in the country. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. Now the Midwest is starting to make some noise. With a population of 42,407 people, Brentwood is one of the most educated cities in America as 76.1 percent of adults living there hold a bachelors degree. The top 10 wealthiest cities in America. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. In three, over half of the adult population has a four-year college degree. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. As is the case in most high income areas, Trenton is home to a large college-educated population. Billionaires Row is part of Manhattan and is just a short stroll from Central Park. Cost of living by metro area, or regional price parity, is for 2015 and came from the Bureau of Economic Analysis. Additionally, these cities have become prime retirement destinations, Andrew Amoils, head of research at wealth intelligence firm New World Wealth, who collaborated on the report with Henley & Partners, told CNBC. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. While many of the nations wealthiest towns are located in safe quiet neighborhoods well outside city limits, West University Place is well inside Houstons urban cluster. Total Wine & More is the biggest company to work for in Potomac, as its situated just a few miles down the road from the center of town in Bethesda, Maryland, another of Americas richest cities. We found the 50 richest places in the country received $350 million in bailouts. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. Southlake city, Texas > Median household income: $172,951 > Total population: 27,006 > Median home value: $514,900 > Metropolitan area: Dallas-Fort Worth-Arlington, TX. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. One of the most impactful components of cost of living is housing costs. Austin, Miami, West Palm Beach and Greenwich are other U.S. cities that have seen a major year-to-date increase in wealthy people. McLean is in Fairfax County, which is renowned nationally for its public schools. Los Altos Hills is a Silicon The bucolic town of Los Altos Hills, California, climbed three spots to No. 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. Displayed are the top 100. 25% of the total families in US don't even have $10,000. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. those who made it rather than those who did not because of a lack of visibility. The education levels in these communities are especially high. The number drops significantly to 15,470 when assessing those who have more than $10 million in assets. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. ALSO READ: The 20 Largest Private Companies in America. Another suburb of Boston, Needham (which is located just below Wellesley) is a popular residence for folks looking to work in the city without having to live in it. 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. 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. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. The typical household in the metro area earns $73,929 a year, well above the national median household income of $57,617. Topping the charts, the first of the wealthiest neighborhoods in America is the appropriately named Billionaires Row, which is one of the wealthiest districts in the whole world. The total private wealth held by New York residents was found to exceed $3 trillion. These two cities are a model case of income disparity in small geographic areas. The region is home to several higher education institutions including North Carolina State University. Median salary in the city in 2019 in USD: 85,641, Median salary in the city in 2018 in USD: 79,478. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. 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. As is the case with most of the wealthy cities on this list, married families make up a much higher proportion of Orindas population. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. In the Minneapolis metro area, 40.5% of adults have a bachelors degree or higher, well above the 31.3% of American adults and the 34.8% of adults across the state with comparable education. In eight of the 10 wealthiest towns and cities, at least 70% of households consisted of a married couple. 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 area's high incomes are attributable to the presence of some of the most recognizable and innovative companies in the world. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. The No. More:What's the best place to keep money you need to use soon? It has been home to many notable people, including John and Alice Coltrane. The total private wealth held by New York residents was found to exceed $3 trillion. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. 1 city on the list is Austin, Texas. Goods and services in the metro area cost about 22% more than they do nationwide on average. More:Thinking about where to retire? Over 20% of the metro areas workforce are employed in the professional, scientific, and management industry, the second highest share of any metro area in the country. 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. Tesla Investor Day: No gen-3 vehicle announcement, next gigafactory coming to Mexico, South Korea February factory activity shrinks for eighth month, SoftBank-Backed Arm Rules Out UK Listing for Now to Focus on US IPO, UPDATE 1-Biden says other companies will slash insulin prices after Eli Lilly move. 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.). With a median household income of $240,248, Southlakes population earns shockingly more than the average American household, which posted a median income of $69,560 in 2019 (a 15.3 percent increase from the 2017 median of $60,336, which we had previously reported on). And three out of four area adults had at least a bachelors degree, compared with 28.8% of residents 25 or older nationwide. Web100 wealthiest cities (according to zip code) in the United States What are the wealthiest cities in the U.S.? 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. 1. In these wealthy communities, the average household income ranged from #1 Together, these two factorshigh college education and low poverty ratesare common among Americas richest cities (which will be apparent in the slides ahead). With an annual median household income of just under $165,000, more than three times the national figure, it ranks as the 10th-wealthiest community in the United States. 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. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. In Boulder, 60.6% of the adult population has a bachelors degree or higher, the largest share of any U.S. metro area. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. Nationwide, just 13.5% of all workers are employed in these sectors. 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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. 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. 6. Virtually the entire adult population of the town had at least a high school diploma compared to 86% of adults nationwide. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. The metro area around Colorados capital city is the second wealthiest in the state and 23rd wealthiest in the country. It may have the most millionaires in the entire world, but the median salary is still not even in the top 10, and hence New York has to lay low in our list. As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. 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