The top 10 wealthiest cities in America. How the National Trust Is Changing America. Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. For the second year since Bloomberg started to compile the Richest 100, the nations top spot is Atherton, California. More:Which town in your state is the poorest? 30 Richest Cities in the United States is originally published on Insider Monkey. 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. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. The San Francisco Bay Area which includes Silicon Valley rounds out the top three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are multi-millionaires. 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. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. According to the report, in December 2022, West Palm Beach was home to 9,400 millionaires, 64 centi-millionaires, and six billionaires. Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Nicknamed The Insurance Capital of the World, Hartford is home to some of the largest health insurance companies by revenue, including Aetna and Cigna. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Additionally the city boasts the 11th lowest poverty rate, at just 2.5 percent. 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. 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). 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. 3. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. In comparison, just 6.4% of all American households earn $200,000 or more per year. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. Some 16.9% of metro area workers are employed in the professional, scientificand management sector, a larger share than in all but five other metro areas nationwide. Living in the city will cost you though. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. 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 High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. According to the U.S. Census Bureau, the typical American household earns $57,617 per year. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Napa's wealth is underscored by the relative scarcity of serious financial hardship. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. For this reason, all data used are five-year estimates for the period 2009-2013. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. Like Los Altos, Saratoga is another city in the greater San Jose area. .css-1grzdcz{display:block;font-family:AvenirBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-1grzdcz:hover{color:link-hover;}}@media(max-width: 48rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-1grzdcz{line-height:1.2;}}@media(min-width: 48rem){.css-1grzdcz{font-size:1.23488rem;line-height:1.3;margin-bottom:0rem;}}@media(min-width: 64rem){.css-1grzdcz{font-size:1.18581rem;line-height:1.3;margin-bottom:-0.5rem;}}The World's 10 Most Expensive Paintings, 9 Beautiful Tables from the 2023 Orchid Dinner, Yoko Ono Is Moving to a Farm in Upstate New York, 6 Auction Etiquette Tips Everyone Should Know, Inside the Mansion from Netflix's Outer Banks, Queen Elizabeth Inspired Kate's Opera Gloves, Kate Middleton's Most Iconic Jewelry Moments, Queen Consort Camilla Has Selected Her Crown. One reason for Southlake's wealth? The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. As is the case with most cities on this list, a large share of adults in Raleigh 47.2% have a bachelors degree. 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. Another option was using the mean, or the average earnings of each city. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. The areas median income is bolstered by one of the lowest jobless rates in the country. The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. (Thats not to say it shouldnt be addressed though.). In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. The total private wealth held by New York residents was found to exceed $3 trillion. Income inequality is a growing problem in the United States. Nationwide, 31.3% of American adults have a bachelors degree or higher. 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. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. 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. The typical area household earns $80,513 a year, more than the median income in all but six other U.S. cities. Cupertino is in Silicon Valley, west of San Jose, with Los Altos to the north and Saratoga to the south. The absolute extremes of wealth and poverty are often found in the same area. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. Click here to see the richest towns in America. 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. Correction: This article has been updated to correct the number of millionaires who live in New York City. This drop was mainly due to the poor performance of major stock market indices," he said. 9 from 14th the previous year as a zero state income tax and relatively low overall taxburdenmade it more attractive. At least 30% of married couples in all of these areas had children as well. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. The nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. Raleigh is by far the wealthiest metro area in North Carolina and the 25th wealthiest in the United States. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. However, the Bay Areas high incomes are more than enough to offset the high cost of living. Some of the regions largest employers include Adobe Systems, Apple, Intel, Lockheed Martin, and NASA. 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. WebThe list of Latin Americans by net worth is based on an annual assessment of wealth and assets compiled and published by Forbes Harshad shanthilal Mehta magazine in 2023. There is nearly no poverty in the borough, with an estimated 0.7% of the population living below the poverty line. The area also ranks among the wealthiest in the nation. 25 of America's highest paying jobs. ALSO READ: The 20 Largest Private Companies in America. The richest communities in America for years have been in Silicon Valley and the New York City area. 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. However, the county is also home to Bridgeport, one of the poorest cities in the United States. 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