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. Some 46.9% of area adults have a bachelors degree or higher, compared to 31.3% of American adults. But this would only show the affluent and well off population, those who had actually attained success and not be representative of the entire city. 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. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. Brentwood, a suburb of Nashville, makes the list too. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. New York City is home to more rich people than any other city in the world, according to a new report by investment migration consultancy Henley & Partners. Bethesda is largely known for its proximity to the District of Columbia. 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. The rural community northwest of Washington sits along the Potomac River and is home to Bretton Woods Recreation Center, a country club for International Monetary Fund and World Bank staff. 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%. The area also ranks among the wealthiest in the nation. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Moving from West to East, First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. 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. In Winnetka, however, the median home value was $936,200. 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. The city had a median home value of $781,000, far above a median of $176,700 nationwide. They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. The total private wealth held by New York residents was found to exceed $3 trillion. 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. Why that is, I will explain later on in the methodology section. 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. The area's relative high concentration of a high-paying industries likely bolsters the area's incomes. West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. High-income areas often have a high cost of living, and Santa Cruz-Watsonville is one of the most expensive places to live in the United States. 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 typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. 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. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. High concentrations of high incomes are often found in regions with extreme income inequality. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. The wealthiest metropolitan areas are typically home to large college-educated populations. An 85-year Harvard study found the No. In three, over half of the adult population has a four-year college degree. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. London, United Kingdom (272,400). The median household income of $77,613 in Santa Cruz-Watsonville is the 12th highest of any metro area in the country and the fourth highest in California. While the median home value in the San Francisco metro area was just over $600,000, it was $973,600 in Orinda. A recent Bankrate report states that the median sale price for a home in Austin as of January 2023 was $530,000, according to Redfin data. Another city in Hawaii where the salary has decreased is Honolulu, which still has a quite high median income. 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. 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, The houses are quite notable, too, with median home values at $1,494,172 in 2022, according to Zillow. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. Over the years, Austin has emerged as a tech hub. Goods and services in the metro area are about 19% more expensive than they are nationwide on average. Nationally, less than half of all households included a married couple. 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 The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. 24/7 Wall Street reviewed income levels in 382 metropolitan areas to identify the 25 richest cities in America. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. As is the case in most high income areas, Trenton is home to a large college-educated population. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Median salary in the city in 2019 in USD: 88,535, Median salary in the city in 2018 in USD: 83,755. Areas with high incomes often also have high overall cost of living, and this is certainly the case in San Francisco. 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. Of adults residing in Westport, 78 percent hold a bachelors degree or higher. Scottsdale, Arizona, rounded out the top three fastest-growing cities in the U.S. for millionaires. The report said 623 have assets worth at least $100 million and 62 billionaires live in the city. In Orinda, it was 71.6% of all households. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. Incomes have been on the rise in the United States for the last several years, but of course income levels are not uniform nationwide. Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. Of adults living in Ridgewood, 76 percent hold a bachelors degree. 3. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. Another option was using the mean, or the average earnings of each city. Median salary in the city in 2018 in USD: 80,469. 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. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. According toSotheby's listings, homes are currently on sale in the area ranging from $1.9 million to $89 million. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. 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). 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). 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. And this isn't a common theme throughout history, it has actually increased significantly over time. 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. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. The While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. As of 2019, 30,697 residents called Saratoga home. Residents of Darnestown, Maryland, are most likely to sport similar paychecks, according to Bloombergs calculation of the Gini Indexa common measure of income distribution among a population. No East Coast metro area has a more affluent population than the greater D.C. area. 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 typical home in Boulder is worth $467,600, more than double the median home value nationwide of $205,000. How this 39-year-old earns $26,000 a year in California. Most wealthy metro areas are home to a relatively large share of college educated residents, but not California-Lexington Park. 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. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. The region is home to several higher education institutions including North Carolina State University. In some U.S. cities, however, more than half of all households earn well over $70,000 per year. Thanks to that influx, Austin has also become a growth market for luxury real estate, according to Henley and Partner's 2023 wealth report. The report links this to major American companies moving their headquarters to these cities. In the United States, 31.3% of adults have a bachelors degree or higher. Hartfords median income is bolstered by high paying industries. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Here are 30 great U.S. cities for older Americans 20. More:Despite overall sustained GDP growth in US, some cities still hit hard by extreme poverty. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Another way we looked at the data was to measure income disparity in each location. The fastest-growing city in each state, Teacher pay: States where educators are paid the most and least, Your California Privacy Rights/Privacy Policy. 1 city on the list is Austin, Texas. 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. Industry composition of these towns is also from the ACS. Its also where you find the longest-running polo club in the United States, Meadow Brook Polo Club. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. Using data from New World Wealth a wealth intelligence firm that tracks 150,000 of the worlds wealthiest individuals and property records the report identifies 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. Keep reading to find out more about the richest cities in the U.S. A suburb of Dallas/Fort Worth, Southlake had an estimated population of 31,292 people as of 2019, with 69.7 percent of adults holding at least a bachelors degree. In Scarsdale, the median home was valued at more than $1,000,000. The average in Clarendon Hills, Illinois, about 25 miles west of downtown Chicago, jumped 15 percent in 2016 from the prior year to break into the top 100 for the first time with a tally of $199,325. Housing is a significant component of the areas high cost of living. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Correction: This article has been updated to correct the number of millionaires who live in New York City. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. The cost of living across California as a whole is about 13% higher than average. At least 30% of married couples in all of these areas had children as well. Maryland is the wealthiest state in the country. While it is a comparatively small town in Massachusetts, it has a high standard of living, because of the high income for its residents. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. 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. Los Altos Hills, California. 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. The absolute extremes of wealth and poverty are often found in the same area. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. 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