Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. Until after World War II, Dix Hills was largely a farming area. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. In 17 of the 25 cities on this list, the March jobless rate was equal to or lower than the U.S. figure. Goods and services cost 25% more in Urban Honolulu than they do nationwide on average. 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. According to Zillow, the typical home value in University Park is $1,792,211, with particular demand rising between 2020 and 2022. 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. This type of inequality does not occur overnight. The March 2018 unemployment rate in the United States was 4.1%. Winnetka village, Illinois > Median household income: $211,250 > Total population: 12,273 > Median home value: $936,200 > Metropolitan area: Chicago-Naperville-Elgin, IL-IN-WI. 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. In the United States, 31.3% of adults have a bachelors degree or higher. 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. High concentrations of high incomes are often found in regions with extreme income inequality. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. Median salary in the city in 2019 in USD: 83,626, Median salary in the city in 2018 in USD: 78,978. Hearst Magazine Media, Inc. All Rights Reserved. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Three other western Chicago suburbs made the top 100: Burr Ridge, Oak Brook and Hinsdale. As of 2022, the median home value is listed at $1,277,815, according to Zillow. In nearby Garfield, New Jersey, 18.7% of adults had a bachelors degree. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. 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. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. More than 30,000 people lived there as of 2019, with 68.3 percent of adults holding a bachelors degree. The region is home to several higher education institutions including North Carolina State University. Japan's capital Tokyo ranked second with 304,900 wealthy individuals. The typical area household earns $76,254 a year, or about $18,600 more than the typical American household. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. The wealthiest cities in the country also tend be geographically concentrated. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. Considering this city has its very own television show centered around wealthThe Real Housewives of Potomacits no surprise that its one of the richest places in America. The richest communities in America for years have been in Silicon Valley and the New York City area. Of adults living in Ridgewood, 76 percent hold a bachelors degree. Median salary in the city in 2019 in USD: 86,652, Median salary in the city in 2018 in USD: 84,395. 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. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. A number of the wealthiest metropolitan areas in the country can be found on the West Coast, and nearly all of these in California. High incomes are also reflected in the metro area's property values. Its situated below the southwestern shore of San Francisco Bay. Why Is Marie Antoinette Everywhere Again? The typical household in New Jersey earns $76,126 a year, or about $18,500 more than the typical American household and the third highest state median household income after only Maryland and Alaska. Wise up with top We found the 50 richest places in the country received $350 million in bailouts. 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. How the National Trust Is Changing America. This is why we selected the median salary. With more than half of all households in the metro area earning at least $75,000 a year, Napa, Calif., is one of the wealthiest metro areas in the United States. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. The bucolic town of Los Altos Hills, California, climbed three spots to No. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Areas with high median household incomes tend to consist of more married families than elsewhere in the country. Some 10.9% of the metro area workforce are employed in finance, insurance, and real estate, nearly the highest concentration of any metro area. More:Is your city's population keeping pace? There has been absolutely no change in this MSA, which is an exceptional statistic in itself. 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 report finds that around 4% of New York's 8.38 million citizens own investable assets property, cash or stocks worth over $1 million. Typically, moves by the wealthy within the U.S. "are related to finding better business opportunities in another city/state. Only the San Francisco Bay Area, Singapore and Houston saw growth. Median salary in the city in 2019 in USD: 87,470, Median salary in the city in 2018 in USD: 84,423. More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. 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. 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. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. 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%. Scarsdale, located in the famously-affluent Westchester County, tops this list with an annual median household income close to four and a half times the national median income of $53,046. 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. This abandoned high school was converted into a 31-unit apartment building, Hewlett-Packard Enterprise relocating to Houston. 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. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. Over 2.7 million people live in the MSA, which has seen a strong decrease in the salary over the previous year. Brentwood, a suburb of Nashville, makes the list too. What survivorship bias means is that we tend to focus on the success stories i.e. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. An 85-year Harvard study found the No. 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. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. Nearly 500,000 people reside in this MSA, and enjoy a relatively high standard of living, afforded by a high median income. where the concentration of wealthiest cities is the densest). Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. 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. Median salary in the city in 2019 in USD: 85,152, Median salary in the city in 2018 in USD: 85,152. Dix Hills is in the greater Huntington area in Long Island, New York. 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. This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. In 12 metro areas on this list, over 40% of adults have at least a bachelors degree. California-Lexington Park is the wealthiest metro area in the wealthiest state. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. 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. Industry composition of these towns is also from the ACS. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. It is a rural place to live but is only a little over an hour away from both Manhattan and the Hamptons, so its a great central location for commuters and beach lovers alike. A Division of NBC Universal. 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.). ALSO READ: 9 Oil and Gas Stocks Analysts Want You to Buy Now, 5. Among the largest movers on the list was Highland Park, Texas, which moved up to No. The wealth of the top 1% was 30% then, still a lot, but at least 10% below what it is now. The disparities are often especially apparent in major cities, where great wealth can exist alongside abject poverty. The wealthiest 1% of Americans hold an amazing 40% of all wealth. To identify the richest cities in America, 24/7 Wall Street reviewed data from the U.S. Census Bureaus 2016 American Community Survey. University Park, Texas. 4. Urban Honolulu is the wealthiest of Hawaiis two metro areas, and one of the wealthiest cities in the country. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. The area's high median income is partially attributable to a strong job market. 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. 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. 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. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Like Los Altos, Saratoga is another city in the greater San Jose area. 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