As of 2019, 30,970 people lived in Needham, with 76 percent of adults being highly educated with at least a bachelors degree. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. In these wealthy communities, the average household income ranged from #1 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. Moreover, while 28.8% of adults nationally had at least a bachelors degree, more than 70% of adults in nine of the 10 wealthiest cities did. Minneapolis-St. Paul-Bloomington, Minn.-Wis. The typical metro area home is worth $658,900 more than three times the value of the typical American home. 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%. Nationwide, just 13.5% of all workers are employed in these sectors. Athertons average household income was $443,403 in 2016, more than $50,000 higher than second-place Cherry Hills Village, Colorado. Nationally, just 48.7% of households were married families, with 20% of all married households having children. Higher education can open doors to higher paying jobs, and areas with more college-educated adults often have higher income levels. Residents of these wealthy communities work in a high-skill and high-paying position, and West University Place is no different. Moving from West to East, Americas second richest town is Scarsdale, New York, which is The second San Francisco suburb to make this list is Piedmont, which shares Alameda County with Oakland, located just a few miles away. Additionally, despite a high median income, relatively few area households are exceptionally wealthy. 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. 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. However, the Bay Areas high incomes are more than enough to offset the high cost of living. In eight cities on this list, the typical home is worth over half a million dollars. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. Lafayette sits to the east of Berkeley and touts notable wealth. 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. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. Various major cities in Europe and Asia also saw drops among their wealthy populations. Nationally, less than half of all households included a married couple. More:Teacher pay: States where educators are paid the most and least. 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. In Piedmont, a typical household earned $207,222. The metro area is one of seven in California to rank among the 25 wealthiest in the country. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. What's the best place to keep money you need to use soon? West Palm Beach, Florida ranked as one of the fastest growing cities for millionaires and a hot spot for their second homes. The typical Boulder household earns $74,615 a year compared to the $65,685 statewide median and the $57,617 median income nationwide. The 2022 median home value in the city is $2,895,125, according to Zillow. In the first half of 2022, they saw an increase of up to 20% in terms of their wealthy population. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Income Inequality is becoming the most important economic topic going into this election cycle. 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. Los Altos Hills is home to numerous tech billionaires includingSergey BrinandYuri Milner. Click to skip ahead and jump to the 10 richest cities in the United States. While 86% of adults nationally had at least a high school diploma, at least 97% of adults in the wealthiest city did. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. London, United Kingdom (272,400). One reason for Southlake's wealth? As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. Of adults living in Ridgewood, 76 percent hold a bachelors degree. From 2012 to 2022, the Florida city saw a millionaire growth rate of 90%. The prize for the highest Gini on our list goes to Greenwich, Connecticut, with its 0.65 reading, suggesting a much higher proportion of its residents wealth were in the hands of far fewer households. The typical household in the Boston metro area earns $82,380 a year, or nearly $25,000 more than the typical U.S. household income of $57,617. Although it was a 5.4% decline year-over-year, it's still well above thenational median price of $359,000. 6. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. University Park All Rights Reserved. What is the richest city in the US?Atherton, California. Average household income: $525,324.Scarsdale, New York.Hillsborough, California.Cherry Hills Village, Colorado.Los Altos Hills, California.Short Hills, New Jersey.Highland Park, Texas.Glencoe, Illinois. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. In the same year the region of Latin America and the Caribbean had over 100 billionaires (in USD).The countries with the most billionaires are: Brazil (65), Mexico (13), Chile (8), Peru The bucolic town of Los Altos Hills, California, climbed three spots to No. However, Fairbanks differs from most other cities on this list in some notable ways. Los Altos Hills, California. ALSO READ: The 20 Largest Privately Held Companies in America, 2. 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. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. The San Jose metro area is by far the wealthiest in the country. More:Is your city's population keeping pace? Median household income: $73,231 Households earning 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. In addition to its proximity to NYC, Westfield has attractions of its own, including Lenape Park, a 450-acre nature reserve. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. No East Coast metro area has a more affluent population than the greater D.C. area. Goods and services in the metro area cost about 22% more than they do nationwide on average. But even adjusting for the cost of living, Anchorage residents are still some of the wealthiest in the country. Just 1.9% of the areas labor force are out of work, the second lowest unemployment rate of any metro area nationwide and well below the 4.1% U.S. unemployment rate. Like Los Altos, Saratoga is another city in the greater San Jose area. The typical household in the metro area earns $71,897 a year, more than in any other metro area in New York state and well above the national median household income of $57,617. 84% of the families in the US have less wealth than the mean for the country. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. West Palm Beach also ranked as a top three city in the U.S. where millionaires are buying second homes. To calculate the median, you arrange the numbers from lowest to highest and select the middlemost value. 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: The 20 Largest Private Companies in America. Here are 30 great U.S. cities for older Americans 20. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. The typical San Francisco area household earns $96,677 annually. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. The wealth distribution in America is incredible for all the wrong reasons. At one point or another, Dolly Parton, Taylor Swift, Keith Urban, Sheryl Crow, and Eli Manning have all called the upscale city home. The city boasts a population in which 69.7 percent of adult residents have at least a bachelors degree. Half of all households in Vallejo-Fairfield earn at least $73,900 a year. Housing is a significant component of the areas high cost of living. 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, Why that is, I will explain later on in the methodology section. Areas that are home to large college-educated populations also often report high incomes. The wealthiest 1% of Americans hold an amazing 40% of all wealth. The city had a median home value of $781,000, far above a median of $176,700 nationwide. In San Francisco, just 2.7% of the labor force is unemployed, one of the lowest jobless rates in the country. Effectively every adult had at least a high school diploma, and 86.5% had at least a bachelors degree compared to 28.8% of American adults. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. 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. 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