Median household income: $92,052 (state: $47,942), Poverty rate: 3.6% (state: 19.4%), Median home value: $234,500 (state: $157,800). Not all parts of the state are low income, however. The Beehive State isn't as tax-friendly as it used to be (opens in new tab). Real estate taxes are among the highest in the country, and the state has not only a luxury tax, but the country's only gift tax. By Jeff Reeves For the fourth year in a row, the suburb of Atherton, California topped Bloomberg's annual Richest Places Index. Median household income: $117,300 (state: $59,209), Poverty rate: 3.5% (state: 11.9%), Median home value: $373,200 (state: $173,600). Median Home Value: $288,200. Billionaires say to be successful, do these simple things every day. tech stocks Here are nine of the best stocks for rising interest rates. One whistleblower estimated it at $200 billion. He's also written for Esquire magazine's Dubious Achievements Awards. Another attractive aspect of the area is that the City of Lebanon operates Storrs Hill, a 20-acre ski area that hosts three ski trails, two ski jumps, a surface lift and ski lodge. Unfortunately, some of the other state and local taxes aren't quite so taxpayer-friendly. Located in Washington County, Arkansas, the small town of Goshen is considered to be the wealthiest in the state. All of the wealthiest neighborhoods in America on Bloomberg's Richest Places Index have average household incomes over $300,000. The Mount Washington weather station, With only 3.53% of residents out of work, and the average household bringing in $79,133 a year, Utah is quite the rich place. Not only is there no state income tax, but the government actually pays residents an annual stipend. Wanna be a billionaire? While many of the highest paying jobs tend to concentrate near large population centers, there are also smaller towns that are very prosperous. . While Silicon Valley and the New York metro area make up a big chunk of this list, the richest people in America also take up residences in Arizona, Florida, Colorado and Virginia. We added hundreds of new lists - see our top 101 city lists. Here is the list of top 14 wealthiest towns in America as of March 2023 1. The downside? The states with the highest number of the richest cities are California with 23, New Jersey with 18, and New York with 13. Median household income: $88,199 (state: $63,296), Poverty rate: 5.3% (state: 13.1%), Median home value: $251,300 (state: $249,800). Millionaires building second homes in the Steamboat Springs area have done more to push up house prices than wages. Atherton, CA- Average household income - $450,696. It also helps that New Hampshire is a relatively tax-friendly state (opens in new tab). Major employers in the area include Amazon, Boeing, and Microsoft. 2020 At 9:44 pm. We only considered areas with populations between 1,000 and 25,000. Groceries alone cost almost 40% more than the U.S. national average, according to the Council for Community and Economic Research's Cost of Living Index. Many residents likely commute to high-paying jobs in nearby Birmingham. The typical home in Rock Springs is worth $217,400, slightly more than the $213,300 state median home value. Thanks to its location on the Yampa river, Steamboat Springs is perfect for fishing, rafting, tubing and kayaking. Heber boasts world-class recreational activities for the wealthy and regular Joes alike. In Los Alamos, most households earn over $100,000 a year. The median annual household income is over $228,000 -- more than triple that of the state. The average household income of people in this town is calculated as $450,696. The typical Inverness household earns $180,541 a year, nearly three times the median household income of $63,575 across Illinois as a whole and the most of any small city or town in the state. T-shirts, pillows, running shoes and even underwear are being sold, Hertz is selling thousands of used cars in its fleet in bankruptcy at bargain prices, Money tips and advice delivered right to your inbox. In winter, it's all about skiing. Theres also a home for sale 6.8 times that size (15,300-square-foot) and more than 19 times that price, listed at $32 million. The typical Clarkson Valley household earns about $171,000 a year, more than three times the income the typical Missouri household earns. 100. worldwide. Nearly 60% of Highland residents 25 and older hold at least a bachelor's degree, as compared to 33.3% of Utah adults. Median household income: $106,285 (state: $54,325), Poverty rate: 3.7% (state: 14.1%), Median home value: $196,800 (state: $135,400). The wealthiest town in the state, Destrehan's median household income of $92,052 . The typical area home is worth about $1.5 million. Published 24 January 23. recession The wealthiest town in the state, Destrehan's median household income of $92,052 is nearly double the median income across Louisiana of $47,942. Bloomfield Hills is the wealthiest place in Michigan. Prince William County, Virginia $106,200 Small cities and towns are listed by percentage of millionaire households, from lowest to highest. The city of Williston expanded rapidly during the first half of the 2010s, driven by the explosion in shale oil drilling that once gave North Dakota the fastest-growing economy in the nation. Below are the 11 Chicago area towns that made the list with their rankings. There are obviously more than a few high rollers in this area as the median household income is $121,149 and housing isn't much better at a median cost of $479,700. With three major ski resorts and an abundance of other year-round recreational activities, it's easy to see the appeal for those with means. This level of education qualifies Genesee residents for many of the high-paying jobs in the Denver area. All four have average incomes upwards of $400,000. ", 91 Top Dividend Stocks From Around the World. Oak Harbor itself plays host to nearby Naval Air Station Whidbey Island. Find the full list of America's 100 Richest Places on Bloomberg. Destrehan is a Census-designated place with 11,000 residents, located about 20 miles west of downtown New Orleans. Edgeworth is a small borough of approximately 1,600 residents located some 12 miles up the Ohio River from downtown Pittsburgh. Demand for oil is gradually coming back, but it is by no means taking off. The typical household earns $214,477 a year, more than three times both the state median household income of $59,570 and the $60,293 national figure. His wealth has rocketed to $10.9 billion from $4.6 billion in 2020. Median household income: $153,417 (state: $53,267), Poverty rate: 5.5% (state: 14.8%), Median home value: $919,800 (state: $196,800). According to Niche, the national percentage is 20%. Another appealing aspect of the area for millionaires: It's a straight shot down Interstate 80 to reach Sacramento, the state capital, and San Francisco. Unfortunately for millionaires and folks of lesser means, New York State taxes take a bite. With roots dating back to the early 1800s, Travilah is home to a large number of historic homes with large tracts of land, and it has some of the most expensive houses in the country. With an average household income of more than $525,000, it became the first and so far only community to . 11 March 2007: The tables provide GDP figures for cities and their surrounding urban areas in 2020. Photographer: David Paul Morris/Bloomberg via Getty Images, A mansion-style home in Atherton, California, the most expensive ZIP code in the state, Why Finland and Denmark are the happiest countries in the world, How this 39-year-old earns $26,000 a year in California. The median annual household income in Ocean Pointe is $114,801, more than in any other small city or town in Hawaii. The tiny town about 35 miles northwest of Santa Fe is home to a government nuclear weapons laboratory and a number of chemists, engineers and physicists. By Dan Burrows The bottom 90% hold less than 25% of the total wealth. 9. Median household income: $127,351 (state: $59,393), Poverty rate: 4.8% (state: 14.1%), Median home value: $509,900 (state: $287,300). Median household income: $223,182 (state: $71,228), Poverty rate: 2.3% (state: 14.3%), Median home value: $2,000,000+ (state: $475,900). The typical household in Avondale Estates earns $108,299 a year, nearly twice the state median income of $55,679 and far more than the national figure of $60,293. Dallas. The typical home in Fairway is worth $352,000. Rock Springs has since transitioned from coal to an economy dependent on trona mines and oil and gas, and is today the wealthiest small town in Wyoming. Access to these two hubs for high-paying jobs is likely a major contributing factor in Belvedere's high incomes -- the city has a median household income of over $223,000 -- the highest in California and one of the highest in the nation. Median household income: $92,688 (state: $74,057), Poverty rate: 4.3% (state: 7.9%), Median home value: $358,300 (state: $252,800). Median household income: $106,288 (state: $48,059), Median home value: $295,600 (state: $166,800). Seattle-Tacoma-Bellevue. Median household income: $75,439 (state: $60,076), Poverty rate: 6.2% (state: 11.2%), Median home value: $283,400 (state: $223,700). Rock Springs is a city located at the intersection of Interstate 80 and US 191 in Sweetwater County in southwest Wyoming. Over the last five years, the number of people living Ocean Pointe jumped by 44%. Sponsored Content (opens in new tab) Previous Next 2/25 (Image credit: Getty Images) 24. Fairfield County towns have made yet another list of the richest places in the U.S. More than three out of every four adults in the area have a bachelor's degree or higher, compared to 41.9% of adults in Massachusetts. The Highest-Paid News Anchors in 2019 1. Spring Creek is a small suburb of approximately 14,000 residents in Elko County in northeast Nevada. Around 276,400 millionaires, 623 centimillionaires and 62 billionaires live in the San Francisco Bay area, which includes Silicon Valley. Cashing in on George Floyd: T-shirts, pillows, running shoes and even underwear are being sold, Median household income: $151,055 (state: $48,486), Median home value: $441,000 (state: $137,200). Los Angeles, Chicago and Houston round out the top five . It became the first and only neighborhood in America to top the half-million-dollar mark. Here are the 20 richest counties in the U.S. and the average household incomes of each, according to DailyMail.com's report. Median household income: $114,801 (state: $78,084), Poverty rate: 4.2% (state: 9.9%), Median home value: $629,800 (state: $587,700). (STACKER) - In April 1934, the U.S. recorded its highest wind speed ever, a gust of 231 miles per hour at Mount Washington Observatory in New Hampshire. Maryland has the second most millionaires per capita of any state in the U.S., according to Phoenix Marketing International, but it's unfriendly when it comes to taxes (opens in new tab). Combined, the median household income is just over $171,000. Montana City is also home to some of the most expensive homes in the state. Everything costs more in Juneau. Since then, the 2020 median household income has been reported as $67,521, a 2.9 percent decrease since 2019, . The typical home in University Park is worth $1.2 million, compared to the median home value of $161,700 statewide. Be that as it may, property taxes as a percentage of home value are the lowest in the U.S. By this point in our list of small towns with the highest concentrations of millionaires, it should be clear that Western ski resort towns are mighty popular with people of means. Latest checked 2011 [1] The Church of Jesus Christ of Latter-day Saints. Fly fishing, hiking and whitewater rafting draw folks to town in the summer months. The Faribault-Northfield area is so desirable that Kiplinger has named it a great place to retire. CEOWORLD magazine - Top Stories - C-Suite Lifestyle - RANKED: These Are The 50 Richest Towns To Live In The United States, 2020. 20 Dividend Stocks to Fund 20 Years of Retirement, Torrington is the largest town in Litchfield County, which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous retreat. The New Hampshire state capital is home to a horde of state, county, local and federal agencies and the law firms and professional agencies that support them. Kip ETF 20: The Best Cheap ETFs You Can Buy. This city in the oil-rich Bakken Formation soon found itself home to fracking millionaires. . The 2014 slump in energy prices touched off the state's worst recession in three decades. And the long, snowy winters are perfect for the numerous ski resorts in the vicinity of Truckee and Grass Valley. The nearby world-class resorts of Vail and Beaver Creek draw big-spending skiers hoping to see and be seen all winter long. "Sprawling residences set amidst landscaped gardens and a beautiful backdrop.". It has a higher share of wealthy residents than any other small city or town in New York, with 56.9% of households earning at least $200,000 per year. Top 100 cities with highest median household income Previous toplist Next toplist . The median . For the fourth straight year, Atherton topped Bloomberg's Richest Places annual index. Estimates of millionaire households provided by Phoenix Marketing International. It's less than an hour away from Annapolis, the state capital, while Washington, D.C., and Baltimore can be reached by car in about 90 minutes (traffic willing). As a result, Hanover buzzes with a diverse mix of art, culture and outdoor sporting and recreational activities year-round. Median household income: $174,750 (state: $54,938), Median home value: $856,700 (state: $146,200). Honolulu in Hawaii is one of the 100 Richest Cities in America #8. Most homes in Belvedere are worth more than $2 million. By raw numbers, most millionaires in America can be found in and around big cities such as New York, Los Angeles and Chicago just as you would expect. Although median income in the micro area is roughly $12,000 above than the national level, median home value beats the U.S. median by a whopping $280,900. To determine America's richest towns, 24/7 Wall St. reviewed household income data from the U.S. Census Bureau's American Community Survey in every American town with a population of between . . . Adjusted median household income: $103,100. 20 Best Stocks to Buy for the New Bull Market. A steep drop in oil prices first sparked pain across the Bakken about five years ago. Jenks, Oklahoma, is located just south of Tulsa, so residents have access to the many high-paying jobs in the bigger city, in sectors like health care and aerospace engineering. Jim Walton is the last heir to the Walmart fortune. Atherton, the upscale community south of San Francisco, has been home to the former chairman of Google Eric Schmidt and brokerage boss Charles Schwab. Less Diverse. Hudson boasts scores of antiques dealers, which led the charge in making the town attractive for new residents, tourists and wealthier folks in search of second homes. But this comes at a cost. The typical Travilah home is worth $1.1 million, more than three times the $305,500 state median home value and more than five times the $204,900 national figure. On the plus side, Massachusetts' reputation as a high-tax state is overblown (opens in new tab). And, hang in there until you're 100 and your income taxes are waived altogether. In some cases, these locations benefit from being popular recreational areas or havens for wealthy retirees. Bloomberg created and ordered this list by annual household income. Source: Bloomberg. Greenville is a relatively short commute to New York City, providing its residents access to the many high-paying jobs. A wealthy suburb of the Omaha metro area, Papillion has grown from approximately 1,000 residents in 1950 to more than 20,000 today. Speaking of wealth, Atherton's average household income is a mind-boggling $525,324, up $74,638 since 2017, when it was last recorded by Bloomberg. Darien is the wealthiest small municipality in one of the wealthiest states. Educational attainment is one of the largest determinants of income. Incomes tend to rise with educational attainment, and as is often the case in other states, Missouri's wealthiest town is also its best educated. The typical Winchester home is worth $893,700, more than double the median home value of $366,800 in Massachusetts. Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. In Topsham, 44.9% of adults have a bachelor's degree, one of the larger shares of any small city or town in Maine and far more than the state bachelor's degree attainment rate of 30.9%. Like many prosperous communities, New Albany is growing rapidly. Hard work is embedded in American culture. Arizona has one of the highest poverty rates of any U.S. state, at 16.1%, 2 percentage points higher than the U.S. rate. Median household income: $105,000 (state: $57,422), Poverty rate: 2.7% (state: 12.4%), Median home value: $352,200 (state: $145,400). Youll need that substantial a salary to afford to buy your way into Atherton, the cheapest current listing is a 2,270-square-foot home for $1.7 million. Median household income: $159,536 (state: $77,378), Poverty rate: 2.5% (state: 10.8%), Median home value: $893,700 (state: $366,800). This combines to explain why the town is on the list of the 20 richest in New Jersey in 2019. Elko's fortunes rise and fall with the price of gold, so one would hope that its millionaire population is properly diversified. so you don't miss any videos: http://goo.gl/0bsAjO Over the past year, housing . Miami, Florida. Median household income: $80,666 (state: $44,921), Poverty rate: 4.1% (state: 17.8%), Median home value: $220,100 (state: $115,000). Laconia, New Hampshire. As we shall see, another area near Laconia makes this list of small towns with a high percentage of millionaires. More than 10% of Alaska residents live in poverty, yet the poverty rate in Gateway is just 4.2%. We have yet one of the Richest Cities in California on our list at the eight spot and that is Oxnard-Thousand Oaks-Ventura. The median household income is $94,027, and the median home value is $503,000. Sign up here, Median household income: $203,194 (state: $54,533), Poverty rate: 2.5% (state: 14.5%), Median home value: $494,600 (state: $140,000). Most households in the town earn more than $150,000 annually, and more than one-third earn over $200,000. The 150 richest cities in the world by GDP in 2020. Ireland, on the rise thanks to favorable corporate tax policies, is projected to hit #1 by 2027.; The resource-rich land with the world's biggest economy, the United States, ranks 9th on the list. The median household income in Paradise Valley is nearly four times as high as the median in Arizona. Indeed, it has been cutting income taxes for several years in a row to the point that they barely exist. A home stands in Atherton, California, U.S., on Tuesday, Feb. 18, 2020. March 6, 2018 9:00am by Barry Ritholtz. All 30 Dow Stocks Ranked: The Pros Weigh In. Centerton is situated next to Bentonville, the home to Walmart's corporate offices and its roughly 17,000 employees. High paying jobs typically require a college degree, and Destrehan residents are far more likely than the typical Louisiana resident to have a college education. ; The 15 Richest Countries in the World DEA / M. BORCHI // Getty Images. The town also has a poverty rate of 4.1%, less than a quarter of the state poverty rate which is 17.8%. That helps explain its inclusion on the list of small towns with high concentrations of millionaires. This helps qualify Highland residents for the many high paying jobs available in the area, such as those in higher education, health care, and tech. "Oak Harbor is usually regarded as the poorer but more developed stepsister when compared to other Whidbey municipalities," notes the Whidbey News-Times. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. The county seat of Loudoun is in Leesburg, where most administration activities take place. 1 Boca Grande. Even in Brandon, the wealthiest place in the state, the typical household earns $74,172 annually -- which, while high in the context of Mississippi, is less than the median income in half a dozen states, including Alaska, Connecticut, and New Jersey. SECURE 2.0 Act Lets Retirees Defer Some Taxes Longer, Best AI Stocks to Buy: Smart Artificial Intelligence Investments, The 6 Safest Vanguard Funds to Own in a Bear Market, 10 Big U.S. Cities With the Cheapest Apartment Rents, 7 Best Small-Cap Stocks to Buy for 2023 and Beyond, New Hampshire is a relatively tax-friendly state, North Dakota is one of the nation's more tax-friendly states, But for more modest incomes, the impact is far milder, and property taxes are low, reputation as a high-tax state is overblown. West Palm Beach, Florida. For the second year since Bloomberg started to compile the Richest 100, the nation's top spot is Atherton, California. Bridgeport, just south of Morgantown and West Virginia University, has the highest four-year college attainment rate of any town in the state, at 50.7%. Loudoun County. The typical home in Montana City is worth $331,900, the most of any city with a population between 1,000 and 25,000 in Montana and far more than the $219,600 state median. With an average household income of more than $525,000, it became the first and so far only community to top the half-million dollar mark since Bloomberg started compiling the index in 2017. The largest companies in the area include government tech contractor Booz Allen Hamilton, Inova Health System, and government-sponsored finance giant Freddie Mac. For each location in the U.S., Bloomberg evaluated inflation-adjusted household income data from the past 12 months, with a minimum of 2,000 households, and ranked each by average household income. The Aloha State is known for its high cost of living and a mixed picture when it comes to taxes (opens in new tab). Fully 8.7% of Heber's 9,567 households have at least $1 million in investable assets. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. For those living in Idaho, the tax situation is a bit more mixed (opens in new tab). For example, giant brands like The Coca-Cola Company (NYSE: KO ), Walmart Inc. (NYSE: WMT ), oil companies like Exxon Mobil Corporation (NYSE: XOM ), and many U.S.-based airlines, American . The net impact of accounting for differences in the purchasing power of a dollar in . An 85-year Harvard study found the No. Connecticut's median annual household of $76,106 is about $26,000 more than the median nationwide. Christian. By the end of the last decade, fortunes were once again looking up, but that came to a halt with the coronavirus. And while it helps to be a millionaire to live in Juneau, it's increasingly difficult to become one. List of Top 10 Highest Paid News Anchors in India. New Mexico's personal income tax rates top out at 4.9% on taxable income over $16,000 for single filers and over $24,000 for married couples filing jointly. Median household income: $80,135. You can sum up the appeal of Edwards in one word: skiing. Idaho's median annual household income is just over $53,000, which is lower than the majority of states. Top employers in Elko County include the Elko County School District and West Wendover Casinos. To clarify: That means they have at least $1 million in investable assets. (It's an in-state draw for all the millionaires from the Stamford area, too. The Wealth Report is Knight Frank's flagship annual publication, offering a unique perspective on global wealth, prime property and investment. The Oak Harbor, Washington, micro area actually encompasses all of Whidbey Island. Median household income: $133,768 (state: $68,374), Poverty rate: 2.6% (state: 10.3%), Median home value: $536,100 (state: $256,700). 12. The typical Weddington household earns $132,587 a year, more than twice the median household income of $60,886 in Charlotte and the state median of $52,413. Fairfax County, which includes the independent cities of Fairfax City and Falls Church, remains one of the . The Beehive State ranks well in every category we measured. The typical household in Vermont earns about $60,000 a year, in line with the national median household income. Gardnerville Ranchos is a favorite hiding place for millionaires because of its proximity to Lake Tahoe, which has long been a getaway for the rich and famous. One of the main reasons for this is likely a high level of education. High-income areas tend to have well-educated populations -- and Duvall is no exception. Residents seeking a break from quaint New England living can drive to Boston in less than 90 minutes. In Dellwood, some 75.2% of adults have a bachelor's degree, more than twice both the state bachelor's degree attainment rate of 35.4% and the national rate of 31.5%. . Let's break out of Northern California and talk about an expensive Florida neighborhood - Port Royal, located in Naples. Batten the hatches for continued market tumult without eating high fees with these six Vanguard ETFs and mutual funds. The report based its . You'll find the Truckee-Grass Valley area on the California side of Lake Tahoe, with Truckee proper situated near the shore of the famed lake itself and Grass Valley sitting farther to the west. Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016. Happily, for all of Elko's residents, Nevada is a no-income-tax haven, and one of Kiplinger's top 10 most tax-friendly states. He remains on the Walmart board of directors, and is also the CEO of his own company, Arvest Bank.