FAQs about Richest Cities of the United States

In terms of the richest cities in the US, by the highest median household income per year the list begins with the city of Atherton, California with over $250,000 per year in median household income with household wealth per household to match. Other extremely rich places in the US by highest household income include the following: Los Altos, California $248,000 per year, Scarsdale, NY $173,000 per year, Hillsborough, California $163,000 per year and Weston, Florida $152,000 per year. These rich cities are found in the rich states, such as the state of California and many of the states found on the East Coast, especially in areas such as New York, Massachusetts, Connecticut, Virginia, New Jersey, and Maryland. This is where technology, banking, biotechnology and the stock/investment industry generate the highest paying jobs and thus provide the high income that support rich economies and the highest quality of life for many very wealthy families and in turn successful professionals from these rich states and cities.
Another extremely wealthy community is Atherton, California. Located in the heart of Silicon Valley, this is the community where technology executives, venture capitalists, entrepreneurs and investors from around the world live, work and play. Many of the world’s largest technology companies including Apple, Facebook, Google, HP, Intel, Lucasfilm and Netflix are headquartered in Silicon Valley. The town of Atherton, which is one of the smallest in the country, is also known for having some of the world’s most expensive homes, in some of the world’s most expensive neighborhoods, with estate homes that have sold for tens of millions of dollars. This is one of the most desirable places to live in the world and it is extremely expensive.
Richest cities are ranked by reports based on various statistics. The statistics used to rank the wealthiest cities in the U.S. are typically weighted differently than in other reports. In some reports Scarsdale is ranked as the No. 1 richest city in the U.S. and in other reports Atherton is ranked as the No. 1 richest city in the U.S. The key statistics typically used to determine the richest cities in the U.S. are the following: the median household income of residents; the per capita income of residents; the average household net worth; home values in the community; the percentage of households in the community that own property; the percentage of employment in high paying industries; the number of millionaires and/or billionaires living in the community. In addition to the statistics noted above, reports that rank the wealthiest cities in the U.S. also typically consider the following: the percentage of residents who have attained a bachelor’s degree or higher; the percentage of households in the community that are owned by self-employed residents; and local economic growth from year to year.
California is home to the global center of technology, and the epicenter of the venture capital industry. The world’s leading software, artificial intelligence, semiconductor, and cloud computing companies are all based in Silicon Valley. Recently, the wealth of employees at these companies has skyrocketed, thanks to stock options granted as part of their compensation packages. The number of startup companies being created at any given time has exploded in recent years, thanks in part to the culture of entrepreneurship fostered by the region’s top universities, as well as the network of investors and venture capitalists looking to get in on the ground floor of the next big thing. As a result, a number of very wealthy cities have been created in the region.
On the other hand, a city that is considered the most expensive in the United States is different from the richest city in the country. While the richest city is usually based on individual incomes of its residents, the most expensive city is usually based on the total cost of living within the city. Thus, the most expensive city in the country could have higher-priced homes, but not necessarily have the richest residents. On the other hand, an affluent community comprised of very wealthy individuals may have a lower cost of living than the larger metropolitan area, and therefore would not be the most expensive in the country.
There are a number of states that boast a large number of the country’s wealthiest cities. This list of states would include many of the traditional centers of the country’s financial elite as well as areas where technology, healthcare, biotechnology, defense contracting with the government and professional services companies have created many high paying jobs for their workers. These industries support many of the country’s highest income households and are associated with many of the nation’s luxury real estate markets. Thus, it should not be surprising to find that many of the richest cities in the country are located in these states.