In this article, we will be taking a look at the richest cities in every state in the US. To skip our detailed analysis, you can go directly to see the 10 Richest Cities in Every State in the US.
Inflation across the globe has affected the overall income of households in the US. The ongoing economic crisis, geopolitical tensions, high inflation, and interest rates, have created havoc for people all over the world. Despite the economic uncertainties, the US remains the strongest economic country in the world with the highest concentration of billionaires. Global inequality continues to increase, creating a huge wealth gap. According to Oxfam International, the richest 1% have collected around half of all new wealth during the last 10 years.
The US was the second wealthiest country by per capita net worth in 2022, as per Credit Suisse’s Global Wealth Report of 2023. The US had a wealth per capita of $551,347 and a total wealth of $139.86 trillion, as of 2022. This accounted for a global wealth share of 30.8% for the US in 2022, 12.2% more than China which had a global wealth share of 18.6%.
According to the Forbes list of the top 50 cities where the average household income increased the most between 2017 and 2022, there are some geographic patterns. California and Florida have the most number of cities with the highest average change in household income over the five years. California has 22 cities and Florida has 10 cities with the highest average household income increase between 2017 and 2022. Washington state ranks third with five cities among the top 50 list of Forbes. With the US being one of the wealthiest countries in the world, we can observe the capitalist structure and unequal spread of wealth across the states.
Income in the US
In 2022, the real median household income was $74,580, a decline of 2.3% from the 2021 real median household income of $76,580. Compared to the 2019 median, it was 4.7% lower, the time before the beginning of the COVID-19 pandemic and economic instability. For family households, the real median income declined by 2.9% in 2022 from 2021. The real median income of married-couple families plunged by 3.9% last year. Between family households, married couples had a higher median income of $110,800 in 2022. The households maintained by men with no spouse had a real median income of $73,630 and households maintained by women with no spouse came at the bottom with the lowest median income of $56,030 in 2022. Between 2021 and 2022, the year-round full-time workers soared by 3.4% compared to a 1.7% rise in total workers. This shows that more people are now working full-time compared to working part-time.
In 2022, the regions with the highest median household incomes included the West with $82,890, the Northeast with $80,360, the Midwest with $73,070, and the South with $68,230. The households inside metropolitan areas and outside principal cities had a median income of $83,230, while the households inside principal cities had a median income of $69,940, in 2022. The lowest median income was in the households outside metropolitan areas with a median income of around $55,960.
Wealthiest States in US
The states that have the most billionaires are also the wealthiest states in America. As per Forbes, more than 60% of the 775 billionaires in the US reside in California, New York, Texas, and Florida. Among the cities, New York City is the wealthiest city in the world beating the likes of Tokyo, Singapore, Hong Kong, Shanghai, and San Francisco. New York City has the largest number of billionaires with 101 billionaire citizens and Michael Bloomberg, founder of Bloomberg L.P., is the wealthiest resident of the city.
Major Companies in the Richest Places
The wealthiest places in the US are home to some of the biggest public companies in the US. New York is considered the financial hub and is home to two of the largest stock exchanges in the world. One of the companies that has been a big player in the financial sector is JPMorgan Chase & Co. (NYSE:JPM), headquartered in New York City. JPMorgan Chase & Co. (NYSE:JPM) has a strong position in banking and investment services. The company has been a catalyst for economic growth and job creation across the US. On October 13, JPMorgan Chase & Co. (NYSE:JPM) reported its third-quarter results of 2023. The company posted earnings per share of $4.33, beating consensus estimates by $0.36. JPMorgan Chase & Co. (NYSE:JPM) continues to improve its retail deposits. The group reported revenue of $39.87 billion, up 21.88% year over year and ahead of Wall Street estimates by $472.02 million. Here are some of the comments from the Q3 2023 earnings call:
“We ranked number one in retail deposit share based on FDIC data and continue to solidify our leadership position in key markets. Client investment assets were up 21% year-on-year, driven by market performance and strong net inflows as we continue to capture yield-seeking flows from our consumer banking customers.”
Another company that has played an influential role in the US economy is Amazon.com, Inc. (NASDAQ:AMZN). The e-commerce giant claims to have created more jobs in the US than any other company in the last 10 years. In 2022, Amazon.com, Inc. (NASDAQ:AMZN) invested more than $240 billion in infrastructure and compensation to its US employees. As we enter into the holiday season, Amazon.com, Inc. (NASDAQ:AMZN) is increasing its workforce to counter the high demand in the fourth quarter of 2023. On September 19, Amazon.com, Inc. (NASDAQ:AMZN) announced that it is hiring 250,000 employees throughout the US in full-time, seasonal, and part-time roles. Among the total hiring, Amazon.com, Inc. (NASDAQ:AMZN) will employ almost 30,000 workers across California. The company’s Senior Vice President of Worldwide Operations, John Felton said:
“The holiday season is always a special time at Amazon and we’re excited to hire 250,000 additional people this year to help serve customers across the country.”
The Home Depot, Inc. (NYSE:HD) is one of the leading US home improvement retail corporations, headquartered in Atlanta. The Home Depot, Inc. (NYSE:HD) operates 2,300 retail stores and employs nearly 500,000 associates across the US. On August 23, The Home Depot, Inc. (NYSE:HD) announced the launch of the New Homeowners Hub to equip the new generation with the required resources for home designs and product recommendations. During the holiday season, The Home Depot, Inc. (NYSE:HD) remains one of the most active companies due to high demand for its services and products. On October 18, the company announced that it is bringing cutting-edge technology to its Halloween decor products including a 7-foot lethal witch with realistic features and a 2-foot skeleton with spooky LCD eyes.
Now that we have taken a look at some of the most prominent companies in the US, let’s take a look at the richest cities in every state in the US.
Richest Cities in Every State in the US
Our Methodology
To compile our list of the richest cities in every state in the US, we first gathered the richest city from every state in the US based on their median household income, as of 2021. We hypothesized that median household income reflects the income distribution, purchasing power, and tax revenue generation of a city and hence it exhibits the wealth of a particular city.
We took the median household income data for our lists from the QuickFacts database of the US Census Bureau. The latest data for the median household income is available for 2021. We have also mentioned per capita incomes for cities in our rankings.
The richest cities in every state in the US are ranked in ascending order of their median household income.
An important note: We have excluded towns, villages, census-designated places (CDP), and counties. In the list of the richest cities in every state in the US, we have only considered cities. Moreover, there are no separately incorporated cities in Hawaii, therefore we have considered census-designated places (CDPs) for the state.
Richest Cities in Every State in the US
50. Bethlehem, Pennsylvania
Median Household Income (2021): $58,232
Bethlehem is a city with a population of 77,617, as of July 2022. Bethlehem’s per capita income in 2021 was $35,588 and it ranks at the 50th place on our list of the richest cities in every state in the US.
The leading companies in the US that have made a huge impact across the country and continue to contribute to the economy include JPMorgan Chase & Co. (NYSE:JPM), Amazon.com, Inc. (NASDAQ:AMZN), and The Home Depot, Inc. (NYSE:HD).
49. New York City, New York
Median Household Income (2021): $70,663
New York City is one of the richest cities in the world. Being a financial hub, the city has heaps of wealth and assets. New York City is on our list of the richest cities in every state in the US.
48. Carlsbad, California
Median Household Income (2021): $70,745
Carlsbad has a population of 114,160, as of July 2022 and is the richest city in California. In 2021, Carlsbad had a per capita income of $61,943.
47. Belgrade, Montana
Median Household Income (2021): $72,921
On our list of the richest cities in every state in the US, Belgrade is the richest city in Montana. Belgrade has a population of 11,966, as of July 2022.
46. South Portland, Maine
Median Household Income (2021): $73,899
South Portland is a city with a population of 27,026, as of July 2022. South Portland’s per capita income in 2021 was $42,822 and it ranks at 46th place on our list of the richest cities in every state in the US.
45. Cranston, Rhode Island
Median Household Income (2021): $77,145
Cranston, formerly known as Pawtuxet, is the richest city in Rhode Island. Cranston has a population of 82,421, as of July 2022.
44. Elko, Nevada
Median Household Income (2021): $80,148
On our list of the richest cities in every state in the US, Elko ranks 44th. Elko has a population of 20,756, as of July 2022.
43. Jersey City, New Jersey
Median Household Income (2021): $81,390
Jersey City is the second most populous city in New Jersey with a total population of 286,670, as of July 2022. New Jersey’s Jersey City makes it to our list of the richest cities in every state in the US.
42. Gillette, Wyoming
Median Household Income (2021): $83,193
In 2021, Gillette had a per capita income of $35,090. Gillette is the richest city in Wyoming and ranks among the richest cities in every state in the US.
41. New Castle, Delaware
Median Household Income (2021): $83,651
New Castle is a small city with a population of 5,533, as of July 2022. In 2021, New Castle had a per capita income of $48,434 and it is the richest city in Delaware.
40. South Burlington, Vermont
Median Household Income (2021): $83,750
South Burlington is the richest city in Vermont and ranks among the richest cities in every state in the US. South Burlington has a population of 20,624, as of July 2022.
39. Bridgeport, West Virginia
Median Household Income (2021): $87,936
Bridgeport is a small city with a population of 9,310, as of July 2022. Bridgeport makes it to our list of the richest cities in every state in the US.
38. Portsmouth, New Hampshire
Median Household Income (2021): $91,915
On our list of the richest cities in every state in the US, Portsmouth ranks at 38th. Portsmouth has a population of 22,713, as of July 2022.
37. Tuttle, Oklahoma
Median Household Income (2021): $93,234
Tuttle has a population of 8,073, as of July 2022 and is the richest city in Oklahoma. In 2021, Tuttle had a per capita income of $39,302.
36. West Fargo, North Dakota
Median Household Income (2021): $93,382
West Fargo is the richest city in North Dakota and ranks among the richest cities in every state in the US. West Fargo has a population of 39,985, as of July 2022.
35. Papillion, Nebraska
Median Household Income (2021): $95,293
Papillion is a city with a population of 23,794, as of July 2022. Papillion’s per capita income in 2021 was $43,325 and it ranks at 35th place on our list of the richest cities in every state in the US.
34. Brandon, South Dakota
Median Household Income (2021): $96,367
Brandon is the richest city in South Dakota and ranks among the richest cities in every state in the US. Brandon has a population of 11,110, as of July 2022.
33. Scottsdale, Arizona
Median Household Income (2021): $97,407
On our list of the richest cities in every state in the US, Scottsdale ranks in 33rd place. Scottsdale is one of the most populous cities in Arizona and has a population of 243,050, as of July 2022.
32. Milford, Connecticut
Median Household Income (2021): $97,951
Milford is the richest city in Connecticut and ranks among the richest cities in every state in the US. Milford has a population of 50,471, as of July 2022.
31. Eagle, Idaho
Median Household Income (2021): $99,814
Eagle is a city with a population of 32,399, as of July 2022. Eagle’s per capita income in 2021 was $57,509 and it ranks among the richest cities in every state in the US.
30. Bethel, Alaska
Median Household Income (2021): $100,168
Bethel is the richest city in Alaska and had a per capita income of $38,073 in 2021. Bethel has a population of 6,276, as of July 2022.
29. Youngsville, Louisiana
Median Household Income (2021): $101,455
Youngsville is the richest city in Louisiana and ranks among the richest cities in every state in the US. Youngsville has a population of 17,361, as of July 2022.
28. Madison, Mississippi
Median Household Income (2021): $119,662
Madison is the richest city in Mississippi and had a per capita income of $53,783 in 2021. Madison has a population of 27,775, as of July 2022.
27. Carmel, Indiana
Median Household Income (2021): $119,772
Carmel is a city with a population of 101,964, as of July 2022. Carmel’s per capita income in 2021 was $64,078 and it ranks at 27th place on our list of the richest cities in every state in the US.
26. Harrisburg, North Carolina
Median Household Income (2021): $124,090
Harrisburg is the richest city in North Carolina and had a per capita income of $39,313 in 2021. Harrisburg has a population of 19,822, as of July 2022.
25. Bowie, Maryland
Median Household Income (2021): $127,029
On our list of the richest cities in every state in the US, Bowie ranks at 25th. Bowie has a population of 57,192, as of July 2022.
24. Union, Kentucky
Median Household Income (2021): $128,050
Union is the richest city in Kentucky and ranks among the richest cities in every state in the US. Union is a small city with a population of 7,592, as of July 2022.
23. Tega Cay, South Carolina
Median Household Income (2021): $130,571
On our list of the richest cities in every state in the US, Tega Cay ranks in 23rd place. Tega Cay has a population of 13,689, as of July 2022.
22. Happy Valley, Oregon
Median Household Income (2021): $131,980
Happy Valley is a city with a population of 26,456, as of July 2022. Happy Valley’s per capita income in 2021 was $51,540 and it ranks among the richest cities in every state in the US.
21. Mequon, Wisconsin
Median Household Income (2021): $135,425
On our list of the richest cities in every state in the US, Mequon ranks in 21st place. Mequon has a population of 25,337, as of July 2022.
20. Milton, Georgia
Median Household Income (2021): $136,020
Milton is the richest city in Georgia and had a per capita income of $39,313 in 2021. Milton has a population of 41,836, as of July 2022.
19. East Honolulu, Hawaii
Median Household Income (2021): $139,041
East Honolulu is a census-designated place (CDP) located in Honolulu County, Hawaii. East Honolulu makes it to our list of the richest cities in every state in the US.
18. Cave Springs, Arkansas
Median Household Income (2021): $140,195
Cave Springs is the richest city in Arkansas and ranks among the richest cities in every state in the US. Cave Springs is a small city with a population of 6,050, as of July 2022.
17. Polk City, Lowa
Median Household Income (2021): $141,548
Polk City is a city with a population of 6,046, as of July 2022. Polk City’s per capita income in 2021 was $49,659 and it ranks among the richest cities in every state in the US.
16. Shorewood, Minnesota
Median Household Income (2021): $149,792
A small city with a population of 7,624, as of July 2022, Shorewood ranks among the richest cities in every state in the US. Shorewood’s per capita income in 2021 was around $76,370.
15. Mountain Brook, Alabama
Median Household Income (2021): $150,268
Mountain Brook is a city with a population of 21,955, as of July 2022. Mountain Brook’s per capita income in 2021 was $93,518 and ranks among the richest cities in every state in the US.
14. Highland, Utah
Median Household Income (2021): $156,136
Highland is the richest city in Utah and ranks among the richest cities in every state in the US. Highland is a city with a population of 19,902, as of July 2022.
13. Huntington Woods, Michigan
Median Household Income (2021): $157,665
A small city with a population of 6,280, as of July 2022, Huntington Woods ranks among the richest cities in every state in the US. The per capita income of Huntington Woods in 2021 was around $70,428.
12. Leawood, Kansas
Median Household Income (2021): $159,540
Leawood has a population of 33,713, as of July 2022 and is the richest city in Kansas. In 2021, Leawood had a per capita income of $98,840.
11. Newton, Massachusetts
Median Household Income (2021): $164,607
Newton is the richest city in Massachusetts and ranks among the richest cities in every state in the US. Newton is a city with a population of 87,381, as of July 2022.
Some of the top companies that are massive contributors to the US include JPMorgan Chase & Co. (NYSE:JPM), Amazon.com, Inc. (NASDAQ:AMZN), and The Home Depot, Inc. (NYSE:HD).
Click here to see 10 Richest Cities in Every State in the US.
Suggested Articles:
- Billionaire Ray Dalio’s 15 Best Stock Picks
- 12 Best Performing NASDAQ Stocks in 2023
- Duquesne Family Office’s 15 New Stock Picks
Disclosure: None. Richest Cities in Every State in the US is originally published on Insider Monkey.
Hedge Fund Resource Center