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The Richest Cities in the U.S. Based on Millionaire Households
In the United States, the number of individuals with millionaire status exceeds five million. While it may be easy to assume that the majority of these affluent individuals reside in well-known urban centers such as New York City, Los Angeles, Chicago, or Houston, a deeper analysis reveals a more complex picture regarding wealth distribution.
When assessing wealth, particularly in terms of millionaire households relative to the overall population of a city, the results can be surprising. A recent study conducted by property management firm Evernest took an in-depth look at various metrics including personal income, cost of living, homeownership rates, and the prevalence of households with investment assets exceeding $1 million across 45 U.S. cities.
Methodology of the Study
The analysis applied weighted and normalized indicators to generate a comprehensive richness index for each city. This method aimed to provide an accurate comparison of wealth across different areas, ultimately producing a ranking from the richest to the least wealthy cities.
Top Findings
The findings identified Baltimore, Maryland, as the city with the highest concentration of wealth. Baltimore leads with a remarkable 9.92% of households possessing more than $1 million in investable assets and achieves the highest median household income in the study, at $97,501.
Following Baltimore, Boston, Massachusetts, and Newark, New Jersey, occupied the second and third positions. Boston reported that 9.6% of its households are millionaires, while Newark showed a similar figure at 9.89%. The median household incomes for both cities hover just under $97,000.
Moreover, Minneapolis, Minnesota, and Anchorage, Alaska, both have notable homeownership rates—74% and 67.2%, respectively, indicating strong residential stability in these regions.
Wealth Distribution Among U.S. Cities
The comprehensive list compiled by Evernest highlights the following cities as the wealthiest in the U.S., based on their analysis:
| City | Population | % of Households with $1M+ Investible Assets | Homeownership Rate | Median Household Income by State | Index Score |
|---|---|---|---|---|---|
| Baltimore | 569K | 9.92% | 47.8% | $97,501 | 0.87 |
| Boston | 650K | 9.60% | 35.0% | $96,898 | 0.86 |
| Newark | 305K | 9.89% | 24.0% | $96,521 | 0.84 |
| Honolulu | 343K | 9.48% | 51.0% | $91,723 | 0.81 |
| Virginia Beach | 455K | 8.55% | 64.6% | $87,514 | 0.77 |
| Anchorage | 287K | 8.74% | 67.2% | $84,144 | 0.76 |
| Los Angeles | 3.8M | 8.76% | 36.6% | $91,777 | 0.74 |
| Seattle | 749K | 8.02% | 61.5% | $91,063 | 0.72 |
| Denver | 713K | 7.96% | 62.7% | $88,909 | 0.67 |
| Minneapolis | 425K | 7.57% | 74.0% | $84,009 | 0.63 |
*The indicators used in this study were normalized to facilitate equitable comparisons among cities. Parameters such as personal income and cost of living were adjusted based on the dataset’s minimum and maximum values, resulting in a scaled index ranging from 0 to 1.
Source
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