Silke Mayr It’s not New York, California, or even the cities you might typically associate with wealth.
While there are millions of millionaires across the United States, defining the “richest” city goes beyond just counting the number of wealthy individuals. Different indicators—such as income, cost of living, homeownership rates, and the proportion of households with over $1 million in investable assets—also play a crucial role in determining a city’s overall wealth.
So, where do most of the country’s millionaires live? If you thought of major urban centers like New York City, Los Angeles, Chicago, or Houston, you’re on the right track. These cities all have a high concentration of millionaire households. However, when we look at wealth as a percentage of the total population—along with other key factors—the wealthiest U.S. cities might surprise you.
Baltimore: The Richest U.S. City?
According to a new analysis from property management company Evernest, which studied personal income, cost of living, homeownership rates, and the proportion of households with $1 million or more in investable assets across 45 U.S. cities, Baltimore, Maryland emerges as the richest city in America.
The study, which used a comprehensive “richness index” to weigh various wealth factors, found that Baltimore has the highest percentage of households with over $1 million in investable assets—9.92%. The city also boasts the highest median household income in the study, at $97,501.
Following Baltimore, Boston, Massachusetts, and Newark, New Jersey, took the second and third spots. Both cities have a similar percentage of households with more than $1 million in investable assets—9.6% for Boston and 9.89% for Newark. Their median household incomes are also close, hovering just below $97,000.
Other Key Wealth Factors
While these cities lead in terms of wealth, other factors such as homeownership rates also play a significant role. Minneapolis, Minnesota, and Anchorage, Alaska, boast the highest homeownership rates among the cities studied, with 74% of households in Minneapolis owning their homes and 67.2% in Anchorage. These high homeownership rates contribute to their wealth rankings.
A Closer Look at the Top U.S. Cities
Here’s a breakdown of the study’s findings on the top U.S. cities in terms of wealth, based on various indicators:
| City | Population | % of Households with $1M+ Investable Assets | Homeownership Rate | Median Household Income | Wealth Index |
|---|---|---|---|---|---|
| Baltimore | 569,000 | 9.92% | 47.8% | $97,501 | 0.87 |
| Boston | 650,000 | 9.60% | 35.0% | $96,898 | 0.86 |
| Newark | 305,000 | 9.89% | 24.0% | $96,521 | 0.84 |
| Honolulu | 343,000 | 9.48% | 51.0% | $91,723 | 0.81 |
| Virginia Beach | 455,000 | 8.55% | 64.6% | $87,514 | 0.77 |
| Anchorage | 287,000 | 8.74% | 67.2% | $84,144 | 0.76 |
| Los Angeles | 3.8 million | 8.76% | 36.6% | $91,777 | 0.74 |
| Seattle | 749,000 | 8.02% | 61.5% | $91,063 | 0.72 |
| Denver | 713,000 | 7.96% | 62.7% | $88,909 | 0.67 |
| Minneapolis | 425,000 | 7.57% | 74.0% | $84,009 | 0.63 |
How the Rankings Were Calculated
Evernest’s analysis considered several factors to determine the overall wealth of each city, including:
- Household income
- Cost of living
- Homeownership rates
- Percentage of households with $1 million or more in investable assets
To make the comparison more accurate, the data was normalized across cities. The study adjusted for factors like income and cost of living to create a “richness index,” which ultimately ranked cities from the wealthiest to the least wealthy.
Conclusion
While cities like New York, Los Angeles, and Chicago remain symbols of wealth and opportunity, cities like Baltimore and Boston are proving to be among the richest in the U.S. when you factor in the percentage of wealthy households and key economic indicators. Whether it’s the high concentration of millionaires in Baltimore or the strong homeownership rates in Anchorage and Minneapolis, these cities are setting new standards for wealth in America.