The U.S. City With the Highest Percentage of $1M+ Households

There are greater than 5 million millionaires within the U.S. The place do most of them stay?

In case your thoughts goes to main metropolises like New York Metropolis, Los Angeles, Chicago or Houston, you are heading in the right direction: The entire above boast excessive numbers of millionaire households.

Nonetheless, wealth could be measured in numerous methods, and when contemplating the proportion of millionaire households relative to a metropolis’s complete inhabitants—together with different key wealth indicators—the “richest” U.S. cities won’t be the place you’d count on.

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Property administration firm Evernest examined private revenue, price of residing, homeownership charge, proportion of households with $1 million-plus investable property by state and median family revenue by state throughout 45 U.S. cities to find out the wealthiest ones.

By means of weighted and normalized indicators, the examine produced an general richness index indicator and ultimate index rating that ranked the cities from richest to least rich.*

The evaluation revealed Baltimore, Maryland, because the “richest” metropolis within the U.S. Baltimore has the best charge of households with greater than $1 million in investable property at 9.92% and the best median family revenue by state at $97,501.

^{Picture Credit score: Kruck20 | Getty Pictures. Baltimore, Maryland.}

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Boston, Massachusetts and Newark, New Jersey took the second and third spots, respectively. Boston’s proportion of households with greater than $1 million in investable property stands at 9.6%, and Newark’s at 9.89%. Each cities’ median family incomes are available in slightly below $97,000.

Minneapolis, Minnesota and Anchorage, Alaska, have the best homeownership charges, at 74% and 67.2%, respectively.

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Try Evernest’s full checklist of findings on the “richest” U.S. cities under:

*These indicators had been normalized to make sure comparability throughout cities, with values like private revenue and value of residing adjusted based mostly on the minimal and most values. The info was then min-max scaled between 0 and 1, with 0 representing the bottom and 1 the best values throughout the dataset.