According to Knight Frank, one of the top independent real estate consultancies in the world, you need a net worth of at least $1 million to be considered a “high-net-worth individual.” But to be viewed as an “ultra-high-net-worth individual,” you need a minimum net worth of $30 million.
While there are many methods to attain this kind of net worth, one strategy to get started is to earn an exceptionally high income.
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In the United States, some of the highest-paying jobs are in the medical field — that is, professions like surgeons, neurologists, cardiologists and anesthesiologists. Individuals who’ve advanced to the top in their career in these fields tend to earn at least six figures. Oftentimes, their salaries are in the $250,000 or higher range.
While income alone might not put you in the “ultra-wealthy” range, it can help. Besides income, many people who’d be viewed as ultra-wealthy have a large amount of property and other assets — especially income-producing assets. Many of them also have global investment portfolios that put them in this top tier.
In many cases, you might not even know that the person you see walking down the street is considered “ultra-wealthy.” However, many of these individuals live in certain cities, some of which might not be affordable to someone with an average or even above-average net worth.
So, then, which cities do the ultra-wealthy tend to live in?
GOBankingRates conducted a survey based on the U.S. Census’s 2021 Community Survey data to find out. We analyzed this data to find the cities that had a minimum of 1,000 households with a median annual income of $250,000 or more. We then compiled a list of the top 25 cities where the ultra-wealthy live, based on the largest average income.
25. Los Altos, California
- Total number of ultra-wealthy households: 10,805
- Median household income: $250,000+
- Average household income: $357,631
Los Altos is one of the most expensive places to live in the United States with an average home value of $4,060,663.
24. Piedmont, California
- Total number of ultra-wealthy households: 3,821
- Median household income: $250,000+
- Average household income: $360,360
California has an overall higher-than-average cost of living than much of the country. The average cost of a home in Piedmont is $2,521,288.
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23. West University Place, Texas
- Total number of ultra-wealthy households: 5,222
- Median household income: $250,000+
- Average household income: $365,547
The average home value in West University Place is $1,458,769 and rising.
22. East Hills, New York
- Total number of ultra-wealthy households: 2,217
- Median household income: $250,000+
- Average household income: $371,560
The cost of residential housing in East Hills has increased by 6.6% over the past year. The average home value is $1,503,280.
21. Ladue, Missouri
- Total number of ultra-wealthy households: 3,423
- Median household income: $250,000+
- Average household income: $384,815
Also on the rise in terms of housing costs is Ladue with a typical home value of $1,110,694.
20. Coley Town, Connecticut
- Total number of ultra-wealthy households: 1,105
- Median household income: $250,000+
- Average household income: $387,017
Located in Westport, the average home costs $1,662,716 in Coley Town. This is a 6.3% increase over the past year.
19. Old Hill, Connecticut
- Total number of ultra-wealthy households: 1,056
- Median household income: $250,000+
- Average household income: $394,060
Also located in Westport, Old Hill has a higher than average cost of living.
18. Bunker Hill Village, Texas
- Total number of ultra-wealthy households: 1,233
- Median household income: $250,000+
- Average household income: $396,465
The cost of property in Bunker Hill Village has increased by 5.1% over the past year and is now $1,914,972 on average.
17. Brookmont, Maryland
- Total number of ultra-wealthy households: 1,312
- Median household income: $250,000+
- Average household income: $397,978
Typical home prices in Brookmont are also higher than ever with an average value of $1,502,359.
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16. Clyde Hill, Washington
- Total number of ultra-wealthy households: 1,146
- Median household income: $250,000+
- Average household income: $409,380
While the cost of real estate has dropped in the past year, Clyde Hill is still a very expensive area to live in. The average home costs $3,898,870.
15. Old Westbury, New York
- Total number of ultra-wealthy households: 1,075
- Median household income: $250,000+
- Average household income: $412,116
Old Westbury’s typical home value is $2,416,944, a 6.8% increase over the past year.
14. Emerald Lake Hills, California
- Total number of ultra-wealthy households: 1,572
- Median household income: $250,000+
- Average household income: $412,217
Housing in Emerald Lake Hills may have dropped by 5% over the past year, but the typical home still costs around $2,512,849.
13. Winnetka, Illinois
- Total number of ultra-wealthy households: 4,353
- Median household income: $250,000+
- Average household income: $417,007
Like many places on this list, home values have increased in Winnetka. The typical residential property costs $1,450,397.
12. Los Altos Hills, California
- Total number of ultra-wealthy households: 3,125
- Median household income: $250,000+
- Average household income: $417,418
In Los Altos Hills, housing has remained relatively steady over the last year. The current typical home costs $5,525,122.
11. Monte Sereno, California
- Total number of ultra-wealthy households: 1,219
- Median household income: $250,000+
- Average household income: $418,435
Monte Sereno has also seen some stability in terms of housing costs, but the average home still costs $3,980,200.
10. Short Hills, New Jersey
- Total number of ultra-wealthy households: 4,561
- Median household income: $250,000+
- Average household income: $428,352
Having seen one of the highest year-over-year increases in housing prices — 7.4% — Short Hills’ typical home value is $1,908,688.
9. Woodside, California
- Total number of ultra-wealthy households: 1,673
- Median household income: $250,000+
- Average household income: $430,036
The typical home in Woodside costs $3,633,237.
8. Portola Valley, California
- Total number of ultra-wealthy households: 1,662
- Median household income: $250,000+
- Average household income: $435,371
In Portola Valley, the typical home value has dropped by 2.3% but is still $3,841,104.
7. Mission Hills, Kansas
- Total number of ultra-wealthy households: 1,262
- Median household income: $250,000+
- Average household income: $444,346
Housing in Mission Hills has become more expensive than ever with a 7.6% year-over-year increase. The current home costs $1,385,652 on average.
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6. Cherry Hills Village, Colorado
- Total number of ultra-wealthy households: 2,200
- Median household income: $250,000+
- Average household income: $464,068
The typical home value in Cherry Hills Village is $2,996,341, a slight increase over this time last year.
5. Piney Point Village, Texas
- Total number of ultra-wealthy households: 1,115
- Median household income: $250,000+
- Average household income: $465,566
Considered one of the wealthiest places in Texas, Piney Point Village has a typical home value of $2,550,529.
4. Hunters Creek Village, Texas
- Total number of ultra-wealthy households: 1,512
- Median household income: $250,000+
- Average household income: $477,852
In Hunters Creek Village, the typical home value is $2,037,182 — a 5.5% increase from last year.
3. Hillsborough, California
- Total number of ultra-wealthy households: 3,512
- Median household income: $250,000+
- Average household income: $510,494
Although the cost of real estate has dropped somewhat in Hillsborough, the typical home still costs $5,101,758.
2. Scarsdale, New York
- Total number of ultra-wealthy households: 5,448
- Median household income: $250,000+
- Average household income: $516,371
Scarsdale is one of the most expensive places to live in the entire country. Everything from housing to utilities to groceries tends to be pricier here.
1. Atherton, California
- Total number of ultra-wealthy households: 2,244
- Median household income: $250,000+
- Average household income: $539,944
Making the top of this list and for good reason is Atherton with a typical home value of $7,732,900.
Methodology: For this piece GOBankingRates looked at the 2021 American Community Survey data to find the cities where the ultra wealthy live. To be considered, the city had to have 1,000-plus households and a median income of $250,000-plus (the highest possible). With these cities isolated, GOBankingRates then found the 25 cities with the largest average income. All data was collected and is up to date as of Nov. 27, 2023.
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This article originally appeared on GOBankingRates.com: 25 Cities Where the Ultra-Wealthy Live
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