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

There are greater than five million millionaires in the U.S. The place do most of them dwell?

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

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

Associated: Young and Wealthy Professionals Are Moving to These 10 States, According to a New Report

Property administration firm Evernest examined private earnings, cost of living, homeownership fee, share of households with $1 million-plus investable belongings by state and median family earnings 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 remaining 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 fee of households with greater than $1 million in investable belongings at 9.92% and the best median family earnings by state at $97,501.

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

Associated: These 10 Cities Are the Richest in the U.S. — Here’s How Many Millionaires And Billionaires Live in Each

Boston, Massachusetts and Newark, New Jersey took the second and third spots, respectively. Boston’s share of households with greater than $1 million in investable belongings 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.

Associated: The 9 U.S. Cities with the Most Billionaires, from Famous Glitzy Locales to Newer Hot Spots for Ultrarich Residents

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

*These indicators have been normalized to make sure comparability throughout cities, with values like private earnings and value of dwelling 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 inside the dataset.